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Simple English definitions for legal terms
owing
Read a random definition: in placito
A quick definition of owing:
Term: Owing
Definition: Owing means that someone still needs to pay for something. For example, if you owe your friend $10, that means you still need to give them $10. When something is owing, it is still due and has not been paid yet.
A more thorough explanation:
Definition: Owing, adjective. That is yet to be paid; owed; due. Example: A balance of $5,000 is still owing.
Explanation: When something is owing, it means that it has not been paid yet and is still owed. For example, if you borrow money from a friend and promise to pay it back later, the money you still owe is owing. The example given in the definition shows that there is a balance of $5,000 that has not been paid yet and is still owed.
Additional Examples:
- There are several bills owing that need to be paid before the end of the month.
- The company has a large debt owing to its creditors.
- He has a library book that is owing and needs to be returned soon.
These examples illustrate that owing refers to something that is still unpaid and needs to be settled. It could be a debt, a bill, or even a borrowed item that needs to be returned.