indebtedness

indebtedness
The aggregate of a person's debts. A single debt. The state of being obligated upon a debt or debts. For the purpose of deducting interest in computing net income for tax purposes:–an unconditional obligation. Gilman v Commissioner (CA8) 53 F2d 47, 80 ALR 209; Johnson v Commissioner (CA8) 108 F2d 104. The term in former constitutional or statutory provisions imposing personal or superadded liability upon stockholders of a corporation was said not to include a claim for unliquidated damages. 19 Am J2d Corp § 779. As the word appears in a constitutional provision limiting the amount of indebtedness of a municipal corporation:–every obligation contracted for which there is no present means of payment. 38 Am J1st Mun Corp § 410. Tax liabilities have frequently been held included in agreement for assumption or payment of another's indebtedness. Anno: 4 ALR2d 1315. See bonded indebtedness; debt; involuntary indebtedness.

Ballentine's law dictionary. . 1998.

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  • indebtedness — in‧debt‧ed‧ness [ɪnˈdetdnəs] noun [uncountable] written 1. the amount of money you owe to someone: • My current indebtedness to Citibank is $435.97. 2. FINANCE when you owe money to someone: • Sustained economic growth reduces public… …   Financial and business terms

  • indebtedness — index arrears, charge (lien), cloud (incumbrance), debit, debt, due, duty ( …   Law dictionary

  • Indebtedness — In*debt ed*ness, n. 1. The state of being indebted. [1913 Webster] 2. The sum owed; debts, collectively. [1913 Webster] …   The Collaborative International Dictionary of English

  • indebtedness — *debt, debit, obligation, liability, arrear …   New Dictionary of Synonyms

  • indebtedness — [in det′idnis] n. 1. the state of being indebted 2. the amount owed; all one s debts …   English World dictionary

  • indebtedness — The state of being in debt, without regard to the ability or inability of the party to pay the same. The owing of a sum of money upon a certain and express agreement. Obligations yet to become due constitute indebtedness, as well as those already …   Black's law dictionary

  • indebtedness — The state of being in debt, without regard to the ability or inability of the party to pay the same. The owing of a sum of money upon a certain and express agreement. Obligations yet to become due constitute indebtedness, as well as those already …   Black's law dictionary

  • indebtedness — indebted ► ADJECTIVE ▪ owing money or gratitude. DERIVATIVES indebtedness noun. ORIGIN from Old French endetter involve in debt …   English terms dictionary

  • indebtedness — noun Date: 1647 1. the condition of being indebted 2. something (as an amount of money) that is owed …   New Collegiate Dictionary

  • indebtedness — /in det id nis/, n. 1. the state of being indebted. 2. an amount owed. 3. debts collectively. [1640 50; INDEBTED + NESS] * * * …   Universalium

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