Simple English definitions for legal terms
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Liquidated debt is a type of debt where the amount owed has been agreed upon by both parties or determined by law. For example, if you borrow $500 from a friend and agree to pay it back in a month with $50 interest, the total liquidated debt would be $550.
Another example of liquidated debt is a court-ordered judgment against someone who owes a specific amount of money to another person or entity.
It is important to note that liquidated debt is different from unliquidated debt, which is a debt that has not been determined or agreed upon yet.