Bank"rupt , v. t. [imp. & p. p. Bankrupted;
p. pr. & vb. n.
Bankrupting.]
To make bankrupt; to bring financial ruin upon; to impoverish.
Bank"rupt , a.
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, a.
Bank"rupt (&?;), n. [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, n.]
1. (Old Eng. Low) 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.
&fist; 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.
Hear it pronounced