20-7-3. Acceptance of accord as satisfaction--Obligation extinguished.
Acceptance by the creditor, of the consideration of an accord, extinguishes the obligation and is called satisfaction.
Source: CivC 1877, §861; CL 1887, §3485; RCivC 1903, §1179; RC 1919, §786; SDC 1939, §47.0235.
Structure South Dakota Codified Laws
Title 20 - Personal Rights and Obligations
Chapter 07 - Accord And Satisfaction, Novation And Release Of Obligations
Section 20-7-1 - Accord defined.
Section 20-7-2 - Execution of accord required to extinguish obligation.
Section 20-7-3 - Acceptance of accord as satisfaction--Obligation extinguished.
Section 20-7-4 - Obligation extinguished by part performance accepted in writing as satisfaction.
Section 20-7-5 - Novation defined.
Section 20-7-6 - Novation by substitution of obligation.
Section 20-7-7 - Novation by substitution of debtor.
Section 20-7-8 - Novation by substitution of creditor.
Section 20-7-9 - Rescission of satisfaction by substitution of debtor.
Section 20-7-10 - Obligation extinguished by release on new consideration or in writing.
Section 20-7-11 - Unknown claims not released by general release.
Section 20-7-12 - Joint debtors not released by release of one--Right of contribution.