Ohio Acknowledgment by Debtor of Correctness of Account Stated

State:
Multi-State
Control #:
US-0163BG
Format:
Word; 
Rich Text
Instant download

Description

An account stated is a statement between a creditor and a debtor based upon a series of prior transactions. Hence, an account stated arises when a particular amount is owed to the creditor by the debtor as of a certain date. An account stated refers to either an agreement itself or to the assent giving rise to the agreement. The agreement to pay the balance amount can be either express or implied. When the agreement to pay is in the nature of a computation, then it is called account stated.

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FAQ

Very simply, an acknowledgment of debt (?AOD?) is a written agreement between a debtor and a creditor in terms of which the debtor agrees that he is unequivocally liable to the creditor for a sum of money.

What are the requirements of an AOD? In addition to a clear and undeniable admission of liability (?IOU?), the agreement should contain the payment terms, a breach clause, and the signatures of both the creditor and the debtor.

Debt collection: AOD can be used to acknowledge and confirm the amount of a debt owed, and can be used as evidence in debt collection proceedings. Repayment arrangements: AOD can be used to formalize repayment arrangements for a debt, including the amount owed, interest rates, and payment schedules.

An Acknowledgment of Debt is a contract which both a debtor and creditor sign acknowledging that a debtor is indebted to the creditor and for how much as well as setting out the payment terms of paying off the debt owed.

Summary This Acknowledgement of Debt can be used where a debt is owed by two or more persons or legal entities, who are jointly liable for the same debt to the creditor. An Acknowledgement of Debt is a form of payment undertaking, used to acknowledge and confirm that a debt is due, and to specify the payment date.

Meaning of acknowledgement of debt in English an official document in which someone states that they owe a particular amount of money to someone: When signing an acknowledgement of debt for consumed gas, the customer will be charged late payment interest until the last payment is made.

A Deed of Debt (also known as a ?Deed of Acknowledgement of Debt?) is a great way to formalise a loan of money or assets to another person. A Deed of Debt is particularly useful for recording a loan between parents and children for the purpose of purchasing a home.

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Ohio Acknowledgment by Debtor of Correctness of Account Stated