*liquidate*

v. t. [ imp. & p. p. Liquidated 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. [ 1913 Webster ]

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. [ 1913 Webster ]

If our epistolary accounts were fairly liquidated, I believe you would be brought in considerable debtor. Chesterfield. [ 1913 Webster ]

2. In an extended sense: To ascertain the amount, or the several amounts, of, and apply assets toward the discharge of (an indebtedness). Abbott. [ 1913 Webster ]

3. To discharge; to pay off or settle, as an indebtedness. [ 1913 Webster ]

Friburg was ceded to Zurich by Sigismund to liquidate a debt of a thousand florins. W. Coxe. [ 1913 Webster ]

4. To make clear and intelligible. [ 1913 Webster ]

Time only can liquidate the meaning of all parts of a compound system. A. Hamilton. [ 1913 Webster ]

5. To make liquid. [ Obs. ] [ 1913 Webster ]

6. To convert (assets) into cash. [ PJC ]

7. To kill; -- used mostly of governments or organizations killing their enemies; as, Stalin liquidated many of the Kulaks. [ PJC ]

8. To dissolve (an organization); to terminate (an activity). [ PJC ]

Liquidated damages (Law), damages the amount of which is fixed or ascertained. Abbott. [ 1913 Webster ]