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.

(Bank"rupt), v. t. [imp. & p. p. Bankrupted; p. pr. & vb. n. Bankrupting.] To make bankrupt; to bring financial ruin upon; to impoverish.

(Bank"rupt*cy) n.; pl. Bankruptcies

1. The state of being actually or legally bankrupt.

2. The act or process of becoming a bankrupt.

3. Complete loss; — followed by of.

(Bank"side`) n. The slope of a bank, especially of the bank of a steam.

(Bank"-sid`ed) a. (Naut.) Having sides inclining inwards, as a ship; — opposed to wall- sided.

Bank swallow
(Bank" swal"low) See under 1st Bank, n.

(||Ban"li*eue`) n. [F., fr. LL. bannum leucae, banleuca; bannum jurisdiction + leuca league.] The territory without the walls, but within the legal limits, of a town or city. Brande & C.

(Ban"ner) n. [OE. banere, OF. baniere, F. bannière, bandière, fr. LL. baniera, banderia, fr. bandum banner, fr. OHG. bant band, strip of cloth; cf. bindan to bind, Goth. bandwa, bandwo, a sign. See Band, n.]

1. A kind of flag attached to a spear or pike by a crosspiece, and used by a chief as his standard in battle.

Hang out our banners on the outward walls.

2. A large piece of silk or other cloth, with a device or motto, extended on a crosspiece, and borne in a procession, or suspended in some conspicuous place.

3. Any flag or standard; as, the star-spangled banner.

In England, until the year 1861 none but a "trader" could be made a bankrupt; a non-trader failing to meet his liabilities being an "insolvent". But this distinction was abolished by the Bankruptcy Act of 1861. The laws of 1841 and 1867 of the United States relating to bankruptcy applied this designation bankrupt to others besides those engaged in trade.

(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.

2. Depleted of money; not having the means of meeting pecuniary liabilities; as, a bankrupt treasury.

3. Relating to bankrupts and bankruptcy.

4. Destitute of, or wholly wanting (something once possessed, or something one should possess). "Bankrupt in gratitude." Sheridan.

  By PanEris using Melati.

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