Also known as: payables · due · owing
Written by attorneys · grounded in primary & secondary sources — see below
A sum of money or negotiable instrument that is to be paid. An amount may be payable without being due.
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Philip Powell missed two monthly payments on his home loan from Paragon Construction. The lender invoked its acceleration clause and declared the full remaining balance payable immediately. Philip now faces a demand for the entire principal plus interest rather than the next installment alone.
Preston Pratt served as court-appointed expert in a federal case. The judge set reasonable compensation for his services and directed that the amount be payable by the government under the applicable evidence rule. Preston received the funds directly from the clerk after submitting his invoice.
Paula Pierce, as agent for Platinum Partners, learned during due diligence that a supplier invoice had become payable under the contract terms. She promptly notified the principal so funds could be transferred before the due date. The principal later confirmed that Paula had exercised ordinary care in discovering the obligation.
Penelope Price leased retail space from Peak Performance. After the landlord failed to repair a leaking roof, the condition rendered part of the premises unusable. Penelope elected to continue the lease and obtained an abatement reducing the rent payable for the affected period.
Pierce Patterson challenged a state statute that would have required payment of a sterilization fee as a condition of release from custody. The court held that the underlying procreative right rendered any such coercive payment obligation unenforceable under substantive due process.
Pearl Porter served as trustee of a trust with two remainder beneficiaries. When distributing income, she allocated payments impartially so that each beneficiary received the share payable under the trust terms. One beneficiary later objected that the allocation favored the other, but the court found the distributions satisfied the impartiality standard.
No. An amount may be payable without being due. Debts are commonly payable long before they fall due.
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Yes. An instrument is payable to bearer when it is payable to anyone holding the instrument.
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It means the instrument is payable when presented or upon request for payment and may be paid at any time.
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…nominated the applicants to the Senate; that the Senate advised and consented to the appointments; that commissions in due form were signed by the President and the seal of the United States affixed by the Secretary of State; that the applicants had requested delivery of their commissions which request had not…