The condition of a person who is Insolvent; inability to pay one’s debts; lack of means to pay one’s debts. Such a relative condition of a man’s assets and liabilities that the former, if all made immediately available, would not be suffl-cient to dlscharge the latter, or the condltion of a person who is unable to pay his debts as they fall due, or in the usual course of trade and business. See Dewey v. SL Albans Trust Co., 56 Vt. 475, 48 Am. Rep. 803; Toof v. Martin, 13 wall. 47, 20 L. Ed. 481; Miller v. Southern Land & Lumber Co:, 53 S. C. 364, 31 S. E. 281; Leitch v. Hollister, 4 N. Y. 213; Silver Valley Mining Ch. v. North Carolina Smelting Co., 119 N. C. 417, 25 S. E. 954; French v. Andrews, 81 Hun, 272, 30 N. Y. Supp. 796; Appeal of Bowersox, 100 Pa. 438, 45 Am. Rep. 387; Van Riper v. Poppenhausen. 43 N. Y. 75; Phipps v. Harding, 70 Fed. 470, 17 C. C. A 203, 30 L. R. A. 513; Shone v. Lucas, 3 Dowl. & R. 218; Herrick v. Borst, 4 Hill (N. Y.) 652; Atwater v. American Exch.. Nat Bank, 152 111. G05, 38 N. E. 1017; Rug-gles v. Cannedy, 127 Cal. 290, 53 Pac. 916, 46 L. R. A. 371
Source: Black’s Law Dictionary 2nd Ed (1910)
