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Aside from the risk of criminal charges, redemption processes also fail to discharge debts. In a frequently cited 2007 foreclosure case, a debtor attempted to pay her home mortgage with a redemption "bill of exchange" at the suggestion of promoter Barton Buhtz. A United States District Court concluded that "the legal authorities Plaintiff cites ...
Such an offer for debt discharge by tender of a "payment-in-full" check is common practice. If the amount tendered is not grossly insufficient, the creditor must decide whether to accept the payment and forfeit the balance, or refuse and try to collect the full amount.
Since the value of money – be it dollars, gold, or others – may fluctuate over time via inflation and deflation, the value of deferred payments (the real level of debt) likewise fluctuates. A device is termed " legal tender " if it may serve to discharge (pay off) debts; thus, while US dollars are not backed by gold or any other commodity ...
It is generally only mandatory to recognize the payment of legal tender in the discharge of a monetary debt from a debtor to a creditor. [2] Sellers offering to enter into contractual relationship, such as a contract for the sale of goods, do not need to accept legal tender and may instead contractually require payment using electronic methods ...
The rule in Dearle v Hall (1828) 3 Russ 1 is an English common law rule to determine priority between competing equitable claims to the same asset. The rule broadly provides that where the equitable owner of an asset purports to dispose of his equitable interest on two or more occasions, and the equities are equal between claimants, the claimant who first notifies the trustee or legal owner of ...
The Education Department and the Colorado attorney general on Tuesday announced $130 million in automatic debt discharge for 7,400 Colorado student loan borrowers who attended CollegeAmerica.
[4] [22] [23] [clarification needed] A "standard of deferred payment" is an accepted way to settle a debt—a unit in which debts are denominated, and the status of money as legal tender, in those jurisdictions which have this concept, states that it may function for the discharge of debts.
The accord is the agreement to discharge the obligation and the satisfaction is the legal "consideration" which binds the parties to the agreement. A valid accord does not discharge the prior contract; instead it suspends the right to enforce it in accordance with the terms of the accord contract, in which satisfaction, or performance of the ...
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