(A) contracts, civil law. An act by which a debtor who is unable to satisfy his debts at the moment, transacts (i.e. compromises) with his creditors, and obtains from them time or delay for the payment of the sums which he owes to them. Louis. Code, 3051. 2. The respite is either voluntary or forced; it is voluntary when all the creditors consent to the proposal, which the … [Read more...]
RESPITE
TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.