A sum of money is said to be payable when a person is under an obliga- tion 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. Greenville Nat. Bank, 84 Tex. 40. 19 S. W. 334; Easton v. Hyde, 13 Minn. 01 (Gil. 83).
Black’s Law Online Dictionary
