- law of payment
- The law relating to performance of the contract.
Ballentine's law dictionary. Anderson, W.S.. 1998.
law of payment
Look at other dictionaries:
payment into court — In litigation, the defendant may make an offer that he feels the plaintiff ought to accept. There is a procedure whereby this is paid into court . If the plaintiff thereafter continues the proceedings, but obtains less damages than the amount… … Law dictionary
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 in due course — n. Payment to the holder of a negotiable instrument on or after its maturity date in good faith and with no known defects in title. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008.… … Law dictionary
payment in full — The giving of all funds due to another. This language is often inserted on the back of check above the place for endorsement to prove that the payee accepts the payment as complete. Category: Business, LLCs & Corporations → Business Accounting,… … Law dictionary
payment waterfall — United Kingdom Also known as a cash flow waterfall. The pre determined flow of funds and priority of distributions or allocations between or among debt or equity holders specified in intercreditor agreements or security trust arrangements… … Law dictionary
payment in lieu of notice — (PILON) A contractual right to pay an employee a lump sum rather than require them to work out their statutory or contractual notice period. If there is no PILON clause in a contract of employment then an employer who pays an employee a lump sum… … Law dictionary
law day — The date prescribed in a bond, mortgage, or deed for payment of the debt; the maturity date. May 1st, observed in schools, public assemblies, and courts, in honor of our legal system. Dictionary from West s Encyclopedia of American Law. 2005. law … Law dictionary
payment-in-kind — (PIK) USA In the case of bank loans, a feature whereby the interest is added to the principal balance of the loan (referred to as capitalized) instead of being paid to the lender in cash (called cash pay interest). In the case of other securities … Law dictionary
payment bond — see bond 1a Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
payment beforehand — index advance (allowance) Burton s Legal Thesaurus. William C. Burton. 2006 … Law dictionary
