SATISFACTION, practical. An entry in the record by which a party in whose favour a judgment has been rendered declares that he or she has been satisfied and paid. 2. In Alabama, Delaware, Illinois, Indiana, Massachusetts, New Hampshire, Pennsylvania, Rhode Island, South Carolina and Vermont, the law requires the mortgagee to repay a mortgage under the Protocol by recording satisfaction in the margin. Refusal or failure to perform after payment and claim obliges the mortgagee to bring an action, at the expiry of the period set out in the respective statutes, and obliges him to pay damages and, in some cases, three times the costs. In Indiana and New York, the Registry of Deeds or the Draftsman of the Deed may pay the mortgage itself on the basis of a certificate of payment and satisfaction signed by the mortgagee or its representatives and attached to the mortgage at issue, which is registered. Ind. St. 1836, 64; 1 N. Y. Rev. St.
761. (a) Practical. An entry in the record by which a party in whose favour a judgment has been rendered declares that he or she has been satisfied and paid. B) Construction by the courts of equity. Satisfaction is defined as the gift of an item with the intention, express or implied, that the gift is intended to be a nullification of an existing right or claim of the donee. (2) If a debtor bequeaths to his creditor a legacy equal to or greater than the amount of the debt not entered in the will, the courts of equity, in the absence of any indication to the contrary, have issued the rule that it is presumed that the testator intended the legacy as satisfaction. debt. 3. If an indebted deceased bequeaths to his creditor a legacy of the same nature as the debt and not covered by the exceptions referred to in the following paragraph, the debt shall be deemed to have been paid if the legacy is equal to or greater than the amount of the debt. (c) Civil law. This word derives from the same root as satisfaction; For just as the fulfillment of the request made to us is called satisfaction, so satisfaction takes place when the one who demands something has agreed to receive guarantees instead of the thing itself. If Company A does not comply with the new terms for any reason, it may be held liable for the original contract for non-compliance with the terms of the agreement.
Agreement and satisfaction do not replace the original contract; On the contrary, it suspends the enforceability of this contract, provided that the terms of the agreement are respected as agreed. n. a document signed by a judgement creditor (the party who owed the monetary judgment) certifying that the full amount owing for the judgment has been paid. The judgement creditor (the party who paid the judgment) has the right to ask the judgement creditor (the party to whom the pecuniary judgment is due) to sign the satisfaction of the judgment, to file it with the court clerk, to recognise it before a notary and to register the document with the County Recorder (or Recorder of Deeds) if there is a summary of the judgment (a document, which indicates the amount of the judgment which is a privilege). all immovable property owned by the defendant). Agreement and satisfaction can be used as a form of compromise that benefits both parties if the original terms of a contract cannot be met for any reason. When an agreement and satisfaction are reached to settle a debt, the creditor always receives some payment of the debt, while the debtor benefits from not being bound by the entire obligation. Compliance and satisfaction is a term of contract law that generally applies to the purchase of a debt obligation exemption.
Agreement and satisfaction can take place in debt negotiations. Take, for example, the bank and company A. Company A has a loan agreement with the bank that puts pressure on its balance sheet. The bank works with Company A and the initial loan agreement is revised. The new terms could allow Company A to make more small payments, pay off the debt at a lower interest rate, repay less than the original commitment, or another arrangement. Compliance and satisfaction refers to the agreement (agreement) between two parties to accept an alternative performance to the performance of an obligation existing between them and the subsequent performance (satisfaction) of this agreement. The new performance is called Akkord. The exemption from the initial performance obligation is called satisfaction. An agreement and satisfaction can be reached when the landlord agrees to pay $3,000. He or she receives a discount on the price of the kitchen in exchange for a poorly constructed kitchen and waives his or her right to sue. The contractor pays $5,000 to avoid being sued by the owner and gives the contractor the right to sue the entire $8,000. Both parties are giving up something to limit their liability downwards.
Under the doctrine of equity, a person entitled to an obligation may, in certain circumstances, choose to accept equivalent remuneration in lieu of exact performance. In that case, the debt or obligation shall be deemed to have been performed under the new agreement. n. Receive a payment or fulfill what is due. See: Satisfaction of judgment, agreement and satisfaction, contract) Agreement is agreement on the new terms of the Agreement, and satisfaction is the fulfillment of those Terms in accordance with the Agreement. If there is agreement and satisfaction and the performance (or satisfaction) has been executed, all previous claims relating to the case are extinguished. Agreement and satisfaction differ from a change in that a change immediately fulfills a pre-existing obligation, while an agreement and satisfaction do not fulfill a pre-existing obligation until the agreed alternative performance has taken place. An agreement and satisfaction is a legal contract in which two parties agree to release each other from a claim, contract, or other tort liability for an amount based on terms that differ from the original amount of the contract or claim. Correspondence and satisfaction are also used to settle legal claims before they go to court. In the context of English law, A Dictionary of Law offers the following legal concept of agreement and satisfaction: The purchase by one party of an exemption from its obligations under the contract when the other party has already fulfilled its part of the transaction.
This unilateral waiver constitutes unilateral performance of the contract; Unless granted by deed, at common law it can only be made by purchase, that is, by a new agreement (agreement) for which new consideration (satisfaction) is provided. For example, if A has to pay £1000 to B on a given date for contractual services rendered, B can accept £900 paid earlier, the advance payment being a satisfaction. A brief definition of satisfaction: the performance of an obligation by paying the amount owing, such as a mortgage, trust deed or contract; or the payment of a debt granted, such as the enforcement of a judgment.
