payment

The fulfilment of a promise, or the performance of an agreement. A discharge of an obligation or debt, and part payment, if accepted, is a discharge pro tanto.
In a more restricted legal sense payment is the performance of a duty, promise, or obligation, or discharge of a debt or liability, by the delivery of money or other value by a debtor to a creditor, where the money or other valuable thing is tendered and accepted as extinguishing debt or obligation in whole or in part. Also the money or other thing so delivered. U.C.C. No.No. 2-511, 3-604.
Payment is a delivery of money or its equivalent in either specific property or services by one person from whom it is due to another person to whom it is due. Sizemore v. E. T. Barwick Industries, Inc., 225 Tenn. 226, 465 S.W.2d 873, 875.
A discharge in money or its equivalent of an obligation or debt owing by one person to another, and is made by debtor's delivery to creditor of money or some other valuable thing, and creditor's receipt thereof, for purpose of extinguishing debt. Allmon v. Allmon, Mo.App., 306 S.W.2d 651, 655.
Under Internal Revenue Code provision allowing deduction for charitable contribution of which payment is made within taxable year, "payment" need not be in money, but subject matter must have been placed beyond dominion and control of donor. Pauley v. U. S., C.A.Cal., 459 F.2d 624, 626.
The execution and delivery of negotiable papers is not payment unless it is accepted by the parties in that sense. U.C.C. No. 3-110.
See also compulsory payment
- guaranty of payment
- installment loan
- lumpsum payment
- pay.
Affirmative defense.
Payment is an affirmative defense which must be pleaded under Fed.R. Civil P. 8(c). It is a plea in avoidance. Harrison v. Leasing Associates, Inc., Tex.Civ.App., 454 S.W.2d 808, 809.
@ part payment
The reduction of any debt or demand by the payment of a sum less than the whole amount originally due. The rule of partial payments is to apply the payment, in the first place, to the discharge of the interest then due. If the payment exceeds the interest, the surplus goes toward discharging the principal, and the subsequent interest is to be computed on the balance of principal remaining due. If the payment be less than the interest, the surplus of the interest must not be taken to augment the principal; but interest continues on the former principal until the period of time when the payments, taken together, exceed the interest then due, to discharge which they are applied, and the surplus, if any, is to be applied towards the discharge of the principal, and the interest is to be computed on the balance as aforesaid, and this process continues until final settlement
@ payment into court
The act of a defendant in depositing the amount which he admits to be due, with the proper officer of the court, for the benefit of the plaintiff and in answer to his claim. Fed.R. Civil P. 67.
+ payment into court
The deposit of funds or other things capable of delivery with the court during the pendency of a lawsuit. Fed.R.Civil P. 67
@ voluntary payment
A payment made by a debtor of his own will and choice, as distinguished from one exacted from him by process of execution or other compulsion
@ payment bond
- performance bond.
@ payment guaranteed
"Payment guaranteed" or equivalent words added to a signature mean that the signer engages that if the instrument is not paid when due he will pay it according to its tenor without resort by the holder to any other party. U.C.C. No. 4-416
@ payment in due course
With respect to negotiable instruments, means payment at or after the instrument's maturity date to the holder in good faith and without notice that the title is defective.
Under the Negotiable Instruments Law, a negotiable instrument could be discharged by payment in due course by or on behalf of the principle debtor; see e.g. Bourg v. Wiley, La., 398 So.2d 13, 15. The Uniform Commercial Code No. 3-603 eliminates any reference to payment in due course. It is now covered by No. 3-601(3)
@

Black's law dictionary. . 1990.

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  • payment — I (act of paying) noun acquittal, acquittance, amortization, amortizement, clearance, compensation, defrayal, defrayment, disbursement, discharge of a debt, expenditure, liquidation, outlay, quittance, receipt in full, reckoning, recompense,… …   Law dictionary

  • Payment — Pay ment, n. [F. payment, paiement. See {Pay} to requite.] 1. The act of paying, or giving compensation; the discharge of a debt or an obligation. [1913 Webster] No man envieth the payment of a debt. Bacon. [1913 Webster] 2. That which is paid;… …   The Collaborative International Dictionary of English

  • payment — (n.) late 14c., from O.Fr. paiement, from paiier (see PAY (Cf. pay) (v.)) …   Etymology dictionary

  • payment — [n] fee; installment of fee acquittal, advance, alimony, amends, amortization, amount, annuity, award, bounty, cash, defrayal, defrayment, deposit, disbursement, discharge, down, fee, hire, indemnification, outlay, part, paying, pay off, pension …   New thesaurus

  • payment — ► NOUN 1) the action of paying or the process of being paid. 2) an amount paid or payable …   English terms dictionary

  • payment — [pā′mənt] n. 1. a paying or being paid 2. something that is paid 3. penalty or reward …   English World dictionary

  • payment — The amount required to repay a loan, including interest and fees. Bloomberg Financial Dictionary * * * payment pay‧ment [ˈpeɪmənt] noun 1. [countable, uncountable] FINANCE an amount of money that must be or has been paid, or the act of paying it …   Financial and business terms

  • Payment — A payment is the transfer of wealth from one party (such as a person or company) to another. A payment is usually made in exchange for the provision of goods, services or both, or to fulfill a legal obligation. The simplest and oldest form of… …   Wikipedia

  • payment — noun 1 paying/being paid ADJECTIVE ▪ immediate (esp. BrE), prompt ▪ late ▪ penalties for late payment of tax ▪ early (esp. BrE) ▪ …   Collocations dictionary

  • payment — pay|ment W1S2 [ˈpeımənt] n 1.) an amount of money that has been or must be paid ▪ You can make a payment in any bank. ▪ Employees may occasionally receive bonus payments . ▪ The country cannot meet the payments on its £80 billion foreign debt. ▪… …   Dictionary of contemporary English

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