indebtedness
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INDEBTEDNESS. The state, of being in debt, without regard to the ability or
inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab.
421.
2. But in order to create an indebtedness, there must be an actual
liability at the time, either to pay then or at a future time. If, for
example, a person were to enter and become surety for another, who enters
into a rule of reference, he does not thereby become a debtor to the
opposite party until the rendition of the judgment on the award. 1 Mass.
134. See Creditor; Debt; Debtor.