Simple English definitions for legal terms
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Fixed liability refers to a type of debt that is permanent and usually evidenced by a bond or debenture. It is a long-term debt that will not come due within the next year.
For example, a company may issue bonds to raise money for a new project. The bondholders are owed a fixed amount of money, which is the fixed liability of the company.
Another example is a mortgage, which is a fixed liability for the homeowner. The homeowner owes a fixed amount of money to the lender over a long period of time.