Also known as: installment payments · instalment payment · instalment payments · installments · payment in installments
Written by attorneys · grounded in primary & secondary sources — see below
A payment made as part of a series of periodic payments under an installment plan or contract. The payment discharges a portion of a larger obligation that is spread over time rather than due in full at once.
After Harry died, the probate court awarded Regina and the minor children a family allowance to cover living expenses during administration. The personal representative paid the allowance in monthly installments rather than a single lump sum because the estate's cash flow was limited. Regina received the first three payments on schedule before the estate sold additional assets.
Ira Irving obtained a divorce decree requiring him to pay Isabelle Inman $2,000 monthly in maintenance. Two years later Ira lost his job and moved to modify the decree. The court reduced the amount only for installments that accrued after the motion was filed because the change in circumstances was substantial and continuing.
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Ironwood Capital sold a warehouse to Insight Consulting under an installment land contract that required monthly payments over ten years. Insight missed three consecutive payments. Ironwood retained legal title and initiated forfeiture proceedings under state law that treats the contract as a security device.
Iris Energy issued a promissory note to Ironclad Industries calling for principal payments in twelve equal monthly installments. Iris missed the fourth installment. The note became overdue on the day after the missed payment and remained overdue until Iris cured the default by paying the installment.
Mrs. Fuentes bought a stove and stereo under conditional sales contracts that required monthly installment payments. She made payments for more than a year but then disputed a repair bill and stopped paying. The seller filed for repossession of both items while only about $200 remained due.
Williams purchased furniture from Walker-Thomas under a series of installment contracts. Each new contract provided that all prior payments would be credited pro rata across every outstanding balance. When Williams defaulted on one item, the seller claimed the right to repossess all previously purchased goods because the contracts treated every installment payment as applying to the entire account.
The personal representative may pay the family allowance in periodic installments when doing so serves the needs of the surviving spouse and dependent children during administration. The allowance remains subject to the one-year cap if the estate is inadequate to pay allowed claims.
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No. Modification of a maintenance or support decree affects only installments that accrue after the motion for modification is filed. Installments that have already become due remain enforceable as originally ordered.
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The seller may pursue forfeiture in some jurisdictions or foreclosure proceedings that treat the contract as a security device. State law determines whether mortgage-like protections apply to the buyer in default.
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The instrument becomes overdue upon default in payment of an installment if no acceleration has occurred. It remains overdue until the default is cured by payment of the missed installment.
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…sum $1,500,000 is to be advanced by the lessor to the lessee, “but not to its successors or assigns,” and is to be repaid in installments. Again no assignment or sale of the lease may be made without the consent of the lessor. This lease is valuable. In making it Mr. Gerry acted in good faith without any collusion with Mr.…