Pay

To deliver, in satisfaction of a debt, duty, or obligation, the thing due. Paid: discharged by delivery of the value called for. To pay, as usually understood, means to deliver money; this is, however, not necessarily involved. The word does, however, imply a delivery of value, and that it is the value called for by the engagement to be discharged. For, when that engagement calls for something performance is the proper term; and ■when something else than what it calls for is delivered and accepted, this is a compromise, or a discharge, but "pay " does not apply. To pay is to deliver a creditor the value of a debt, either in money or in goods, to his acceptance, by which the debt is discharged.

Beals V. Home Ins. Co., 36 N. Y. 522.

The word implies an indebtedness.

Lent V. Hodgman, 15 Barb. 274.

The word does not necessarily import a discharge of the obligation by money. To pay is to discharge an obligation by a performance according to its terras or requirements: if the obligation be for money, the payment is made in money; if for merchandise or labor, a delivery of the merchandise or a performance of the labor is payment; or if for the erection of a building, performance according to the terms of the contract is payment. The assent of insurers to an indorsement upon a policy of the words, " Pay the loss to T," does not impair their right, if the policy so allows, to discharge their obligation by replacing the property insured, instead of paying its value.

Tolman v. Manufacturers' Ins. Co., 1 Cush. 73.