Payable
Black's Law Dictionary · Henry Campbell Black, M.A. · 1910
Black's Law Dictionary
A sum of money ls said to be payable when a person is under an obligation to pay it. "Payable" may therefore signify an obligation to pay at a future time, but, when used without qualification, "payable" means that the debt is payable at once, as opposed to "owing."
Sweet And see First Nat. Bank v. Greenvllle Nat Bank, 84 Tex. 40, 19 S. W. 334; Easton v. Hyde, 13 Minn. 91 (Gil. 83).