sum certain


Also found in: Financial.

sum certain

n. a specific amount stated in a contract or negotiable instrument (like a promissory note) at the time the document is written. A sum certain does not require future calculation or the awaiting of future happenings. Example: "Wanda Williams will pay Wilma Jackson $10,000 for redecorating her house, including all costs," is a sum certain as compared to "Williams will pay Jackson for time (at the rate of $50 an hour) and costs of materials for redecoration of Williams' house."

References in periodicals archive ?
Under the F&A endorsement, the insurer covered "loss resulting directly from 'forgery' or alteration of, on, or in any check, draft, promissory note, bill of exchange, or other similar written promise, order or direction to pay a sum certain.
Besides its significant magnitude in dollar terms, the settlement is cutting edge in that the $70 million in consideration constitutes a sum certain being paid to shareholders and will not be affected by any legal fees or settlement expenses, which defendants will cover and will be a separate matter addressed by the Court.
227) A plaintiff may apply to the clerk for a default judgment if his or her claim is for "a sum certain or for a sum which can by computation be made certain.
It can leave the defendants as much in the dark as they were before the verdict, other than knowing that they are jointly and severally liable to pay a sum certain to the plaintiff if the verdict stands up against post-trial legal challenges.
5) Where "the plaintiffs claim is for a sum certain or for a sum which can by computation be made certain," the plaintiffs application for a default judgment may be made to the clerk of the court.
A straight debt instrument is a written unconditional promise to pay (whether or not embodied in a formal note) on demand or on a specific date a sum certain in money (Sec.
The Second Circuit defined debt in Gilbert, 248 F2d 399 (1957), by stating that "[t]he classic debt is an unqualified obligation to pay a sum certain at a reasonably close fixed maturity date along with a fixed percentage in interest payable regardless of the debtor's income or lack thereof.
Whether there is a written unconditional promise to pay on demand or on a specified date a sum certain in money in return for an adequate consideration in money or money's worth, and to pay a fixed rate of interest,
While we had provided reserves for the litigation, a settlement had the advantage of guaranteeing payment of a sum certain.
Whether there is an unconditional promise to pay a sum certain on demand or at a fixed maturity date;
A CRAT pays a sum certain at least annually to the beneficiaries (i.
664(d) specifies two types of CRTs: a charitable remainder annuity trust (CRAT) pays a sum certain at least annually to one or more noncharitable beneficiaries; a charitable remainder unitrust (CRUT) pays a fixed percentage of the net fair market value (FMV) of the trust's assets valued annually (the fixed percentage method) to one or more noncharitable beneficiaries.