The term BE INDEBTED TO can be broken down into two words, 'owe' and 'owes'. Owe is a verb meaning to be obligated to pay or repay something, usually money, to someone else. Owes is the third person singular present form of the verb, meaning that one person owes something to another. This term is often used to describe a situation in which one person has borrowed money from another and is obligated to pay it back.