Of the insolvent Banca Romana.
There is a good deal of mystery about the end of Defoe's life; it used to be said that he died insolvent, and that he had been in jail shortly before his death.
Freemen, through indigence, sometimes sold themselves, and at Athens, up to the time of Solon, an insolvent debtor became the slave of his creditor.
Kepler's claims upon the insolvent imperial exchequer amounted by this time to 12,000 florins.
His enterprises were unsuccessful; in 1761 he became insolvent, and the Society refused to be responsible for his debts.
Though harmful to the economic condition of the island, it left agriculture comparatively unaffected, because the insolvent institutions had never fulfilled the objects of their foundation.
A creditor could hold his insolvent debtor as a slave, or sell him out of the city (trans Tiberim).
The insolvent debtor was withdrawn from the yoke of his creditor.
An insolvent debtor's homestead - consisting of not more than 40 acres of land with a house thereon, or a house and lot in a city or village not exceeding $1500 in value, together with not less than $500 of his personal property - is exempt from execution.
When satisfied that a bank has become insolvent, the commissioner may take possession of it and wind up its affairs.
Emergency assessments, not to exceed 2%, may be made whenever necessary to pay in full the depositors in an insolvent bank; if the guaranty fund is impaired to such a degree that it is not made up by the 2% emergency assessment, the state banking board issues certificates of indebtedness which draw 6% interest and which are paid out of the assessment.
If the test of the settlement were not frequently applied, speculators who were unfortunate would be tempted to plunge deeper until finally some became insolvent for large sums. As it is, the speculator who has incurred losses beyond his means tends to be discovered before his creditors are heavily involved.
The sources of slavery were there, as elsewhere, capture in war, voluntary sale by poor freemen of themselves, sale of insolvent debtors, and the action of the law in certain criminal cases.
With Therasia (now a sister, not a wife), while leading a life of rigid asceticism, he devoted the whole of his vast wealth to the entertainment of needy pilgrims, to payment of the debts of the insolvent, and to public works of utility or ornament; besides building basilicas at Fondi and Nola, he provided the latter place with a muchneeded aqueduct.
The consequence of this simple but effective reform was that Athens was never again disturbed by the agitation of insolvent debtors.
In 1688 the rich uncle, whose supposed riches had dwindled so much that at his death he was almost insolvent, died, having decayed, it would seem, not less in mind than in body and estate, and Swift sought counsel of his mother at Leicester.
The encumbered estates act, though it substituted a solvent for an insolvent proprietary, placed the Irish tenants at the mercy of landlords of whom they had no previous knowledge, who were frequently absentees, who bought the land as a matter of business, and who dealt with it on business principles by raising the rent.
As a natural result weak railway companies in the United States have frequently been declared insolvent by the courts, owing to their inability in periods of commercial depression to meet their acknowledged obligations, and in the reorganization which has followed the shareholders have usually had to accept a loss, temporary or permanent.
Saunders, heard in 1824 and reheard in 1827, in which the question was the validity or invalidity of the insolvent laws of the several states, Webster argued that the clause prohibiting a state from impairing the obligation of contracts applied to future as well as to past contracts, but the court decided against him.
Taney; with Thomas Harris he reported the decisions of the court of appeals in Harris and Johnson's Reports (1820-1827); and in 1818 he was appointed chief commissioner of insolvent debtors.
In 1829 the Safety-Fund Act was passed, which required each bank thereafter chartered or rechartered to pay into the state treasury 3% of its capital stock other than that owned by the state, and from this fund the debts of insolvent banks were to be paid.