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New York – Accord and Satisfaction

According to NY CLS Gen Oblig § 15-501, executory accord means an agreement embodying a promise express or implied to accept at some future time a stipulated performance in satisfaction or discharge in whole or in part of any present claim, cause of action, contract, obligation, or lease, or any mortgage or other security interest in personal or real property, and a promise express or implied to render such performance in satisfaction or in discharge of such claim, cause of action, contract, obligation, lease, mortgage or security interest.

Furthermore, if an executory accord is not performed according to its terms by one party, the other party shall be entitled either to assert his/her rights under the claim, cause of action, contract, obligation, lease, mortgage or other security interest which is the subject of the accord, or to assert his/her right under the accord.


Inside New York – Accord and Satisfaction