Accord and Satisfaction 1
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Statutes
If a person against whom a claim is asserted proves that: (a) That person in good faith tendered an instrument to the claimant as full satisfaction of the claim; (b) The amount of the claim was unliquidated or subject to a bona fide dispute; and (c) The claimant obtained payment of the instrument, then KRS § 355.3-311 (UCC Article 3) applies. (KRS § 355.3-311)
Cases
"Accord and satisfaction is a method of discharging a claim whereby the parties agree to give and accept something other than that which is due in settlement of the claim and to perform the agreement. Bruestle v. S&M Motors, Inc., 914 S.W.2d 353, 354 n.1 (Ky. App. 1996);
In Kentucky, where the claim is unliquidated and disputed, the acceptance by the creditor of a check bearing the notation “Account in full”, or employing words of similar import, shows an acquiescence in the amount offered and constitutes an accord and satisfaction of the claim Kentucky Lottery Corp. v. Casey, 862 S.W.2d 888"
In Kentucky, where the claim is unliquidated and disputed, the acceptance by the creditor of a check bearing the notation “Account in full”, or employing words of similar import, shows an acquiescence in the amount offered and constitutes an accord and satisfaction of the claim Kentucky Lottery Corp. v. Casey, 862 S.W.2d 888"
Comments
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Contributors
Jerad T. Whitt
The statutory information was edited and reviewed with the support of MultiState
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