South Dakota Codified Laws 20-7-3. Acceptance of accord as satisfaction–Obligation extinguished
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Acceptance by the creditor, of the consideration of an accord, extinguishes the obligation and is called satisfaction.
Terms Used In South Dakota Codified Laws 20-7-3
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Source: CivC 1877, § 861; CL 1887, § 3485; RCivC 1903, § 1179; RC 1919, § 786; SDC 1939, § 47.0235.