FindLaw Legal Dictionary
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1 a : the condition of being behind in one's duties or esp. financial obligations usually used in pl. [in s with the rent]
b : the condition of being due at the end of a term rather than the beginning usually used in pl. [mortgage payments are made in s]
2 : an unpaid and overdue debt usually used in pl. [paying off the s of the previous owners]
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.