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Simple English definitions for legal terms

sum payable

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A quick definition of sum payable:

Term: SUM PAYABLE

Definition: Sum payable refers to the amount of money that someone owes and must pay in order to fully satisfy a debt. This is especially important in the case of negotiable instruments, where the maker of the instrument becomes liable for the sum payable and must pay it in full. Essentially, sum payable is the total amount that is owed and must be paid to settle a debt.

A more thorough explanation:

Definition: Sum payable refers to the amount of money that is owed and must be paid in full to satisfy a debt. This is especially true for negotiable instruments, where the maker becomes liable for the amount due.

Example: John borrowed $500 from his friend and signed a promissory note stating that he would repay the sum payable within six months. This means that John is obligated to pay the full $500 to his friend by the due date.

Explanation: In this example, the sum payable is the $500 that John borrowed from his friend. The promissory note serves as a negotiable instrument, making John liable for the amount due. If John fails to pay the full amount by the due date, he will be in default of the debt.

sum-of-the-years'-digits depreciation method | sumptuary law

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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
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
Minus those random R decisions from UMN yesterday though right? I wonder what happened there. I don’t think I’ve seen a school start the season out with anything but As on here
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