What is "insolvent law"

Insolvent \In*sol"vent\, a. [Pref. in- not + solvent: cf. OF. insolvent.] (Law)

1. Not solvent; not having sufficient estate to pay one's debts; unable to pay one's debts as they fall due, in the ordinary course of trade and business; as, in insolvent debtor.

2. Not sufficient to pay all the debts of the owner; as, an insolvent estate.

3. Relating to persons unable to pay their debts.

   Insolvent law, or Act of insolvency, a law affording relief, -- subject to various modifications in different States, -- to insolvent debtors, upon their delivering up their property for the benefit of their creditors; bankruptcy law. See Bankrupt law, under Bankrupt, a.