An obligor may give a thing to the obligee in partial payment of a debt.
A giving in partial payment extinguishes the debt in the amount intended by the parties. If the parties' intent concerning the amount of the partial extinguishment cannot be ascertained, it is presumed that they intended to extinguish the debt in the amount of the fair market value of the thing given in partial payment.
Acts 1993, No. 841, §1, eff. Jan. 1, 1995.