Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

payable

Read a random definition: death taxes

A quick definition of payable:

Payable: A word that means a certain amount of money that needs to be paid. It can mean different things depending on the situation. For example, it can be used in insurance, bills, and bankruptcy cases. It's important to pay attention to the context and the laws of the place you're in. Some common uses of the word include accounts payable, payable on demand, and payable-on-death designation.

A more thorough explanation:

Definition: “Payable” is a term used to describe a sum of money that is owed or due to be paid. The meaning of the term depends on the context and jurisdiction in which it is used. It is commonly used in insurance, bills, and bankruptcy proceedings.

For example, in the context of insurance, “payable” refers to a sum of money that is legally due but has not yet been paid. In a court case called Royal Indem. Co. v. Wyckoff Heights Hosp., the court defined “payable” in this way. In contrast, in the context of taxes, “payable” refers to a tax that is capable of being paid. In a court case called In re Joyce, the court defined “payable” within the phrase “taxes become payable” in this way.

Some common uses of the term “payable” include:

  • Accounts Payable: This refers to the money that a company owes to its suppliers or vendors for goods or services that have been received but not yet paid for.
  • Payable on Demand: This refers to a sum of money that is owed and can be demanded by the creditor at any time.
  • Payable-on-Death Designation: This refers to a designation made on a bank account or other financial asset that specifies who will receive the asset when the account holder dies.

These examples illustrate how the term “payable” can be used in different contexts to refer to different types of money owed or due to be paid. Understanding the context in which the term is used is important for understanding its meaning.

pay or quit | payable on demand

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
LSD+ is ad-free, with DMs, discounts, case briefs & more.