North Dakota Code 22-01-18 – Reduction of obligation by partial performance
Current as of: 2023 | Check for updates
|
Other versions
The acceptance by a creditor of anything in partial satisfaction of an obligation reduces the obligation of a guarantor thereof in the same measure as that of the principal, but does not otherwise affect it.
Terms Used In North Dakota Code 22-01-18
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.