Definition of Existing Debt
To have an “existing debt” it is sufficient if there is an absolute debt owing though the period for its payment may not yet have arrived. A tax may be a “debt” within meaning of agreement to assume “existing debts”. Shepard v. Commissioner of Internal Revenue, C.C.A.I11., 101 F.2d 595, 598. Within provision of Uniform Fraudulent Conveyance Act which defines “insolvency”, an “existing debt” is an existing legal liability, whether matured or unmatured, liquidated or unliquidated, absolute, fixed or contingent. Baker v. Geist, 457 Pa. 73, 321 A.2d 634, 636.
That's the definition of Existing Debt in Black's Law Dictionary 6th Edition. Courtesy of Cekhukum.com.
