Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Payable
adj. (Of a sum of money or a negotiable instrument) that is to be paid. ( An amount may be payable without being due. Debts are commonly payable long before they fall due.
account payable
(usu. pl.) An account reflecting a balance owed to a creditor; a debt owed by an enterprise in the normal course of business dealing. - Often shortened to payable. - Also termed note payable. Pl. accounts payable.
bill payable.
See account payable under ACCOUNT.
loss-payable clause
An insurance-policy provision that authorizes the payment of proceeds to someone other than the named insured, esp. to someone who has a security interest in the insured property. ( Typically, a loss-payable clause either designates the person as a beneficiary of the proceeds or assigns to the person a claim against the insurer, but the clause usu. does not treat the person as an additional insured. See MORTGAGE CLAUSE.
note payable
See account payable under ACCOUNT.
payable after sight
Payable after acceptance or protest of nonacceptance. See sight draft under DRAFT.
payable date
The official date on which shareholder dividends or distributions become payable. - Also termed record date.
payable on demand
Payable when presented or upon request for payment; payable at any time.
payable to bearer
Payable to anyone holding the instrument.
payable to order
Payable only to a specified payee. payable, n. See account payable under ACCOUNT. payable date. See DATE.
sum payable
An amount due; esp., the amount for which the maker of a negotiable instrument becomes liable and must tender in full satisfaction of the debt.