Usually means: Owes nothing; no debt exists.
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We found 6 dictionaries that define the word nihil debet:

General (6 matching dictionaries)
  1. nihil debet: Merriam-Webster
  2. nihil debet: Wordnik
  3. nihil debet: Wiktionary
  4. Nihil debet: Dictionary.com
  5. nihil debet: FreeDictionary.org
  6. Nihil debet: TheFreeDictionary.com

Definitions from Wiktionary (nihil debet)

noun:  (law) The general issue in certain actions of debt.

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