California Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor

State:
Multi-State
Control #:
US-00727BG
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Word
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Description

An accord and satisfaction is a method of discharging a contract by substituting for the contract an agreement for its satisfaction and the execution of the substituted agreement. The accord is the agreement. The satisfaction is the execution or performance of the agreement.



In this form, Creditor agrees to secure a new mortgage loan secured by a mortgage or deed of trust on certain real property owned by Debtor. In the event that Creditor does secure a new mortgage loan, all moneys received by Creditor, over and above the existing secured indebtedness on the premises and over and above the expenses of obtaining a mortgage loan, will be credited to the account of Debtor. In the event that Creditor is able to obtain a new mortgage loan secured by the premises in an amount that would exceed the debt owing Creditor by Debtor, Creditor will refund to Debtor the excess amount. Creditor agrees that, after a mortgage loan has been secured on the above-described property, Creditor will immediately convey the property to Debtor for the sole consideration of the assumption by Debtor of the indebtedness secured by the property.



Until such time as a new mortgage loan is secured on this property, Creditor will rent the property to Debtor for a sum that will equal the monthly payments due on the existing mortgage loan.


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FAQ

To record a satisfaction of judgment in California, you first need to obtain a form called the 'Satisfaction of Judgment,' which you can find on our platform, US Legal Forms. Complete the form with accurate details about the judgment being satisfied and ensure that both the creditor and debtor sign it. Then, file this completed form with the county recorder's office where the original judgment was recorded. Remember, filing a satisfaction is essential, as it officially marks the end of the judgment, aligning with the principles of a California Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor.

Proof of Accord and Satisfaction includes documented evidence that both parties agreed to new terms that settle an existing debt. The California Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor often requires a written agreement, correspondence, or a formal settlement document. This documentation serves as a legal record that can protect both parties’ interests and ensures enforceability in case of disputes.

In California, Accord and Satisfaction are governed by specific provisions in the California Civil Code. The relevant sections outline the requirements and stipulations necessary for forming a valid agreement. For anyone navigating the California Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor, understanding these legal codes is crucial. This knowledge ensures that the new agreement is enforceable and protects the interests of both parties.

The rule of Accord and Satisfaction dictates that an agreement to settle a debt must involve an offer and acceptance, alongside valuable consideration. This process includes a new covenant that resolves the pre-existing obligation. Under the California Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor, it’s essential to execute the agreement properly to eliminate the original debt. Thus, establishing clear communication and documentation is critical.

To establish an Accord and Satisfaction, the California Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor requires that both parties agree to new terms that deviate from the original contract. The debtor must present an offer, and the creditor must accept it in writing. Both parties must participate in the process with the intention to settle their obligations. This mutual agreement serves as a legal settlement of the debt.

Which of the following is true regarding an accord and satisfaction? When amounts agreed upon are paid, the debt is fully discharged. Which of the following is true under the UCC regarding checks marked "paid-in-full"?

Accord and satisfaction is a settlement of an unliquidated debt. For example, a builder is contracted to build a homeowner a garage for $35,000. The contract called for $17,500 prior to starting construction, to disburse $10,000 during various stages of construction, and to make a final payment of $7,500 at completion.

An accord and satisfaction defense may be the right affirmative defense where there is a disagreement about a contract between the plaintiff and the defendant, and the plaintiff already accepted a smaller sum of money from the defendant to fully satisfy the contract terms.

Which of the following is not a requirement for an accord and satisfaction to be enforceable? The creditor refuses to accept payment less than the creditor claims is owed.

Accord and satisfaction deals with a debtors offer of payment and a creditors acceptance. of a lesser amount than the creditor originally purported to be owed. It is a method of discharging a claim by settlement of the claim and performing the agreement.

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California Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor