On the record
All State insolvent laws, so-called, that distribute a debtor's property equally among his creditors, are laws impairing the natural obligation of his contracts.
Said by
Lysander Spooner
Source
gutenberg.orgLysander Spooner: “All State insolvent laws, so-called, that distribute a debtor's property equally among his creditors, are laws impairing…”
Editor's note · Context
This statement critiques state laws that distribute a debtor's property among creditors, arguing they violate contract obligations.
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More from Lysander Spooner
In nearly or quite all the States of the United States the juries are illegal, for one or the other of the same reasons that make the juries in England illegal.
The presumption clearly is that all were eligible.
The people considered their jurisprudence as a part of their inheritance.
All other laws, it is optional with each man to obey, or not, as he may choose.