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Agreement for Accord and Satisfaction by Refinancing Debtor's...

Clark Nevada Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor

Name: Clark Nevada Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor
Brand: US Legal Forms
Rating: 4.8 (364 reviews)

Category:

Contracts - Creditors

State:

Multi-State

County:

Clark

Control #:

US-00727BG

Format:

Instant download

Description

An accord and satisfaction is a method of discharging a contract by substituting for the contract an agreement for its satisfaction and the execution of the substituted agreement. The accord is the agreement. The satisfaction is the execution or performance of the agreement.

In this form, Creditor agrees to secure a new mortgage loan secured by a mortgage or deed of trust on certain real property owned by Debtor. In the event that Creditor does secure a new mortgage loan, all moneys received by Creditor, over and above the existing secured indebtedness on the premises and over and above the expenses of obtaining a mortgage loan, will be credited to the account of Debtor. In the event that Creditor is able to obtain a new mortgage loan secured by the premises in an amount that would exceed the debt owing Creditor by Debtor, Creditor will refund to Debtor the excess amount. Creditor agrees that, after a mortgage loan has been secured on the above-described property, Creditor will immediately convey the property to Debtor for the sole consideration of the assumption by Debtor of the indebtedness secured by the property.

Until such time as a new mortgage loan is secured on this property, Creditor will rent the property to Debtor for a sum that will equal the monthly payments due on the existing mortgage loan.

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How to fill out Clark Nevada Agreement For Accord And Satisfaction By Refinancing Debtor's Property In Name Of Creditor?

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FAQ

A creditor agreement is a contract concluded between the debtor and all the creditors. This agreement pays for some part or a percentage of each debt, and the debtor receives a final discharge for the remaining amount due. The debtor can make a new start and the creditors receive their payments immediately.

Key Takeaways. An accord and satisfaction is a new agreement that suspends the terms of an existing agreement in favor of a new one. The accord is the agreement on the new terms of the contract, and the satisfaction is the performance of those terms according to the agreement.

554, 561 (2001), for the rule that three elements must exist for there to be an accord and satisfaction: (a) there must be a (good faith) dispute about the existence or extent of liability, (b) after the dispute arises, the parties must enter into an agreement in which one party must agree to pay more than that party

Under most state law, a valid accord 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.

When an accord and satisfaction is reached to discharge a debt, the creditor still receives some payment of the debt, while the debtor benefits from not being held to the full obligation.

Accord and satisfaction deals with a debtors offer of payment and a creditors acceptance. of a lesser amount than the creditor originally purported to be owed. It is a method of discharging a claim by settlement of the claim and performing the agreement.

Accord 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.

An accord and satisfaction discharges an existing debt. In all substituted contracts there must be an agreement among three parties where a new promise is substituted for an existing promise or a new promisor is substituted for an existing promisor.

Accord and satisfaction. agreement for payment (or other performance) between two parties, one of whom has a right of action against the other. after the payment has been accepted or other performance has been made, the accord and satisfaction is complete and the obligation is discharged. consideration.

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1328(b) of this title does not discharge an individual debtor from any debt –. Creditor out of contract proceeds would not). 2.Assets That the Debtor Holds in Trust.

Clark Nevada Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor

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