Source : Webster's Revised Unabridged Dictionary (1913)

Payable \Pay"a*ble\, a. [Cf. F. payable. Cf. {Pacable}.]
   1. That may, can, or should be paid; suitable to be paid;
      justly due. --Drayton.

            Thanks are a tribute payable by the poorest.
                                                  --South.

   2. (Law)
      (a) That may be discharged or settled by delivery of
          value.
      (b) Matured; now due.

Source : WordNet®

payable
     adj : subject to or requiring payment especially as specified; "a
           collectible bill"; "a note payable on demand"; "a check
           payable to John Doe" [syn: {collectible}, {collectable}]