/luy'euh bil"i tee/ , n. , pl. liabilities .
1. liabilities ,
a. moneys owed; debts or pecuniary obligations (opposed to assets ).
b. Accounting. liabilities as detailed on a balance sheet, esp. in relation to assets and capital.
2. something disadvantageous: His lack of education is his biggest liability.
3. Also, liableness . the state or quality of being liable: liability to disease.
[ 1785-95; LI(ABLE) + -ABILITY ]