failing circumstances

failing circumstances
Insolvency, that is, the lack of sufficient assets to pay one's debts as they become due. A person (or a corporation or institution) is said to be in failing circumstances when he is about to fail, that is, when he is actually insolvent and is acting in contemplation of giving up his business because he is unable to carry it on. A bank is in "failing circumstances" when, from any cause, it is unable to pay its debts in the ordinary or usual course of business, Sanders v. Owens, Mo.App., 47 S.W.2d 132, 134;
when it is in a state of uncertainty as to whether it will be able to sustain itself, depending on favorable or unfavorable contingencies, over which its officers have no control. Graf v. Allen, 230 Mo.App. 721, 74 S.W.2d 61, 66.
See also bankruptcy

Black's law dictionary. . 1990.

Игры ⚽ Поможем сделать НИР

Look at other dictionaries:

  • failing circumstances — Insolvency, that is, the lack of sufficient assets to pay one s debts as they become due. A person (or a corporation or institution) is said to be in failing circumstances when he is about to fail, that is, when he is actually insolvent and is… …   Black's law dictionary

  • failing circumstances — The circumstances of an individual or a business wherein the debts become increasingly difficult of payment; the approach of insolvency. Utley v Smith, 24 Conn 290 …   Ballentine's law dictionary

  • Failing badly — and failing well are concepts in systems security and network security describing how a system reacts to failure. The terms have been popularized by Bruce Schneier, a cryptographer and security consultant. [… …   Wikipedia

  • Do otherwise in the same circumstances — The ability to choose and do otherwise in exactly the same circumstances is one of two criteria considered essential for libertarian free will and for moral responsibility. The other is the existence of alternative possibilities for action.[1]… …   Wikipedia

  • integrity — 01. Truth and [integrity] seem to have been forgotten in this dirty election campaign. 02. The governor s image as a man of honesty and [integrity] has been seriously damaged by this latest scandal. 03. It s really hard not to be cynical about… …   Grammatical examples in English

  • failure to meet obligations — Inability or failure to pay debts as due. For example, bank s failure to pay depositors on demand constitutes failure to meet obligations in most cases. Where bank closed its doors and ceased to transact business or make transfers of capital… …   Black's law dictionary

  • failure to meet obligations — Inability or failure to pay debts as due. For example, bank s failure to pay depositors on demand constitutes failure to meet obligations in most cases. Where bank closed its doors and ceased to transact business or make transfers of capital… …   Black's law dictionary

  • arrangement — A term for what was formerly called a composition; a word with a dual meaning, one being the proceeding by which a debtor, in failing circumstances but not hopelessly insolvent, may have his financial affairs adjusted in the bankruptcy court and… …   Ballentine's law dictionary

  • Bank Conservation Act — A federal statute which provides for the appointment by the Comptroller of the Currency of a conservator of a national bank found by the comptroller to be in failing circumstances, not for liquidation of the bank but for conservation of assets,… …   Ballentine's law dictionary

  • dissipation of funds — The free spending by a debtor in failing circumstances without regard for his obligations to creditors; for all practical purposes, a destruction of property within the meaning of opposition to discharge in bankruptcy. 9 Am J2d Bankr § 711 …   Ballentine's law dictionary

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”