Payment

5 definitions found

From The Collaborative International Dictionary of English v.0.48 [gcide]:

  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 thing given in discharge of a
        debt, or an obligation, or in fulfillment of a promise;
        reward; recompense; requital; return. --Shak.
        [1913 Webster]
  
     3. Punishment; chastisement. [R.]
        [1913 Webster]

From WordNet (r) 2.0 [wn]:

  payment
       n 1: a sum of money paid [ant: {nonpayment}]
       2: the act of paying money [syn: {defrayal}, {defrayment}]
          [ant: {evasion}]

From Moby Thesaurus II by Grady Ward, 1.0 [moby-thes]:

  101 Moby Thesaurus words for "payment":
     bait, base pay, bribe, budgeting, carrot, castigation, charge,
     chastening, chastisement, compensation, condign punishment,
     contribution, correction, costing, costing-out, debit, debiting,
     deficit spending, deserts, disbursal, disbursement,
     disciplinary measures, discipline, dismissal wage, distribution,
     earnings, encouragement, escalator clause, escalator plan,
     expenditure, expense, fee, ferule, fillip, financial remuneration,
     gross income, guaranteed annual wage, hire, incentive, incitement,
     income, inducement, infliction, interest, invitation, judgment,
     judicial punishment, living wage, lure, minimum wage, nemesis,
     net income, outlay, pains, pains and punishments, pay,
     pay and allowances, payroll, penal retribution, penalty, penology,
     percentage, persuasive, portal-to-portal pay, profit, provocation,
     punishment, punition, purchasing power, real wages, remuneration,
     retribution, retributive justice, reward, salary, scheduling,
     scourge, severance pay, sliding scale, spending, stimulation,
     stimulative, stimulus, sweetener, sweetening, take-home,
     take-home pay, taxable income, total compensation, wage,
     wage control, wage freeze, wage reduction, wage rollback,
     wage scale, wages, wages after deductions, wages after taxes,
     well-deserved punishment, what-for, whet
  
  

From Bouvier's Law Dictionary, Revised 6th Ed (1856) [bouvier]:

