What is ACT OF INSOLVENCY? Definition of ACT OF INSOLVENCY in Black's Law Dictionary
Within the meaning of the national currency act, an act which shows a bank to be insolvent, such as nonpayment of its circulating notes, bills of exchange, or certificates of deposit; failure to make good the impairment of capital, or to keep good its surplus or reserve; in fact, any act which shows that the bank is unable to meet its liabilities as they mature, or to perform those duties which the law imposes for the purpose of sustaining its credit. Hayden v. Chemical Nat. Bank, C.C.A.N.Y., 84 Fed. 874, 28 C.C.A. 548; Kullman & Co. v. Woolley, C.C.A. Miss., 83 F.2d 129, 132; Garvin v. Chadwick Realty Corporation, 212 Ind. 499, 9 N.E.2d 268, 271.
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That's the definition of ACT OF INSOLVENCY in Black's Law Dictionary - Courtesy of Cekhukum.com.
