Definition from Nolo’s Plain-English Law Dictionary
1) An amount owed by one person or entity to another. 2) A cause of action in a lawsuit to recover a set amount owed by another person or entity. 3) The total of everything a person or entity owes to all creditors. For example, everything the United States government owes is collectively called "the national debt," and that amount is made up of a number of debts.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:14 pm