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Spendthrift - Wikipedia, the free encyclopedia
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Spendthrift
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Look up
spendthrift or
profligate in
Wiktionary, the free dictionary.
For the horse, see
Spendthrift (horse).
A spendthrift (also called profligate) is someone who spends money prodigiously and who is extravagant and recklessly wasteful. The origin of the word is someone who is able to spend money acquired by the
thrift of predecessors or
ancestors.
Historical examples of spendthrifts include
George IV,
Ludwig II, and
Marie Antoinette. The term is often used by the press as an
adjective applied to
governments who are thought to be wasting public money.
William Hogarth's
A Rake's Progress displays in graphical form the downwardly spiraling fortunes of a wealthy but spendthrift son and
heir who loses his money, and who as a consequence is
imprisoned in the
Fleet Prison and ultimately
Bedlam.
Legal issues
See also:
Spendthrift trust
The modern legal remedy for spendthrifts is usually In turn, such persons were considered to lack the legal capacity to enter into binding Even though such laws made life harder for
Such laws have since been abolished ?in some countries? in favor of modern
bankruptcy, which is more favorable to creditors.
References
Krishnakumar Srinivasan Page, The Law of Contracts, 2nd ed. (Cincinnati: W.H. Anderson Co., 1920), 2848-2849.
See ORS 126.335 (repealed Or. Stat. 1961, ch. 344, § 109). Oregon's unusual law resulted in a famous conflict-of-laws opinion: Lilienthal v. Kaufman, 239 Ore. 1, 395 P.2d 543 (1964).
Chandler v. Simmons, 97 M...
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