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1 definition found
 for Bankrupt law
From The Collaborative International Dictionary of English v.0.48 :

  Bankrupt \Bank"rupt\, a.
     1. Being a bankrupt or in a condition of bankruptcy; unable
        to pay, or legally discharged from paying, one's debts;
        as, a bankrupt merchant.
        [1913 Webster]
     2. Depleted of money; not having the means of meeting
        pecuniary liabilities; as, a bankrupt treasury.
        [1913 Webster]
     3. Relating to bankrupts and bankruptcy.
        [1913 Webster]
     4. Destitute of, or wholly wanting (something once possessed,
        or something one should possess). "Bankrupt in gratitude."
        [1913 Webster]
     Bankrupt law, a law by which the property of a person who
        is unable or unwilling to pay his debts may be taken and
        distributed to his creditors, and by which a person who
        has made a full surrender of his property, and is free
        from fraud, may be discharged from the legal obligation of
        his debts. See Insolvent, a.
        [1913 Webster]

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