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Creditor’s Acceptance

Generally, a creditor who receives a remittance must either accept or reject such remittance.  If it clearly appears that the remittance was sent upon the condition that it be accepted in full satisfaction, the creditor’s unconditional acceptance results in an accord and satisfaction.  The creditor must accept the offered payment with the intention that it constitutes a settlement of the claim, in order to establish an accord and satisfaction.  However, the acceptance which completes an accord and satisfaction may be express or implied from the circumstances.

Inside Creditor’s Acceptance