Pulliam v. Taylor

Citations

• 50 Miss. 251

Syllabus

<p>1. Accord and Satisfaction. — If the creditor compounds with the debtor, and agrees to take less than the whole debt, and accepts the bond or promissory note of his creditor with security, or the note of a third person ; here the new and additional security makes the consideration for a relinquishment of the excess, and the accord and satisfaction are complete.</p> <p>2. Sadie — Case in Judgment. — Where P. -was indebted to T. in the sum of $3,400, and it was agreed that in satisfaction of the debt, P. should execute his notes for $1,500, to be paid in three annual installments of $500 each, which should be secured by mortgage, the notes and mortgage were executed, P. paid one of the notes, T. brought suit on the original debt, disregarding the agreement, held, that the mortgage as security was a sufficient consideration to uphold the agreement, and that the accord and satisfaction were complete.</p>