unsecured liability

unsecured liability definition - business

unsecured liability

A liability for which no specific collateral is held by a creditor. Essentially, payment on an unsecured liability is assured by the promise of the borrower.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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