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Webster 1913 Edition

Bankrupt

Bank′rupt

,
Noun.
[F.
banqueroute
, fr. It.
bancarotta
bankruptcy;
banca
bank (fr. OHG.
banch
, G.
bank
, bench) +
rotta
broken, fr. L.
ruptus
, p. p. of
rumpere
to break. At Florence, it is said, the bankrupt had his bench (i.e., money table) broken. See 1st
Bank
, and
Rupture
,
Noun.
]
1.
(Old Eng. Law)
A trader who secretes himself, or does certain other acts tending to defraud his creditors.
Blackstone.
2.
A trader who becomes unable to pay his debts; an insolvent trader; popularly, any person who is unable to pay his debts; an insolvent person.
M‘Culloch.
3.
(Law)
A person who, in accordance with the terms of a law relating to bankruptcy, has been judicially declared to be unable to meet his liabilities.
☞ In England, until the year 1861 none but a “trader” could be made a bankrupt; a non-trader failing to meet his liabilities being an “insolvent”. But this distinction was abolished by the Bankruptcy Act of 1861. The laws of 1841 and 1867 of the United States relating to bankruptcy applied this designation
bankrupt
to others besides those engaged in trade.

Bank′rupt

,
Adj.
1.
Being a bankrupt or in a condition of bankruptcy; unable to pay, or legally discharged from paying, one’s debts;
as, a
bankrupt
merchant
.
2.
Depleted of money; not having the means of meeting pecuniary liabilities;
as, a
bankrupt
treasury
.
3.
Relating to bankrupts and bankruptcy.
4.
Destitute of, or wholly wanting (something once possessed, or something one should possess).
“Bankrupt in gratitude.”
Sheridan.
Bankrupt law
,
a law by which the property of a person who is unable or unwilling to pay his debts may be taken and distributed to his creditors, and by which a person who has made a full surrender of his property, and is free from fraud, may be discharged from the legal obligation of his debts. See
Insolvent
,
Adj.

Bank′rupt

,
Verb.
T.
[
imp. & p. p.
Bankrupted
;
p. pr. & vb. n.
Bankrupting
.]
To make bankrupt; to bring financial ruin upon; to impoverish.

Webster 1828 Edition

Bankrupt

BANK'RUPT

,
Noun.
[Eng.rout,defeat. This may signify bench-broken, or bank-broken; most probably the latter, referring to the fund or stock. The last syllable is the Latin ruptus contracted; Norm.roupt,rous,broken.]
1.
A trader who secretes himself, or does certain other acts tending to defraud his creditors.
2.
In a less technical sense, a trader who fails or becomes unable to pay his just debts; an insolvent trader. In strictness, no person but a trader can be a bankrupt. Bankruptcy is applied to merchants and traders; insolvency, to other persons.

BANK'RUPT

,
Adj.
Having committed acts of bankruptcy; unable to pay just debts; insolvent.

BANK'RUPT

,
Verb.
T.
To break one in trade; to make insolvent.

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