Legal Definitions - payable date

The payable date refers to the specific calendar day on which a payment is legally due or scheduled to be made. It signifies the deadline by which an obligation must be fulfilled through payment.

Here are some examples illustrating the concept of a payable date:

• Example 1: Invoice for Services
  A freelance graphic designer sends an invoice to a client for completed work, stating "Payment Due: November 30, 2023."

  Explanation: In this scenario, November 30, 2023, is the payable date. It is the specific day by which the client is expected to remit payment to the designer for the services provided. If payment is not received by this date, the invoice might become overdue.

• Example 2: Bond Interest Payment
  An investor owns a corporate bond that pays interest semi-annually, with the next interest payment scheduled for "April 1, 2024."

  Explanation: April 1, 2024, is the payable date for the bond's interest. On this specific day, the corporation that issued the bond is obligated to pay the agreed-upon interest amount to the bondholder.

• Example 3: Student Loan Installment
  A university graduate receives a statement for their student loan, indicating that the next monthly installment of $250 is due on "the 15th of each month."

  Explanation: For each month, the 15th (e.g., December 15, 2023, January 15, 2024) is the recurring payable date. This is the specific day by which the graduate must make their loan payment to avoid late fees or negative impacts on their credit history.