Legal Question in Credit and Debt Law in New York
Satisfaction of debt
I,m interested in satisfying a debt. The attorney for my creditor and I have agreed on an amount equal to half the original debt. I want to send a check but would like to know the criterion for issuance of this check to protect my legal rights to the agreement.
Asked on 12/08/00, 6:24 pm
1 Answer from Attorneys
Philip Schnabel
Schnabel Law Office
Re: Satisfaction of debt
Before sending a check get a commitment letter stating what amount will satisfy the judgment (if there is one) and require that a "Satisfaction of Judgment" be filed by the creditor with the County Clerk. If there has been no judgment, then get a commitment letter as outlined above and a "Satisfaction of Debt" letter from the creditor.
Answered on 12/11/00, 8:28 pm
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