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FAILURE Definition & Legal Meaning

Definition & Citations:

In a general sense, deficiency, want, or lack ; ineffectualness ; inefficiencyas measured by some legal standard; an unsuccessful attempt. White v. Pettijohn, 23N. C. 55; State v. Butler, 81 Minn. 103, 83 N. W. 4S3; Andrews v. Keep, 3S Ala. 317.In commercial law, the suspension or abandonment of business by a merchant,manufacturer, bank, etc., in consequence of insolvency. American Credit Indemnity Co.v. Carrolton Furniture Mfg. Co., 95 Fed. 115, 36 C. C. A. 671; Terry v. Caiman. 13 S. C.220; State v. Lewis, 42 La. Ann. 847. 8 South. 602.


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