insolv
1insolvency — The insufficiency of the entire property and assets of an individual to pay his debts. 29 Am J Rev ed Insolv § 2. In a practical commercial sense, the inability of a person to pay his debts as they become due in the ordinary course of his… …
2proceeding in insolvency — Any assignment for the benefit of creditors or other proceeding intended to liquidate or rehabilitate the estate of the person involved. UCC § 1 201(22). A proceeding wherein a person may be adjudicated insolvent and the assets of his estate be… …
3insolvency — /in sol veuhn see/, n. the condition of being insolvent; bankruptcy. [1650 60; INSOLV(ENT) + ENCY] * * * Condition in which liabilities exceed assets so that creditors cannot be paid. It is a financial condition that often precedes bankruptcy. In …
4act of insolvency — An act or omissions of a debtor which justifies the filing of a petition in insolvency against him, such as making a general assignment for the benefit of creditors, failure to procure the dissolution of an attachment of his property,… …
5contingent claim — A liability which depends upon some future event which may or may not happen, and which, therefore, makes it wholly uncertain whether ultimately there ever will be a liability. Re Ayeres, 123 Neb 453, 243 NE 274. A claim against an insolvent… …
6discharge — Noun: The performance of an obligation or duty. A release because of performance or as a matter of grace. Union Bank v Powell s Heirs, 3 Fla 175. A release of a debtor in insolvency proceedings by operation of law. 29 Am J Rev ed Insolv § 88. A… …
7involuntary insolvency — A proceeding under a state insolvency statute brought against an alleged insolvent. 29 Am J Rev ed Insolv § 14. See involuntary bankruptcy …
8petition in insolvency — A petition, voluntary or involuntary, for the adjudication of a person as an insolvent, to the purpose that insolvency proceedings may ensue, wherein such assets as the insolvent has may be distributed according to law. 29 Am J Rev ed Insolv § 14 …
9preferential transfer — A transfer of property made by an insolvent debtor to one creditor to the exclusion of others. 29 Am J Rev ed Insolv § 82. An act of bankruptcy; a transfer of any of the property of a creditor for or on account of an antecedent debt, made or… …
10priority — The attribute or quality of that which is earlier or previous in point of time. Precedence. Of lien:–a superiority of security over other liens either in point of time or as declared by law from considerations of public policy. Of claim:–the… …
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