Liq"ui*date (l&ibreve;k"w&ibreve;*dāt), v. t. [imp. & p. p. Liquidated (- dā`t&ebreve;d); p. pr. & vb. n. Liquidating.] [LL. liquidatus, p. p. of liquidare to liquidate, fr. L. liquidus liquid, clear. See Liquid.] 1. (Law) To determine by agreement or by litigation the precise amount of (indebtedness); or, where there is an indebtedness to more than one person, to determine the precise amount of (each indebtedness); to make the amount of (an indebtedness) clear and certain.

A debt or demand is liquidated whenever the amount due is agreed on by the parties, or fixed by the operation of law.

15 Ga. Rep. 321.

If our epistolary accounts were fairly liquidated, I believe you would be brought in considerable debtor.

Chesterfield.

2. In an extended sense: To ascertain the amount, or the several amounts, of , and apply assets toward the discharge of (an indebtedness). Abbott.

3. To discharge; to pay off, as an indebtedness.

Friburg was ceded to Zurich by Sigismund to liquidate a debt of a thousand florins.

W. Coxe.

4. To make clear and intelligible.

Time only can liquidate the meaning of all parts of a compound system.

A. Hamilton.

5. To make liquid. [Obs.]

Liquidated damages(Law), damages the amount of which is fixed or ascertained.Abbott.