Definition - What does Owe mean?
To owe means to possess an outstanding debt that by law, must be paid. For example, if a person puts a down payment on a car, but there is still a remaining sum that they must pay, then they owe the seller money. Another example would be if the government tells a person after they files their taxes that a sum of $10,000 must be paid. In this case, the person would owe the government $10,000.
Justipedia explains Owe
To owe basically just means to have a legal duty to pay money to a party. The debt could be small such as a person who owes $30.00 to a gas station after filling up their car with gas. The debt could be large such as a corporation who owes a bank $100,000,000.00 after taking a loan. In either circumstance, a debt must be repaid. This repayment is enforceable by law. For example, if the corporation that owed $100,000,000.00 to the bank refused to pay it, then the bank could sue the corporation to get the money back.