Unliquidated obligations


Nature

Unliquidated Obligations means, at any time, any Secured Obligations (or portion thereof) that are contingent in nature or unliquidated at such time, including any Secured Obligation that is: (i) an obligation to reimburse a bank for drawings not yet made under a letter of credit issued by it; (ii) any other obligation (including any guarantee) that is contingent in nature at such time; or (iii) an obligation to provide collateral to secure any of the foregoing types of obligations. (https://www.lawinsider.com/dictionary/unliquidated-obligations)

Incidence

The external auditors of the accounts of international institutions detected 23 unliquidated obligations (ULOs) in the FAO accounts for the biennium ended 31 December 1993; as a result FAO identified US$3.1 million invalid liabilities.


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