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Receipt for Payment Discharging an Undisputed Claim in Full with...

Receipt for Payment Discharging an Undisputed Claim in Full with Acceptance by Creditor of an Amount less than Claim

Name: Receipt for Payment Discharging an Undisputed Claim in Full with Acceptance by Creditor of an Amount less than Claim
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.77 (364 reviews)

Category:

Contracts - Full Payments

State:

Multi-State

Control #:

US-1340948BG

Format:

Instant download

Description

Discharge generally refers to the act or an instance of removing an obligation, burden, or responsibility. It may mean the fulfillment of the terms of something, such as a debt or promise or a performance, as of an office or duty. A Receipt for Payment Discharging an Undisputed Claim in Full of Acceptance by Creditor of an Amount less than Claim is a document that is used to acknowledge that a claim has been paid in full, even if the amount paid is less than the original claim amount. This type of document is used when a creditor has accepted an amount that is lower than the amount that was originally claimed, and the claim has been paid in full. There are two types of Receipt for Payment Discharging an Undisputed Claim in Full of Acceptance by Creditor of an Amount less than Claim: 1. Unconditional Receipt: This type of receipt is issued when a creditor has unconditionally accepted the lower payment amount and has agreed to discharge the claim in full. 2. Conditional Receipt: This type of receipt is issued when a creditor has accepted the lower payment amount, but has placed certain conditions on the discharge of the claim. These conditions may include additional payments, or the payment of fees or costs associated with the claim.

A Receipt for Payment Discharging an Undisputed Claim in Full of Acceptance by Creditor of an Amount less than Claim is a document that is used to acknowledge that a claim has been paid in full, even if the amount paid is less than the original claim amount. This type of document is used when a creditor has accepted an amount that is lower than the amount that was originally claimed, and the claim has been paid in full. There are two types of Receipt for Payment Discharging an Undisputed Claim in Full of Acceptance by Creditor of an Amount less than Claim: 1. Unconditional Receipt: This type of receipt is issued when a creditor has unconditionally accepted the lower payment amount and has agreed to discharge the claim in full. 2. Conditional Receipt: This type of receipt is issued when a creditor has accepted the lower payment amount, but has placed certain conditions on the discharge of the claim. These conditions may include additional payments, or the payment of fees or costs associated with the claim.

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Beware checks with "Payment in Full," "Full and Final Settlement" or similar language is written in the memo field or endorsement area. When these checks are cashed, they are very often binding and can eliminate your rights to recover under contract or the mechanics lien laws.

And satisfaction occurs when a business tries to get its full asking price for goods or services sold to a consumer, who in turn asserts he or she is not obligated to pay the full price billed because of a defect or breach of warranty relating to the goods and services.

And satisfaction refers to the agreement () between two contracting parties to accept alternate performance to discharge a pre-existing duty between them and the subsequent performance (satisfaction) of that agreement.

Usually, and satisfaction deals with a debtor's offer of payment and a creditor's acceptance of a lesser amount than the creditor originally claimed to be owed. It is a method of discharging a claim by settlement of the claim and performing the new agreement.

And satisfaction is a settlement of an unliquidated debt. For example, a builder is contracted to build a homeowner a garage for $35,000. The contract called for $17,500 prior to starting construction, to disburse $10,000 during various stages of construction, and to make a final payment of $7,500 at completion.

Cashing a check marked ?payment in full? will likely discharge the debtor's obligation entirely, under the legal doctrine of ? and satisfaction.? Tendering of a check marked ?payment in full? or ?paid in full? is an offer to settle the debt of an amount different than what the parties' contract says.

Under most state law, a valid and satisfaction requires four elements as a minimum, usually, (1) proper subject matter, (2) competent parties, (3) meeting of the minds of the parties and (4) adequate consideration.

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View on Westlaw or start a FREE TRIAL today, § 73F:125. An "accord" is an agreement where one of the parties agrees to accept something different from the amount believed owed in order to settle a disputed claim.The regulations do not apply to claims between federal agencies. 373, see flags on bad law, and search Casetext's comprehensive legal database. 1. Accord and Satisfaction — Part Payment — Disputed Claims. Administrative expenses, involuntary gap claims, and quarterly and Court fees . UCC Section 3311 does state that the amount of the claim must be unliquidated or subject to a bona fide dispute. Next attempt to collect the full amount in installment payments within a reasonable time (generally, less than three years). Finally,. Items 1 - 7 — 202. Discharge of Claims Against and Interests in the Debtors.

Receipt for Payment Discharging an Undisputed Claim in Full with Acceptance by Creditor of an Amount less than Claim

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