Act of bankruptcy legal definition of Act of bankruptcy. Act of bankruptcy synonyms by the Free Online Law Dictionary.

ACT OF BANKRUPTCY. An act which subjects a person to be proceeded against as a bankrupt. The acts of bankruptcy enumerated in the late act of congress, of 19th Aug. 1841, s. 1, are the following: 1. Departure from the state, district, or territory of which a person, subject to the operation of the bankrupt laws, is an inhabitant, with intent to defraud his creditors. See, as to what will be considered a departure, 1 Campb. R. 279; Dea. & Chit. 4511 Rose, R. 387 9 Moore, R. 217 2 V. & B. 177; 5 T. R. 512; 1 C. & P. 77; 2 Bini,. R. 99; 2 Taunt. 176; Holt, R. 175.
     2. Concealment to avoid being arrested. 1 M. & S. 676 ; 2 Rose, R. 137; 15 Ves. 4476 Taunt. R. 540; 14 Ves. 86 Taunt. 176;1 Rose, R. 362; 5 T. R. 512; 1 Esp. 334.
     3. Willingly or fraudulently procuring himself to be arrested, or his goods and chattels, lands, or tenements to be attached, distrained, sequestered, or taken in execution.
     4. Removal of his goods, chattels and effects, or concealment of them to prevent their being levied upon, or taken in execution, or by other process.
     5. Making any fraudulent conveyance, assignment, sale, gift, or other transfer of his lands, tenements, goods, or chattels, credits, or evidences of debt. 15 Wend. R. 588; 5 Cowen, R. 67; 1 Burr. 467, 471, 481; 4 C. & P. 315; 18 Wend. R. 375; 19 Wend. R. 414; 1 Dougl. 295; 7 East, 137 16 Ves. 149; 17 Ves. 193; 1 Smith R. 33; Rose, R. 213.

? References in periodicals archive
They're going to hide behind this cowardly act of bankruptcy and try to make it sound like we're being greedy. San Diego seeks Chapter 11 by Cones, Bryan / U.S. Catholic The act of bankruptcy itself generally is an indication of at least partial worthlessness, and many times will establish worthlessness if it is obvious before the settlement date that there are no assets to be distributed to the creditor. Claiming business bad debt deductions by Ellentuck, Albert B. / The Tax Adviser The Bonds will be immediately accelerated if: 1) Santa Barbara Bank & Trust repudiates its LOC or fails to honor a draw thereon; 2) the LOC is not reinstated or an event of default under the Reimbursement Agreement occurs; 3) the occurrence of an act of bankruptcy with respect to Santa Barbara Bank & Trust and; 4) upon receipt by the trustee of a notice of an event of termination under the confirming agreement that leads to a termination of the CLOC. Fitch Rates CPCFA VRD Rev Bonds Ser 2000A `AAA/F1+' by Business Wire More results

References in periodicals archive

They're going to hide behind this cowardly act of bankruptcy and try to make it sound like we're being greedy.

San Diego seeks Chapter 11 by Cones, Bryan / U.S. Catholic

The act of bankruptcy itself generally is an indication of at least partial worthlessness, and many times will establish worthlessness if it is obvious before the settlement date that there are no assets to be distributed to the creditor.

Claiming business bad debt deductions by Ellentuck, Albert B. / The Tax Adviser

The Bonds will be immediately accelerated if: 1) Santa Barbara Bank & Trust repudiates its LOC or fails to honor a draw thereon; 2) the LOC is not reinstated or an event of default under the Reimbursement Agreement occurs; 3) the occurrence of an act of bankruptcy with respect to Santa Barbara Bank & Trust and; 4) upon receipt by the trustee of a notice of an event of termination under the confirming agreement that leads to a termination of the CLOC.

Fitch Rates CPCFA VRD Rev Bonds Ser 2000A `AAA/F1+' by Business Wire

More results