Legal Definition
Debt bondage is classically defined as a situation when a person provides a loan to another who uses his or her labor or services to repay the debt. When the value of the work, as reasonably assessed, is not applied towards the liquidation of the debt, the situation becomes one of debt bondage. See United Nations 1956 Supplementary Convention on the Abolition of Slavery. This was very common in Ancient Greece. In ancient Athens, Solon forbade taking out loans using oneself as a security and ended any current such debts, ending debt bondage.
Read more about this topic: Debt Bondage
Famous quotes containing the words legal and/or definition:
“Hawkins: The will is not exactly in proper legal phraseology. Richard: No: my father died without the consolations of the law.”
—George Bernard Shaw (1856–1950)
“Although there is no universal agreement as to a definition of life, its biological manifestations are generally considered to be organization, metabolism, growth, irritability, adaptation, and reproduction.”
—The Columbia Encyclopedia, Fifth Edition, the first sentence of the article on “life” (based on wording in the First Edition, 1935)