Definify.com
Webster 1913 Edition
Insolvent
In-sol′vent
,Adj.
[Pref.
in-
not + solvent
: cf. OF. insolvent
.] (Law)
(a)
Not solvent; not having sufficient estate to pay one’s debts; unable to pay one's debts as they fall due, in the ordinary course of trade and business;
as, in
. insolvent
debtor(b)
Not sufficient to pay all the debts of the owner;
as, an
. insolvent
estate(c)
Relating to persons unable to pay their debts.
Insolvent law
, or Act of insolvency
a law affording relief, – subject to various modifications in different States, – to insolvent debtors, upon their delivering up their property for the benefit of their creditors; bankruptcy law. See
Bankrupt law
, under Bankrupt
, Adj.
In-sol′vent
,Noun.
(Law)
One who is insolvent; as insolvent debtor; – in England, before 1861, especially applied to persons not traders.
Bouvier.
Webster 1828 Edition
Insolvent
INSOLV'ENT
,Adj.
1.
Not having money, goods or estate sufficient to pay all debts; as an insolvent debtor.2.
Not sufficient to pay all the debts of the owner; as an insolvent estate.3.
Respecting insolvent debtors; relieving an insolvent debtor from imprisonment for debt, or form liability to arrest and imprisonment for debts previously contracted; as an insolvent law.Insolvent law, or act of insolvency, a law which liberates a debtor from imprisonment, or exempts him from liability to arrest and imprisonment on account of any debt previously contracted. These terms may be considered as generic, comprehending also bankrupt laws, which protect a man's future acquisitions from his creditors. But in a limited sense, as the words are now generally used, an insolvent law extends only to protect the person of the debtor form imprisonment on account of debts previously contracted.
INSOLV'ENT
,Noun.