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LSDefine
Simple English definitions for legal terms
indebtedness
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A quick definition of indebtedness:
Indebtedness: When someone owes money to someone else, they are said to be in a state of indebtedness. This means they have a debt that needs to be paid back. It's like borrowing money from a friend and promising to pay them back later. The money you owe is your indebtedness.
A more thorough explanation:
Definition: Indebtedness is the state of owing money or something that is owed, like a debt.
Examples:
- John's indebtedness to the bank was $10,000.
- The company's indebtedness to its suppliers was causing financial problems.
These examples illustrate how indebtedness refers to owing money or having a debt. In the first example, John owes $10,000 to the bank, which means he is in a state of indebtedness. In the second example, the company owes money to its suppliers, which is a form of indebtedness that can cause financial difficulties.