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A fixed liability is a type of debt. Bonds, mortgages and loans that are payable over a term exceeding one year would be fixed liabilities.
Definition
Merriam-Webster.com defines a fixed liability as: "a liability (as a bond or mortgage) that does not mature for at least one year from the date incurred or from a given balance-sheet date."
See also Long-term liabilities.
'Scott was a liability until he was removed from the Punters Club.'
References
Fixed liability Wikipedia(Text) CC BY-SA