A law relating to bankrupts and the procedure against them in the courts. A law providing a remedy for the creditors of a bankrupt, and for the relief and restitution of the bankrupt himself. A bankrupt law is distinguished from the ordinary law between debtor and creditor, as involving these three general principles; (1) A summary and immediate seizure of all the debtor's … [Read more...] about BANKRUPT LAW
B
BALISE
Fr. In French marine law. A buoy. … [Read more...] about BALISE
BANALITY
In Canadian law. The right by virtue of which a lord subjects his vassals to grind at his mill, bake at his oven,.etc. Used also of the region within which this right applied. Guyot, Repert Univ. … [Read more...] about BANALITY
BANK DRAFT
A monetary instrument that is an order for money to be paid by the bank that has issued the order, payable when accepted by the issuing bank. … [Read more...] about BANK DRAFT
BANKRUPTCY
The act of being bankrupt. This usually refers to the legal proceeding which relieves debtors from responsibility of debt payments who cannot meet them and also provides protection while attempting to repay the debts. Bankruptcy proceedings take on two forms: (i) liquidation, where debts are discharged or canceled completely and which is also known as Chapter 7 of the … [Read more...] about BANKRUPTCY