The Collaborative International Dictionary of English v.0.48:

Liquidate \Liq"ui*date\ (l[i^]k"w[i^]*d[=a]t), v. t. [imp. & p.
   p. Liquidated (-d[=a]`t[e^]d); 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]

Moby Thesaurus II by Grady Ward, 1.0:

30 Moby Thesaurus words for "liquidated":
   acquitted, banned, barred, debarred, deported, discharged, ejected,
   excluded, exiled, expelled, expended, hired, left out, not in it,
   not included, paid, paid in full, postpaid, precluded, prepaid,
   prohibited, purged, receipted, remitted, salaried, settled,
   shut out, spent, tabooed, waged



Bouvier's Law Dictionary, Revised 6th Ed (1856):

LIQUIDATED. That which is made clear, certain, and manifest; as, liquidated
damages, ascertained damages liquidated debt, an ascertained debt, as to
amount. A debt is liquidated when it is certain what is due, and how much is
due, cum certum est an et quantum debeatur; for although it may appear that
something is due, if it does not also appear how much is due, the debt is
not liquidated. An unliquidated claim is one which one of the parties to the
contract cannot alone render certain. 5 M. R. 11; 1 N. S. 130; 6 N S. 715; 6
N. S. 10,  13 L. R. 275; 7 L. R. 134, 599. Such a claim cannot be set off. 2
Dall. 237; S. C. 1 Yeates' R. 571; 10 Serg. & Rawle, 14; see Poth. Ob. n.
628; Dig. 50, 17, 24; Id. 42, 1, 64; Id. 1, 45, 112; Id. 46, 5, 11; Code, 7,
47. Dom. Lois Civ. l. 4, t. 2, s. 2, n. 2; Arg. Inst. 1. 4, c. 7; 7 Toull.
n. 369; 6 Duv. Dr. Civ. Fr. n. 304.