WordVale

liability

/laɪəˈbɪləti/  ·  say it: ly·uh·BIL·uh·tee

a debt or financial obligation

In Banking & Finance

legal responsibility for one's acts or debts

In Law & Justice

In more detail

1. (noun) the state of being legally responsible for something, especially for paying money owed or for damage caused

2. (noun) a debt or financial obligation that a company or person owes

3. (noun) a person or thing that causes problems or is a disadvantage

Examples

• 1. The company accepted liability for the accident and paid compensation to the injured workers.
• 2. The bank's liabilities include all the money it owes to customers who have deposits.
• 3. His criminal record became a liability when he applied for the job.

Nearby in Banking & Finance

windfall, write-off, nest egg, broker, stagflation, collateralize