Indebtedness
Defined in 5 dictionaries — Case Law, Cyclopedic (1922), Bouvier (1914), Black's (1910), Black's (1891)
Definitions from Case Law
United States Supreme Court
indebtedness existing at the close of business December 31, 1937, and evidenced by bond, note, debenture, certificate of indebtedness, mortgage or deed of trust issued by the corporation and in existence at the close of business December 31, 1937, or a bill of exchange accepted prior to and in existence at that time.
Defined by the Supreme Court in Helvering v. Sabine Transp Co, 318 U.S. 306 (1943).
The Cyclopedic Law Dictionary
Walter A. Shumaker and George Foster Longsdorf; ed. James C. Cahill · 1922
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.
Bouvier's Law Dictionary and Concise Encyclopedia
John Bouvier; revised by Francis Rawle · 1914
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-
Black's Law Dictionary
Henry Campbell Black, M.A. · 1910
A Dictionary of Law
Henry Campbell Black · 1891
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. The word implies an absolute or complete liability. A contingent liability, such as that of a sure ty before the principal has made default, does not constitute indebtedness, On the other hand, the money need not be immediately payable. Obligatiens yet to become due constitute indebtedness, a5 well as those already due, % Mo. 149,