insolvency law

noun
variants: or

insolvent law

or

insolvency statute

or

insolvent statute

Definition of insolvency law

  1. :  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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