a. [ Cf. F. payable. Cf. Pacable. ] 1. That may, can, or should be paid; suitable to be paid; justly due. Drayton. [ 1913 Webster ]
Thanks are a tribute payable by the poorest. South. [ 1913 Webster ]
2. (Law) (a) That may be discharged or settled by delivery of value. (b) Matured; now due. [ 1913 Webster ]
n. money that a person or organization expects and is obligated to pay on notes and accounts. [ WordNet 1.5 ]