Legal Definitions - indefinite payment

Indefinite payment refers to a payment that has no specific due date or termination date. It can also refer to a payment that is not specified to which debt it should be applied when made to a single creditor who holds several of the payor's debts.

For example, if a person owes money to multiple creditors and makes a payment without specifying which debt it should be applied to, it is considered an indefinite payment. Another example is a stream of payments that has no end date, such as an annuity payment.

Indefinite payment is different from a lump-sum payment, which is a one-time payment of a large amount, and periodic payment, which is a series of payments made over time instead of a one-time payment for the full amount.

Overall, indefinite payment is a payment that lacks specificity in terms of due date or debt allocation.