arrearage

1. The state of being behind in the fulfillment of obligations or of being overdue in payment.
2. A payment owed.

An amount on a loan, cumulative preferred stock or any credit instrument that is overdue.

Also referred to as "arrears".

Investopedia Says:
In the case of a preferred dividend, if the company does not pay the dividend to its shareholders, it accumulates. This means that in the future, arrearage must be paid before any dividend can be paid on common stock.

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In general: amount of any past due obligation.

Investment: amount by which interest on bonds or dividends on Cumulative Preferred Stock is due and unpaid. In the case of cumulative preferred stock, common dividends cannot be paid by a company as long as preferred dividends are in arrears.

Amount of dividends on Cumulative Preferred Stock from past periods that have not been paid.

noun

1. A condition of owing something to another: arrears, indebtedness, debt, liability, obligation. See pay/owe.
2. Something, such as money, owed by one person to another: arrears, debt, due, indebtedness, liability, obligation. See obligation, pay/owe.