The responsibility of a person to pay a debt or other financial obligation. If an individual signs a promissory note, that individual usually has full personal liability for the debt. An exception is the unusual situation of a non-recourse individual loan, in which the lender agrees to look only to the collateral for recovery in the event of default.

A decision of a court regarding the rights and liabilities of the parties to legal proceedings. Judgments generally provide the court’s explanation as to why it has chosen to make a particular decision.

A person against whom a judgment ordering him/her to pay a sum of money has been obtained and remains unsatisfied.