Indebtedness
The Cyclopedic Law Dictionary · Walter A. Shumaker and George Foster Longsdorf; ed. James C. Cahill · 1922
The Cyclopedic Law Dictionary
A word of large meaning. It is used to denote almost every kind of pecuniary obligation originating in contract.
12 R. L 179.
The state of being in debt, without regard to the ability or inability of the party to pay the same.
See 1 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, for example, a person were to enter and become surety for another, who enters into a rule of reference, he does not thereby become a debtor to the opposite party until the rendition of the judgment on the award.
1 Mass. 134.
See Debt.
See Debt.