An accord may not amount to an extinguishment of the original debt but may extend only to suspend the execution or collection thereof for a limited time; in the meantime, an action on the original debt cannot be sustained.
(Orig. Code 1863, § 2820; Code 1868, § 2828; Code 1873, § 2879; Code 1882, § 2879; Civil Code 1895, § 3733; Civil Code 1910, § 4327; Code 1933, § 20-1202.)
RESEARCH REFERENCES
Am. Jur. 2d.
- 1 Am. Jur. 2d, Accord and Satisfaction, §§ 48, 49.
ALR.
- Failure to perform act required by new agreement as affecting character thereof as accord and satisfaction, 10 A.L.R. 222; 14 A.L.R. 230.
Part payment of liquidated indebtedness by, or with aid of, third person as consideration for its acceptance in discharge of entire debt, 41 A.L.R. 1490.
Trade acceptance or unsecured note or bill of debtor as accord and satisfaction, 62 A.L.R. 751.
Acceptance of amount appropriated on account of claim against state or other public body as bar to balance of claim, 70 A.L.R. 1208.
Income tax in respect of amount collected on a debt which had been deducted as a bad debt in the return for a previous year, 143 A.L.R. 338.
Validity and effect of agreement to pay original creditor part of debt refinanced under Federal Farm Loan Act, 147 A.L.R. 743.
Interest of spouse in estate by entireties as subject to satisfaction of his or her individual debt, 75 A.L.R.2d 1172.
Conveyance or surrender of property as an accord and satisfaction of contract obligation, 59 A.L.R.5th 665.