Simple English definitions for legal terms
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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.
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:
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.