Simple English definitions for legal terms
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Dation en paiement: Dation en paiement means giving something instead of money to pay off a debt. It can be a contract where the person who owes money gives something to the person they owe, who accepts it as payment. This type of payment needs court approval. It can also be used to satisfy a mortgage debt by transferring the property to the mortgage-holder when the mortgage is more than the property's value.
Dation en paiement is a French term that means "a giving in payment". It is a legal concept that refers to the exchange of something instead of money to satisfy a debt.
These examples illustrate how dation en paiement can be used as an alternative to paying a debt with cash. It is important to note that dation en paiement requires court approval after petition and notice in Louisiana.