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FLOATING DEBT Definition & Legal Meaning

Definition & Citations:

By this term Is meant that mass of lawful and valid claims againstthe corporation for the payment of which there is no money in the corporate treasuryspecifically designed, nor any taxation nor other means of providing money to payparticularly provided. People v. Wood.71 X. Y. 374: City of Huron v. Second Ward Sav. Bank. SO Ped. 270, 30 C. C. A. 38. 49 L. R. A. 534.Debt not in the form of bonds or stocks bearing regular Interest. Pub. St. Mass.1882. p. 1200. State v. Faran, 24 Ohio St. 541 : People v. Carpenter. 31 App. Div. 003.52 X. Y. Supp. 781.


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