Posted for and on Behalf of Legal Document Assistance & Multi Services (LDAMS)

Merriam Webster definition of DEBT:

\SIN, TRESPASS: Forgive sins

\SOMETHING OWED: obligation. Unable to pay off debts . owe a debt of gratitude. a criminal's debt to society.

\A STATE OF BEING UNDER OBLIGATION TO PAY OR REPAY SOMEONE OR SOMETHING IN RETURN FOR SOMETHING RECEIVED. deeply in debt to creditors.

\LAW, BUSINESS: The common-law action for recovery of money held to be due.

Examples of debt in a sentence:

he/r or sh/e is trying to pay off his gambling debts.

The company has run up huge trillion dollar debts.

Their trillion dollar debt are piling up.

FINANCIAL DEFINITION OF DEBT:

IN THE BUSINESS WORLD, DEBT IS THE AMOUNT BORROWED.

HOW IT WORKS:

Debt comes in different forms, but in the business world bank loans and corporate or government bonds are the most common.

WHY IT MATTERS:

Debt is liability meaning that the lender has a claim on a company's (however many companies) assets. Information about a company's debt is a key component of financial reporting and a crucial part of thorough financial analysis

]]]]]]]]]]]]U.S. Legal Definition of debt[[[[[[[[[[[[[[[[[[[[[[[[[[[[[

Something owed: as

\ a specific sum of money or a performance due another especially by agreement (as a loan agreement).

\ TO pay the debts of.......the United States.....U.S. Constitution Art. I

A debt for alimony

\ An obligation to pay or perform on another's claim. Discharged the debt -- compare ASSET, EQUITY.

NOTE: IT is often up to the courts to decide what is or is not a debt under various laws. Courts disagree whether criminal restitution is a debt under the Bankruptcy Code.

Merriam Webster definition of DEATH:

A permanent cessation of all vital functions; the end of life.

The cause of death has not been determined - managed to escape death - the prisoners were put to death - death threats. COMPARE BRAIN DEATH.

An instance of dying; A disease causing many deaths; Lived there until h/er death.

The state of no longer being alive. The state of being dead.

LAW: Civil death.