Ask Reggi Your Question Now
Can you summarize NHRS 382-A:3-311?
UNIFORM COMMERCIAL CODE > Accord and Satisfaction by Use of Instrument.
Short Summary
This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the concept of Accord and Satisfaction by Use of Instrument. It applies to persons against whom a claim is asserted and claimants. The provision outlines the conditions under which a claim can be discharged if the person against whom the claim is asserted proves that they in good faith tendered an instrument to the claimant as full satisfaction of the claim, the amount of the claim was unliquidated or subject to a bona fide dispute, and the claimant obtained payment of the instrument. The provision also includes exceptions where a claim is not discharged, such as when the claimant proves that communications concerning disputed debts, including the instrument tendered as full satisfaction, were not received by the designated person, office, or place. Additionally, it states that a claim is discharged if the claimant knew that the instrument was tendered in full satisfaction of the claim before collection of the instrument was initiated. No specific penalties are mentioned in this provision.
Whom does it apply to?
Persons against whom a claim is asserted and claimants
What does it govern?
Accord and Satisfaction by Use of Instrument
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No specific penalties are mentioned
Jurisdiction
New Hampshire