Owe Legal Meaning and Definition

Here is a simplified definition of the legal term Owe.

Owe (verb):

1. To be legally obligated to repay or return something, typically money, to a person, group, or organization. The obligation arises from a past transaction, such as borrowing, a contract, or a received service.

   Example: If you borrow money from a bank, you owe the bank that amount plus any interest.

2. To have a moral or social obligation to express a particular sentiment or to perform a specific action towards someone or something due to benefit received from them.

   Example: If someone helped you when you were in trouble, you may feel you owe them gratitude or help in return.

Note: An 'amount owed' does not necessarily have to be paid immediately. It is often scheduled to be paid back over time or by a certain date. There can be legal consequences for failing to fulfill these obligations.