RoaldDahl
16:15
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
giving in payment
Read a random definition: agreement of rescission
A quick definition of giving in payment:
Definition: Giving in payment is when someone pays off a debt by giving something to the creditor that was not originally agreed upon. This can only happen with the creditor's permission. It comes from a French phrase and is based on an ancient Roman practice. It is similar to an agreement and satisfaction.
A more thorough explanation:
When someone owes money to another person, they can discharge the debt by giving something to the creditor instead of the original payment. This is called giving in payment and it must be done with the creditor's consent.
For example, if someone owes $100 to a creditor, they can offer to give a piece of jewelry worth $100 instead of paying with cash. If the creditor agrees to accept the jewelry as payment, then the debt is considered discharged.
This practice comes from Roman law and is known as datio in solutum in Latin. In French, it is called dation en paiement. Giving in payment is different from accord and satisfaction, which is when a debtor and creditor agree to settle a debt for less than the full amount owed.