Capable of being paid; suitable to be paid; admitting or demanding payment; justly due; legally enforceable. A sum of money is said to be payable when a person is under an obligation to pay it. Payable may therefore signify an obligation to pay at a future time, but, when used without qualification, term normally means that the debt is payable at once, as opposed to "owing." Payable after sight. Means that instrument is payable after acceptance of bill or protest for nonacceptance
@ payable on demand
Instruments payable on demand include those payable at sight or on presentation and those in which no time for payment is stated. U.C.C. No. 3-108
@ payables
@ payable to bearer
A negotiable instrument is payable to bearer when by its terms it is payable to
(a) bearer or the order of bearer; or
(b) a specified person or bearer; or
(c) "cash" or the order of "cash", or any other indication which does not purport to designate a specific payee. U.C.C. No. 3-111.
See also negotiation
@ payable to order
A negotiable instrument is payable to order when by its terms it is payable to the order or assigns of any person therein specified with reasonable certainty, or to him or his order, or when it is conspicuously designated on its face as "exchange" or the like and names a payee. U.C.C. No. 3-110.
See also negotiation

Black's law dictionary. . 1990.

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