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State defaults in the United States are instances of states within the United States defaulting on their debt. The last instance of such a default took place during the Great Depression , in 1933, when the state of Arkansas defaulted on its highway bonds, which had long-lasting consequences for the state. [ 1 ]
By 1841, nineteen of the twenty-six U.S. states and two of the three territories had issued bonds and incurred state debt. [1] Of these, the aforementioned states and territory were forced to default on payments. Four states ultimately repudiated all or part of their debts, and three went through substantial renegotiations. [2]
United States 294 U.S. 330 (1935): The owner of a $10,000 Liberty Bond sued in the Court of Claims for an additional $7,000 representing the dollar's devaluation. Again, the Court of Claims submitted a question of whether it could consider a claim beyond the face value of the bond.
A failure of a nation to meet bond repayments has been seen on many occasions. Medieval England lived through multiple defaults on debt, [17] Philip II of Spain defaulted on debt four times – in 1557, 1560, 1575 and 1596. This sovereign default threw the German banking houses into chaos and ended the reign of the Fuggers as Spanish financiers.
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Another form of security interest which flourished in the United States in the late 19th century and the first half of the 20th century was the conditional sale, the ancestor of what U.S. lawyers now call the purchase money security interest (PMSI). [30] It was popular in that era among creditors for two reasons. [30]
President Joe Biden said on Friday he was not yet ready to invoke the 14th Amendment to avoid the United States defaulting on its debts as early as June 1, comments which for the first time ...
Gov. Jay Inslee has activated some Washington National Guard members to be on stand-by in the event they are asked to support local law enforcement and the Washington State Patrol during election ...