Indebtedness

The state of being in debt, without regard to the ability or inability of the party to pay the same.

See Story, Eq. Jur. 343; 2 Hill, Abr, 421.

But in order to create an indebtedness there must be an actual liability at the time, either to pay then or- at a future time. If, fpr example, a person were to enter and become surety for another, who enters into rule of reference, he does not thereby be-, come a debtor to the opposite party until the rendition of the judgment on the award; Pales V. Thompson, 1 Mass. 134. As to in-