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1 a : consisting of cash or capable of ready conversion into cash [ assets]
b : capable of covering current liabilities out of current assets esp. in a rapid manner [a insurer]
2 : of or relating to a security or commodity with enough shares or units outstanding to hinder significant price variation from large transactions
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.