insolvency law

noun
variants: or insolvent law or insolvency statute or insolvent statute

Definition of insolvency law

: a state statute that affords to an insolvent debtor relief from and sometimes full discharge of debts upon his surrender for the benefit of his creditors of all his property not exempt by law and that is suspended when it conflicts with the Federal Bankruptcy Act or covers a field occupied thereby or affects persons or property within the purview of that act

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Cite this Entry

“Insolvency law.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/insolvency%20law. Accessed 2 Dec. 2020.

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