Current Liabilities Law and Legal Definition

Current liabilities are defined as "all liabilities of an individual except the liability for the indebtedness secured by the trust deed and any indebtedness incurred in connection with the acquisition of equipment and machinery incident to the business of the individual." Agar Packing & Provision Corp. v. Comm'r, 1945 Tax Ct. Memo LEXIS 308 (T.C. Feb. 7, 1945)