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.
The Montana Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor refers to a legal arrangement specific to the state of Montana. This agreement revolves around the refinancing of a debtor's property, which is then transferred under the name of the creditor as a means of settling a debt or satisfying a financial obligation. In this process, the debtor, who is the individual or party who owes the debt, enters into a refinancing agreement with a creditor. The terms and conditions of this agreement are mutually agreed upon by both parties involved. The debtor's property, which serves as collateral for the debt, is then refinanced by the creditor. The purpose of this refinancing is to provide the means for the debtor to repay the debt in full or partially, thus reaching an accord and satisfaction between both parties. The creditor assumes ownership of the refinanced property upon completion of the transaction. It is important to note that there may be different types or variations of the Montana Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor, although specific names for such variations are not readily available. Variations may arise from different terms, conditions, or additional provisions agreed upon by the parties involved. The specifics of these variations would depend on the individual circumstances and agreements negotiated between the debtor and creditor. Overall, the Montana Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor serves as a mechanism for creditors and debtors in Montana to reach a settlement through refinancing, with the debtor's property being transferred to the creditor's name as part of the agreement.
