Category:Liability

Li`a*bil"i*ty, n.; pl. Liabilities (.

1. The state of being liable; as, the liability of an insurer; liability to accidents; liability to the law.

2. That which one is under obligation to pay, or for which one is liable. Specifically, in the pl.,

Defn: the sum of one's pecuniary obligations; -- opposed to assets. Limited liability. See Limited company, under Limited.