Legal Question in Credit and Debt Law in Maine
Credit settlement
If i wrote on the back of a check..''by endorsing this, you agree to accept this amount as a settlement amount..no other monies due'' and the company endorses it - do I owe it?
Asked on 9/20/08, 1:10 pm
1 Answer from Attorneys
Jerome Gamache
Ainsworth Thelin & Raftice, P.A.
Re: Credit settlement
You still must honor the check, but if your question asks if you owe any more towards a larger balance the check was intended to settle in full, it seems as though the language you wrote on the check constitutes a legal "accord and satisfaction", which would be a defense to any efforts by the other side to collect the balance. Assuming the check was reasonable in light of the total amount. The theory is that the check was conditional by you, to be accepted only if there was a settlment in full.
Answered on 9/22/08, 8:48 am
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