Legal Definition of Payment Due

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v. to have a legal obligation to pay money to others. However, the blame does not make the amount „payable“ if the payment date has not yet arrived. n. remittance of funds to the holder of a promissory note or bill of exchange at maturity, without knowing that the document was acquired fraudulently or that the holder did not have a valid title. The true owner of the invoice or note also cannot demand payment, but must contact the recipient of the money. PAYMENT, contracts. What is given to achieve what has been promised; or it is the fulfillment of a promise. Solvere dicimus quis fecit, quod facere promised. But although this is the general acceptance of the word, payment is nevertheless understood to mean that any way in which the creditor is or should be satisfied, and the debtor, exempted for example, from agreement and satisfaction will act as payment.

If I owe you a sum of money, for the guarantee of which I give you a mortgage, and then you agree to receive a plot of land, from the moment of sale, the first bond with all its accessories is extinguished, although after that you should be evicted from the property sold. 7 Toull. n. 46 2 Mart. Lo. Rep. n. p. 144; S.

C. 2 Harr. Hrsg. R. 621, 624. 2. This item shall be considered separately from the person to whom the payment may be made. to whom it may be addressed; when and where it should be done; how to proceed; the effect of the payment. 3.-1. Payment may be made by the beneficial debtor and other persons from whom the creditor is entitled to claim payment; a representative may remunerate his principal; and any method of payment by the agent accepted and received as such by the creditor as obsolete payment discharges the principal, known or unknown, whether or not it is made in the ordinary course of business.

For example, if a postman or other agent is to be ordered to purchase goods for his principal, or should be entrusted with money to pay for it, and instead of receiving the money, the creditor or seller should take note of the postman or agent; The principal would be released from the debt a later day as absolute payment. 3 puppy. Com. Law, 204; 1 B. & ald. 14; 6 B. & C. 160; 7 B. & C. 17. If such a bill of exchange were concluded conditionally and not as absolute payment, it would not have the effect of a principal payment; And whether or not it was received is a fact for the jury to decide.

1 Cowen, R, 259, 383; 9 John. R:, 310; 6 Cowen, r. 181; 7 John. No. 311; 15 John. No. 276; 3 laps. No. 83; 6 Wend. R. 475; 10 Wend.

No. 271; 5 John, r. 68; 1 liver. Ag. 207. 4. Payment may also be made by a third party who is not part of the contract. 5. When paying mortgages, rule a20 is that the personal estate is used to satisfy it if it is made by the testator or the estate itself to secure the payment of a debt owed by him, because the personal succession has been favored by the borrowed money; And it does not matter whether the pledged lands are conceived or whether they return to the heir by descent. 2 cruises, 1 excavation.

147. However, the testator may exempt the personal assets from payment and replace them. But if the mortgage was not given by the testator, but the property submitted to him was acquired, it was never his fault, and therefore his personal estate is not obliged to pay the mortgage debt, but must be paid by the property. 2 cruise, excavations. 164-8; 3 John. Khan. R. 252; 2 pp. Wms.

664, No. 1; 2 Br. C. C. 57; 2 Br. C. C. 101, 152; 5 ves.

Jr. R. 534; 14 ves. 417. 6.-2. It must be made expressly or implicitly by the creditor himself or by his assignees, if known, or by a person authorized by him; as to its factor; Cowp. 251: to his broker, 1 mouth. & Selw.

576; 4 Id. 566; 4 taunts. 242; 1 Strong. About 238. 7. In the case of partners and other joint creditors or joint executors or administrators, payment to one of them is generally a valid payment. If a child is a creditor, payment must be made to his or her guardian. A payment may be valid if it is made to a person who was not authorized to receive it when the creditor subsequently ratified it.

Poth. Ge. No. 528. 8.-3. Deadline and place of payment: First at the time. If the contract concludes that payment must be made at a later date, it is clear that nothing can be demanded until it has expired or until another condition to which the payment is attached is fulfilled; Where the goods had been sold after six or nine months, the debtor had the option of setting both conditions. 5 ridiculous, 338. If the contract does not specify a payment period, the money is payable immediately.

1 Peter 455; 4 Rand. 346. 9. Second, payment must be made at the place agreed in the contract; but, in the absence of such agreement, he must accept the presumed will of the parties, which can be verified, inter alia, by the nature of the object to be paid or delivered or, in this case, by custom. 10.-4. How payment should be made. In order to make a valid payment, to force the recipient to take it, the full amount due must be paid; Poth. Ge. n. 499 or n. 534, French edition; If a coin is accepted, it is a pro tanto payment. Payment must be made in the agreed case; But if it is to be made in money, it must be made in the legal coin of the country or in banknotes that have the value they represent.

A payment in bills of exchange from an insolvent bank, although both parties may not be aware of their insolvency, did not settle the debt; 11 Vern. 676; 6 hills, 340; but see 1 W. & p. 92; 8 years. 175; and payment in counterfeit notes is null and void. 2 hawks, 326; 3 falcons, 568, 6 hills, 840. In general, paying part of a debt after it becomes due will not relieve the totality, although the debtor may agree that it should have this effect because there is no consideration for such an agreement. But see 3 Kelly`s R.

210, contra. The payment of a part before its due date releases the whole if this has been agreed. 11.-5. Correct payment releases the debtor from his obligation. Sometimes a payment expires several obligations; This occurs when the thing given for the performance of an obligation was the same as that which is the subject of another obligation. Poth. Ge. 552. (12) A single payment may settle several debts; for example, when Peter owes Paul a thousand dollars and Paul owes James, Paul orders Peter to pay this money to Tames; Peter`s payment to James fulfills both Peter`s obligations to Paul and Paul`s obligations to James.

Poth. If. No. 553. This rule that a payment made for the discharge or performance of one obligation extinguishes other obligations having the same object also takes place when there are several debtors in relation to the whole. For example, if Peter trusts Paul in honor of James, a payment from Paul relieves himself and James. Poth. Ge. No. 554. 13. But if money or other things were given to a person who should be entitled as a creditor, even if he was not, it is not a payment, and the whole, if nothing was due or if the debt was less than the amount paid, the excess, can be claimed and received in action for the wrong sum.

Empty, in general, Bouv. Inst. Index, h.t.; Com. Dig. 473; 8 Com. Dig. 607; 16 Wine 6; 1 vern. by Raith. 3, 150 n.

Yelv. 11a; 1 salk. 22; 15 East, 12; 8 East, r. 111; 2 ves. Jr. 11; Phil. Ev. Index, b, t,; Completely. Ev.

H.T.; Louis. art. 2129 of the Code; Ayl. Pand. 565; 1 Sell. Pr. 277; Dane is gone. Index, h.t.; Toull. free.

3, Tit. 3, c. 5; Pardes. Part 2, Tit. 2, c. 1 Merl. Repert. H.T.; Note. Index, h.t.; 3 Eng.

C. L. Rep. 130. On the question of which transfer amounts to an assignment or payment and cancellation of a claim, see 6 John. Cpl. R. 395; Id. 425; 2 ves. Jr. 261 18 ves. Jr.

384; 1 N. H. Rep. 167; 1 N. H. 252; 2 N. H. Rep. 300; 3 John.

Cpl. R. 53. Source: U.S. Department of Housing and Urban Development The fulfillment of a promise; the execution of an agreement. A supply of money or equivalent in the form of certain immovable property or services made by a debtor to a creditor.