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Acknowledgment by Debtor of Correctness of Account Stated

Pennsylvania Acknowledgment by Debtor of Correctness of Account Stated

Q: What document is used to acknowledge debt?

A &#039;share&#039; represents ownership of the company whereas a debenture is only acknowledgement of debt.

Category:

Loans and Lending - Creditors

State:

Multi-State

Control #:

US-0163BG

Format:

Instant download

Description

An account stated is a statement between a creditor and a debtor based upon a series of prior transactions. Hence, an account stated arises when a particular amount is owed to the creditor by the debtor as of a certain date. An account stated refers to either an agreement itself or to the assent giving rise to the agreement. The agreement to pay the balance amount can be either express or implied. When the agreement to pay is in the nature of a computation, then it is called account stated.

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How to fill out Acknowledgment By Debtor Of Correctness Of Account Stated?

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FAQ

The elements of account stated are: (1) prior transactions between the parties which establish a debtor-creditor relationship; (2)an express or implied agreement between the parties as to the amount due; and (3) an express or implied promise from the debtor to pay the amount due.

A Deed of Acknowledgment of Debt is an instrument by which a debtor acknowledges his or her indebtedness to the creditor and the amount of the debt.

What is an Acknowledgment of Debt? An Acknowledgment of Debt (?AOD?) is an agreement containing a clear and undeniable admission of liability by one party to another. The liability usually relates to the payment of a sum of money (?debt?) that must be made by one of the parties to the other party.

A 'share' represents ownership of the company whereas a debenture is only acknowledgement of debt.

Summary This Acknowledgement of Debt can be used where a debt is owed by two or more persons or legal entities, who are jointly liable for the same debt to the creditor. An Acknowledgement of Debt is a form of payment undertaking, used to acknowledge and confirm that a debt is due, and to specify the payment date.

Account stated refers to a document summarizing the amount a debtor owes a creditor. An account stated is also a cause of action in many states that allows a creditor to sue for payment.

I/We, the undersigned, Name of Debtor, address of debtor (hereinafter referred to as the Debtor/s) do hereby acknowledge myself/ourselves to be truly indebted unto and in favour of Name of Creditor, address of Creditor (hereinafter referred to as the Creditor), its successors in title or assigns, in the sum of R 337 ...