Nevada Revised Statutes 353.3087 – ‘Liability’ defined
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‘Liability’ means a debt or other legal obligation arising out of a transaction in the past which must be liquidated, renewed or refunded at some future date.
Terms Used In Nevada Revised Statutes 353.3087
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.