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Webster 1913 Edition
Liability
Liˊa-bil′i-ty
(līˊȧ-bĭl′ĭ-ty̆)
, Noun.
pl.
Liabilities
(-tĭz)
. 1.
The state of being liable;
as, the
liability
of an insurer; liability
to accidents; liability
to the law.2.
That which one is under obligation to pay, or for which one is liable.
Specifically, in the pl.
, the sum of one’s pecuniary obligations; – opposed to
assets
. Limited liability
. See
Limited company
, under Limited
.Webster 1828 Edition
Liability
LIABIL'ITY
,Noun.
1.
The state of being bound or obliged in law or justice; responsibility. The officer wishes to discharge himself from his liability.2.
Exposedness; tendency; a state of being subject; as the liableness of a man to contract disease in an infected room; a liability to accidents.