DocketNumber: 46063
Judges: Quillian, Evans, Jordan
Filed Date: 6/22/1971
Status: Precedential
Modified Date: 11/7/2024
The sole question here presented is whether, under the circumstances above related, the plaintiffs’ acceptance and cashing the checks tendered to them over the course of some 4% years constituted an accord and satisfaction as to the amount due the plaintiffs. In our consideration of this case, recognition is given to the rule set out in Rivers v. Cole Corp., 209 Ga. 406, 408 (73 SE2d 196): "When a creditor receives and retains a sum of money from his debtor less than the amount actually due him with the understanding, either express or implied, that it is received by him in satisfaction of his claim or demand, he cannot thereafter treat it as a nullity and recover the balance, and this is so whether his claim or demand be disputed or undisputed, liquidated or unliquidated. . .” See American Associated Companies v. Vaughan, 213 Ga. 119 (97 SE2d 144). Code § 20-1201 recites: "Accord and satisfaction is where the parties, by a subsequent agreement, have satisfied the former one, and the latter agreement has been executed.” "To be good, the accord must be fully executed.” Taylor v. Central of Ga. R. Co., 99 Ga. App. 224, 226 (108 SE2d 103). Thus, as pointed out in the Taylor case, an executory promise to accept a stated amount in satisfaction of a debt does not become binding until such amount, under the terms of such agreement, is paid and accepted.
The contract in question placed the burden on the company to make full settlement for each calendar month on or before the 10th day of the following month. It does not recite that the parties agree that a full settlement shall then be accomplished. The
Judgment affiimed.