  PAYMENT, contracts. That which is given to execute what has been promised; 
  or it is the fulfillment of a promise. Solvere dicimus cum quis fecit, quod 
  facere promisit.  But though this is the general acceptation of the word, 
  yet by payment is understood, every way by which the creditor is satisfied 
  or ought to be, and the debtor, liberated for example, an accord and 
  satisfaction will operate as a payment. If I owe you a sum of money, for the 
  security of which I give you a mortgage, and afterwards you consent to 
  receive in payment a tract of land, from the moment the sale is complete, 
  the first obligation, with all its accessories, is extinct, although you 
  should be afterwards evicted of the property sold. 7 Toull. n. 46 2  Mart. 
  Lo. Rep. N. S. 144; S. C. 2 Harr. Cond. Lo. R. 621, 624. 
       2. This subject will be considered by taking a separate view of the 
  person by whom the payment may be made; to whom it may be made; when and 
  where it ought to be made; how it ought to be made; the effect of the 
  payment. 
       3.-1. The payment may be made by the real debtor and other persons 
  from whom the creditor has a right to demand it; an agent may make payment 
  for his principal; and any mode of payment by the agent, accepted and 
  received as such by the creditor, as an absolete payment will have the 
  effect to discharge the principal, whether known or unknown, and whether it 
  be in the usual course of business or not. If, for example, a factor or 
  other agent should be employed to purchase goods for his principal, or 
  should be entrusted, with money to be paid for him, and, instead of 
  receiving the money, the creditor or seller should take the note of the 
  factor or agent; payable at a future day, as an absolute payment, the 
  principal would be discharged from the debt. 3 Chit. Com. Law, 204; 1 B. & 
  Ald. 14; 6 B. & C. 160; 7 B. & C. 17. When such note has been, received 
  conditionally and not as an absolute payment, it would not have the effect 
  of a payment by the principal; and whether so received or not is a fact to 
  be decided by the jury. 1 Cowen, R, 259, 383; 9 John. R:, 310; 6 Cowen, R. 
  181; 7 John. R. 311; 15 John. R. 276; 3 Wend. R. 83; 6 Wend. R. 475; 10 
  Wend. R. 271; 5 John., R. 68; 1 Liverm. Ag. 207. 
       4. Payment may also be made by a third person a stranger to the 
  contract. 
       5. In the payment of mortgages, it is a20rule, that the personal estate 
  shall be applied to discharge them when made by the testator or intestate 
  himself, to secure the payment of a debt due by him, because the personal 
  estate was benefited by the money borrowed; and it makes no difference 
  whether the mortgaged lands have been devised, or come to the heir by 
  descent. 2 Cruise, 1 Dig. 147. The testator may, however, exempt the 
  personal estate from the payment, and substitute the real in its place. But 
  when the mortgage was not given by the deceased, but be acquired the real 
  estate subject to it, it never was his debt, and therefore his personal 
  estate is not bound to pay the mortgage debt, but it must be paid by the 
  real estate. 2 Cruise, Dig. 164-8; 3 John. Chan. R. 252; 2 P. Wms. 664, n. 
  1; 2 Bro. C. C. 57; 2 Bro. C. C. 101, 152; 5 Ves. jr. R. 534; 14 Ves. 417. 
       6.-2. It must be made by the creditor himself, or his assigns, if 
  known, or some person authorized by him, either expressly or by implication; 
  as to his factor; Cowp. 251: to his broker, 1 Maul. & Selw. 576; 4 Id. 566; 
  4 Taunt. 242; 1 Stark. Ca. 238. 
       7. In the case of partners and other joint creditors, or joint 
  executors or administrators, payment to one is generally a valid payment. 
  When an infant is a creditor, payment must be made to his guardian. A 
  payment may be good when made to a person who had no authority to receive 
  it, if the creditor shall afterwards ratify it. Poth. Obl. n. 528. 
       8.-3. Time and place of payment: first, as to the time. When the 
  contract is, that payment shall be made at a future time, it is clear that 
  nothing can be demanded until after it has elapsed, or until any other 
  condition to which the payment is subject, has been fulfilled; and in a case 
  where the goods had been sold at six or nine months, the debtor had the 
  option as to those two terms. 5 Taunt, 338. When no time of payment is 
  mentioned in the agreement, the money is payable immediately. 1 Pet. 455; 4 
  Rand. 346. 
       9. Secondly, the payment must be made at the place agreed upon in the 
  contract; but in the absence of such agreement, it must be made agreeably to 
  the presumed intention of the parties, which, among other things, may be 
  ascertained by the nature of the thing to be paid or delivered, or by the 
  custom in such cases. 
      10.-4. How the payment ought to be made. To make a valid payment, so 
  as to compel the receiver to take it, the whole amount due must be paid; 
  Poth. Obl. n. 499, or n. 534, French edition; when a part is accepted, it is 
  a payment pro tanto. The payment must be made in the thing agreed upon; but 
  when it ought to be made in money, it must be made in the lawful coin of the 
  country, or in bank notes which are of the value they are represented to be. 
  A payment made in bills of an insolvent bank, though both parties may be 
  ignorant of its insolvency, it has been held, did not discharge the debt; 11 
  Vern. 676; 6 Hill, 340; but see 1 W. & S. 92; 8 Yerg. 175; and a payment in 
  counterfeit bank notes is a nullity. 2 Hawks, 326; 3 Hawks, 568, 6 Hill, 
  840. In general, the payment of a part of a debt, after it becomes due, will 
  not discharge the whole, although there may be an agreement by the debtor 
  that it should have that effect, because there is no consideration for such 
  agreement. But see 3 Kelly's R. 210, contra. A payment of a part, before it 
  is due, will discharge the whole, when so agreed. 
      11.-5. The payment, when properly made, discharges the debtor from his 
  obligation. Sometimes a payment extinguishes several obligations; this 
  happens when the thing given to discharge an obligation was the same which 
  is the object of another obligation. Poth. Obl. 552. 
      12. A single payment may discharge several debts; as, for example if 
  Peter be indebted to Paul one thousand dollars, and Paul being indebted to 
  James, Paul give an order to Peter to pay Tames this money; the payment made 
  by Peter to James discharges both the obligations due by Peter to Paul, and 
  by Paul to James. Poth. Ob. n. 553. This rule, that a payment made in order 
  to acquit or discharge an obligation, extinguishes the other obligations 
  which have the same object, takes place also when there are several debtors 
  as regards the whole of them. If, for example, Peter trust Paul on the 
  credit of James, a payment by Paul discharges both himself and James. Poth. 
  Obl. n. 554. 
      13. But in case money or other things have been delivered to a person 
  who was supposed to be entitles to them as a creditor, when he was not, this 
  is not a payment, and the whole, if nothing was due, or if the debt was less 
  than the amount paid, the surplus, may be recovered in action for money bad 
  and received. Vide, generally, Bouv. Inst. Index, h.t.; Com. Dig. 473; 8 
  Com. Dig. 607; 16 Vin 6; 1 Vern. by Raith. 3, 150 n. Yelv. 11 a; 1 Salk. 22; 
  15 East, 12; 8 East, R. 111; 2 Ves. jr. 11; Phil. Ev. Index, b, t,; Stark. 
  Ev. h.t.; Louis. Code, art. 2129; Ayl. Pand. 565; 1 Sell. Pr. 277; Dane's 
  Ab. Index, h.t.; Toull. lib. 3, tit. 3, c. 5; Pardes. part 2, tit. 2, c. 1 
  Merl. Repert. h.t.; Chit. Contr. Index, h.t.; 3 Eng. C. L. Rep. 130. As to 
  what transfer will amount to an assignment or a payment and extinguishment 
  of a claim, see 6 John. Ch. R. 395; Id. 425; 2 Ves. jr. 261 18 Ves. jr. 384; 
  1 N. H. Rep. 167; 1 N. H. Rep. 252; 2 N. H. Rep. 300; 3 John. Ch. R. 53. 
  
  

From Bouvier's Law Dictionary, Revised 6th Ed (1856) [bouvier]:

  PAYMENT, pleadings. The name of a plea by which the defendant alleges that 
  he has paid the debt claimed in the declaration; this plea must conclude to 
  the country. 4 Call, 371; Minor, 137. Vide Solvit ad them; Solvit post diem.