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accord and satisfaction

Accord and satisfaction is an enforceable agreement in which the parties agree to discharge a contract, claim, or obligation on terms that differ from the original terms of the contract, claim, or obligation.

In Nebraska, accord and satisfaction is recognized as a method to discharge a contract or settle a dispute by agreeing to provide something different than what was originally owed. This is typically used when there is a bona fide dispute over the debt or obligation. The debtor offers payment less than the amount claimed by the creditor, and if the creditor accepts this payment, the original obligation is considered settled. The acceptance of the accord by the creditor must be clear and unequivocal. Nebraska follows the Uniform Commercial Code (UCC) for accord and satisfaction in the context of negotiable instruments, which is codified in Nebraska statutes. Under the UCC, if a creditor accepts a check that is marked as 'payment in full' or with similar language, and the debt is in dispute, the acceptance of the check can create an accord and satisfaction, barring further claims on the disputed amount.

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Creditor / Debtor

accord and satisfaction

Individual & Family Legal Plan

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Nebraska State Code

Nebraska State Code

Creditor / Debtor

accord and satisfaction

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