Legal Definitions - prestable

In Scots law, prestable refers to an obligation, typically a debt, that is due for payment and can be legally demanded or enforced. Essentially, if something is prestable, it means it must be paid, and the party owed has a legal right to collect it.

• Example 1: A Monthly Utility Bill

  Imagine a homeowner receives their electricity bill on the first of the month, stating that payment is due by the 15th. On the 15th of the month, the amount owed for electricity becomes prestable. This means the homeowner is legally obligated to pay the utility company, and the company has the right to demand that payment and take steps to collect it if it remains unpaid.

• Example 2: A Contractor's Final Invoice

  A building contractor completes a renovation project for a client and submits a final invoice for the agreed-upon sum. The contract specifies that payment is due within 14 days of project completion. Once those 14 days have passed, the payment for the renovation work becomes prestable. The client is legally bound to pay the contractor, and the contractor can pursue legal action if the payment is not made.

• Example 3: A Scheduled Loan Repayment

  A small business owner takes out a business loan with a bank, agreeing to make fixed repayments on the last day of each quarter. On the last day of a given quarter, the scheduled loan repayment amount becomes prestable. The business owner has a legal duty to pay that installment, and the bank has the legal authority to enforce the collection of that payment if it is missed.