Payable

A sum of money is 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." 2 Ch. Div. 103.

Dischargeable by delivery of value, usually money. Also, matured; ready to be discharged immediately; due now. Payable as convenient. A written contract containing a provision tliat a certain sum shall be payable as convenient, cannot be construed so that it shall not be payable at all, but only as an extension of credit. Black v. Bachelder, 120 Mass. 171. Payable in trade. In a dealer's written contract to pay a specified sum for services rendered, "payable in trade" means payable in such articles as the promisor deals in. Dudley v. "Vose, 114 Mass. 34. PAYEE; PAYER. The person to whom, as principal, payment ought to be or has been made; and the person by or ii-om whom it should be or has been made, respectively. Payor, in the latter sense, occurs rarely. The agent to or through whom money may be passed in payment is not called payee or payer: the terms relate to the person ultimately interested. The words do not import that payment has been made, by any means, as strongly as grantor and grantee import that a gi-ant has passed, or vendor and vendee that a sale has occurred. The person payee, from the drawing of the note, and after dishonor.