OWE, v. To have (and to hold) a debt. The word formerly signified not indebtedness, but possession; it meant own, and in the minds of debtors there is still a good deal of confusion between assets and liabilities.
Source: The Devil's Dictionary, 1911.
-- Ambrose Bierce, (Jun 24 1842-1914), US journalist, short-story writer; He was a noted wit, satirist and sardonic short story writer who disappeared while covering the Mexican revolution.