Legal Definitions - fixed liability

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Definition of fixed liability

Fixed liability refers to a type of debt that is permanent and usually evidenced by a bond or debenture. It is a long-term debt that will not come due within the next year.

For example, a company may issue bonds to raise money for a new project. The bondholders are owed a fixed amount of money, which is the fixed liability of the company.

Another example is a mortgage, which is a fixed liability for the homeowner. The homeowner owes a fixed amount of money to the lender over a long period of time.

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Simple Definition

Fixed liability refers to a type of debt that is permanent and usually evidenced by a bond or debenture. It is a long-term debt that will not come due within the next year. This type of debt is different from short-term debt, which is continuously renewed to finance the ongoing operations of a business or government. Fixed liability is a specific sum of money due by agreement or otherwise, and it is legally payable from general revenues and backed by the full faith and credit of the governmental body.

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