YAZOO FRAUD Meaning and
Definition
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Yazoo Fraud refers to a notorious and historic land scandal that occurred in the United States during the late 18th century, specifically in the state of Georgia. The term "Yazoo" is derived from the Yazoo River, a geographical feature around which the fraudulent activities took place.
The Yazoo Fraud involved the illegal and corrupt sale of vast tracts of land in present-day Alabama and Mississippi, which were then a part of Georgia's territory. In 1795 and 1796, the Georgia legislature succumbed to bribery and agreed to sell approximately 35 million acres of public land to private companies for an extremely low price. These companies, heavily influenced by corrupt politicians and land speculators, then resold the same land to unsuspecting buyers at exorbitant prices, reaping substantial profits.
News of this fraudulent scheme sparked outrage and condemnation across the country. Several lawsuits and legal battles ensued, with the state of Georgia eventually being forced to repeal the fraudulent land sales in 1796. The U.S. Supreme Court, in a landmark case called Fletcher v. Peck in 1810, declared the rescinding of the land sales unconstitutional, asserting the inviolability of contracts and marking an early assertion of the Court's power to invalidate state laws.
The Yazoo Fraud represents a significant event in American history, highlighting the corruption prevalent during the era and exposing the vulnerability of public land sales to fraudulent activities. It also serves as a notable case that helped establish important legal principles concerning the sanctity of contracts and the limits of state legislative power.
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Etymology of YAZOO FRAUD
The term "Yazoo Fraud" refers to a massive corruption scandal that occurred in the late 18th century in the present-day US state of Georgia. The etymology of the term can be traced back to the Yazoo Land Fraud, which was a scheme involving the illegal sale of public lands.
In the early 1790s, the Georgia state legislature passed a series of land sales acts that authorized the sale of vast amounts of land in the region, known as the Yazoo lands. These lands were owned by the state government and were intended for settlement and development. However, it was discovered that the legislators who passed the laws had been bribed by land speculators, including influential politicians, to sell the land at an incredibly low price.
The public outcry against this corrupt scheme led to the term "Yazoo Fraud" being coined.
