Possession that is owed to someone else; SYN. financial obligation, indebtedness, pecuniary obligation.
In accounting, a financial obligation. Liabilities are placed alongside assets on a balance sheet to show the wealth of the individual or company concerned at a given date. Business organizations often distinguish between current liabilities such as overdrafts, trade credit and provisions, and long-term liabilities such as debentures, mortgages, and unsecured loans.
The state of being legally obliged and responsible.
The quality of being something that holds one back.