What is Nulla Bona?

Legal Definition
Nulla bona is a Latin legal term meaning "no goods" – a sheriff writes this when he can find no property to seize to pay off a court judgment. Synonymous with return nulla bona, it denotes the return of a writ of execution signifying that the officer made a strict and diligent search but was unable to find any property of the defendant liable to seizure under the writ, whereof to make a levy.

It may also be used as a plea by a garnishee, denying that he holds property of, or is indebted to, the defendant.

The nulla bona is issued by the Master of High court if after the issue of a warrant of execution, the attached property of the debtor is found to be insufficient to suffice for the payment of creditors.
-- Wikipedia
Legal Definition
Lat. No goods. The name of the return made by the sheriff to a writ of execution, when he has not found any goods of the defendant within his jurisdiction on which he could levy. Woodward v. Harbin, 1 Ala. 108; Reed v. Lowe, 163 Mo. 519, 63 S. W. 687, 85 Am. St. Rep. 578; Langford v. Few, 146 Mo. 142, 47 S. W. 927, 69 Am. St. Rep. 606.
-- Black's Law Dictionary
Legal Definition
No goods, the return of an officer on a writ of attachment or execution when he has found no goods upon which he could levy. See 146 Pa. 344, 28 Am. St. Rep. 798, 23 Atl. 245.
-- Ballentine's Law Dictionary