The sum payable is the complete amount of money that an individual is obligated to pay to settle a debt. It is particularly significant in the context of negotiable instruments, as the creator of the instrument assumes responsibility for the sum payable and must remit it in its entirety. In essence, the sum payable represents the entire outstanding balance that must be paid to resolve a debt.
The sum payable is the total amount of money that must be paid to settle a debt. This is particularly important for negotiable instruments, as the person who created the instrument becomes responsible for the outstanding balance. For instance, John borrowed $500 from his friend and agreed to repay the sum payable within six months by signing a promissory note. This means that John is obligated to fully repay his friend the $500 by the specified due date. In this scenario, the sum payable refers to the $500 that John borrowed. The promissory note acts as a negotiable instrument, holding John accountable for the amount owed. If John fails to pay the entire sum by the due date, he will be in default of the debt.
A sum payable refers to an amount of money that is owed or due to be paid by one party to another.
Sums payable can include debts, loans, taxes, fines, damages, and other financial obligations.
If a sum payable is not paid, the creditor may take legal action to recover the debt, which can include seizing assets, garnishing wages, or taking the debtor to court.
Yes, a sum payable can be disputed if there is a disagreement over the amount owed or the validity of the debt.
To dispute a sum payable, you should contact the creditor or their representative and provide evidence to support your claim. If the dispute cannot be resolved, you may need to seek legal advice.
In some cases, a creditor may agree to reduce or forgive a sum payable, particularly if the debtor is experiencing financial hardship. However, this is at the discretion of the creditor and is not guaranteed.
The statute of limitations for a sum payable varies depending on the type of debt and the jurisdiction. In general, it ranges from 3-10 years.
Some types of sums payable can be discharged in bankruptcy, but this depends on the specific circumstances and the type of bankruptcy being filed.
Yes, a sum payable can be transferred to another party through a legal agreement, such as a debt assignment or a loan transfer.
Yes, a sum payable can be collected from a deceased person’s estate if there are sufficient assets to cover the debt. However, this process can be complicated and may require legal assistance.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 16th April 2024.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
- Page URL:https://dlssolicitors.com/define/sum-payable/
- Modern Language Association (MLA):Sum Payable. dlssolicitors.com. DLS Solicitors. May 09 2024 https://dlssolicitors.com/define/sum-payable/.
- Chicago Manual of Style (CMS):Sum Payable. dlssolicitors.com. DLS Solicitors. https://dlssolicitors.com/define/sum-payable/ (accessed: May 09 2024).
- American Psychological Association (APA):Sum Payable. dlssolicitors.com. Retrieved May 09 2024, from dlssolicitors.com website: https://dlssolicitors.com/define/sum-payable/
Our team of professionals are based in Alderley Edge, Cheshire. We offer clear, specialist legal advice in all matters relating to Family Law, Wills, Trusts, Probate, Lasting Power of Attorney and Court of Protection.
All author posts