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Simple English definitions for legal terms
sum payable
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A quick definition of sum payable:
Term: SUM PAYABLE
Definition: Sum payable refers to the amount of money that someone owes and must pay in order to fully satisfy a debt. This is especially important in the case of negotiable instruments, where the maker of the instrument becomes liable for the sum payable and must pay it in full. Essentially, sum payable is the total amount that is owed and must be paid to settle a debt.
A more thorough explanation:
Definition: Sum payable refers to the amount of money that is owed and must be paid in full to satisfy a debt. This is especially true for negotiable instruments, where the maker becomes liable for the amount due.
Example: John borrowed $500 from his friend and signed a promissory note stating that he would repay the sum payable within six months. This means that John is obligated to pay the full $500 to his friend by the due date.
Explanation: In this example, the sum payable is the $500 that John borrowed from his friend. The promissory note serves as a negotiable instrument, making John liable for the amount due. If John fails to pay the full amount by the due date, he will be in default of the debt.
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