“Payable” is a descriptive term denoting a sum of money that may, can, is to be, or should be paid. The meaning depends on the context and jurisdiction. The term frequently appears in insurance, bills, and bankruptcy proceedings.
For instance, a court has defined “payable,” concerning insurance, as a sum of money that is legally due but not yet actually paid in Royal Indem. Co. v. Wyckoff Heights Hosp. On the other hand, another court has defined “payable” within the phrase, “taxes become payable,” as a tax that is capable of being paid in In re Joyce.
Some common uses of the term “payable” include:
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Accounts Payable
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Payable on Demand
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Payable-on-Death Designation
[Last updated in July of 2020 by the Wex Definitions Team]