Li`a*bil"i*ty (lī`&adot;*b&ibreve;l"&ibreve;*t&ybreve;), n.;
pl. Liabilities (- t&ibreve;z).
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.
Hear it pronounced