Li`a*bil"i*ty (?), n.; pl. Liabilities ().


The state of being liable; as, the liability of an insurer; liability to accidents; liability to the law.


That which one is under obligation to pay, or for which one is liable.

Specifically, in the pl.,

the sum of one's pecuniary obligations; -- opposed to assets.

Limited liability. See Limited company, under Limited.


© Webster 1913.