Insolvent \In*sol"vent\, n. (Law) One who is insolvent; as insolvent debtor; -- in England, before 1861, especially applied to persons not traders. --Bouvier.

Source: Webster's Revised Unabridged Dictionary (1913)
 

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

(Law)
   (a) 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.
   (b) Not sufficient to pay all the debts of the owner; as, an insolvent estate.
   (c) 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. See Bankrupt law, under Bankrupt, a.

Source: Webster's Revised Unabridged Dictionary (1913)