Debt

Definition:

Debt refers to borrowed funds, whether from your own coffers, from other individuals, banks, or other institutions. It is generally secured withA specified amount of money, goods or services that is owed from one to another. It is generally evidenced by a note, which in turn may be secured by a lien against property or other assets. Ordinarily, the note states repayment and interest provisions, which vary greatly in both amount and duration, depending upon the purpose, source and terms of the loan. Some debt is convertible; that is,is; it may be changed into direct ownership of a portion of a business under stated conditions.

Related terms:

Deferred Income Taxes

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