Li`a*bil"i*ty (?), n.; pl. Liabilities ().
1.
The state of being liable; as, the liability of an insurer; liability to accidents; liability to the law.
2.
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.