A sum of money is said to be payable when a person is under an obliga-tion to pay it. “Payable” may therefore slg-nlfy an obligation to pay at a future time, bat, wben used without qualification, “pay-able” 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. 91 (Gil. 83
Source: Black’s Law Dictionary 2nd Ed (1910)
