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baddestbunny
19:06
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Simple English definitions for legal terms
liquidated debt
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A quick definition of liquidated debt:
Liquidated debt is a type of debt where the amount owed has been agreed upon by both parties or determined by law. This means that there is a specific amount of money that is owed and it is not up for dispute. It is the opposite of unliquidated debt, which is when the amount owed is unclear or in dispute. Examples of liquidated debt include a loan with a set repayment amount or a bill for services rendered with a specific fee.A more thorough explanation:
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.