PAYABLE

A sum of money is said to be payable when a person is under an obliga- tion to pay it. “Payable” may therefore signify an obligation to pay at a future time, but, when used without qualification, “payable” means that the debt is payable at once, as opposed to “owing.” Sweet. And see First Nat. Bank v. Greenville Nat. Bank, 84 Tex. 40. 19 S. W. 334; Easton v. Hyde, 13 Minn. 01 (Gil. 83).

More On This Topic



Link to This Definition
Did you find this definition of PAYABLE helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary