Law Dictionary Definitions

bankruptcy crime.A crime committed in connection with a bankruptcy case, such as a trustee’s embezzling from the debtor’s estate. 18 USCA §§ 152–157. See bankruptcy fraud under FRAUD.[Blacks Law 8th]

Bankruptcy Court.A U.S. district court subunit comprising the bankruptcy judges within the district and exclusively concerned with administering bankruptcy proceedings. [Cases: Bankruptcy  2121, 2123. C.J.S. Bankruptcy § 7.][Blacks Law 8th]

bankruptcy case.A proceeding commenced by filing a voluntary or involuntary petition under a bankruptcy statute. See BANKRUPTCY(1). [Blacks Law 8th]

Bankruptcy Act.The Bankruptcy Act of 1898, which governed bankruptcy cases filed before October 1, 1979.[Blacks Law 8th]

bankruptcy. 1. A statutory procedure by which a (usu. insolvent) debtor obtains financial relief and undergoes a judicially supervised reorganization or liquidation of the debtor’s assets for the benefit of creditors; a case under the Bankruptcy Code (Title 11 of the United States Code). • For various types of bankruptcy under federal law, see the…

bankrupt,adj. Indebted beyond the means of payment; insolvent. — Also spelled (archaically) bankerout; bankrout. — bankrupt,vb. bankrupt,n.1. A person who cannot meet current financial obligations; an insolvent person. • This term was used in bankruptcy statutes until 1979, and is still commonly used by nonbankruptcy courts. But the Bankruptcy Code uses debtor instead of bankrupt.…

Bankr. Rep.abbr.Bankruptcy Reporter. — Also abbreviated B.R.[Blacks Law 8th]

bank rate.See INTEREST RATE.[Blacks Law 8th]

banknote. A bank-issued promissory note that is payable to bearer on demand and that may circulate as money. — Also written bank note. — Also termed bank bill. [Cases: Banks and Banking  196–212. C.J.S. Banks and Banking § 250.] spurious banknote. 1. A banknote that is legitimately made from a genuine plate but that has…

bank night.A lottery in which a prize is awarded to a person (often a theater patron) whose name is drawn randomly from a hopper. [Cases: Lotteries  3. C.J.S. Lotteries §§ 2–7, 11.][Blacks Law 8th]