According to O.C.G.A. § 13-4-100, an accord may not amount to an extinguishment of the original debt, but may extend only to suspend the execution or collection thereof for a limited time. However, an action on the original debt cannot be sustained.
O.C.G.A. § 13-4-101 states that accord and satisfaction occurs where the parties to an agreement have satisfied the former agreement by a subsequent agreement, and the latter agreement has been executed. When expressly agreed by the parties, the execution of a new agreement may itself amount to a satisfaction of the former agreement. If the new promise is founded on a new consideration, the taking of it is a satisfaction of the former agreement.
O.C.G.A. § 13-4-103 explains that an agreement by a creditor to receive less than the amount of debt cannot be pleaded as an accord and satisfaction unless it is actually executed by the payment of the money, the giving of additional security, the substitution of another debtor, or some other new consideration, except as otherwise provided. Furthermore, acceptance by a creditor of a check, draft, or money order marked “payment in full” or with language of equivalent condition, in an amount less than the total indebtedness, shall not constitute an accord and satisfaction unless a bona fide dispute or controversy exists as to the amount due; or such payment is made pursuant to an independent agreement between the creditor and debtor that such payment shall satisfy the debt. According to O.C.G.A. § 13-4-104, an accord and satisfaction is binding upon both parties.