open insolvency


open insolvency
The insolvency of a person beyond his power to keep secret. The term "open and notorious insolvency," as applied to the maker of a note, in connection with the rule that all the property of the maker, subject to the payment of debts, must be exhausted, before recourse can be had to the assignor, implies something more than when the term is used in common parlance. It implies, not the want of sufficient property to pay all of one's debts, but the absence of all property, within the reach of the law applicable to the payment of any debt. Hardesty v Kinworthy (Ind) 8 Blackf 304, 305.

Ballentine's law dictionary. . 1998.

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