Also known as: fully satisfied · satisfaction of judgment
Written by attorneys — see sources below.
A complete discharge of a claim or obligation achieved when a party tenders and the recipient accepts payment or performance that settles the entire amount due. The concept applies when assets are applied to eliminate any remaining balance of an elective-share amount after initial distributions.
After Felix Franco's death, his surviving spouse Felicity French claims her elective share. The initial distributions under the augmented estate leave a shortfall. The personal representative applies nonprobate transfers under Section 2-205 to the remaining balance. Once those assets are allocated proportionally among recipients, Felicity's claim reaches full satisfaction and no further liability remains.
Floyd Franklin's estate still owes a supplemental elective-share amount after probate assets are exhausted. The executor next reaches nonprobate transfers to others. Liability for the unsatisfied balance is divided among recipients in proportion to the value of their interests. When the final allocations are made, the surviving spouse's claim attains full satisfaction.
Amounts in the decedent's net probate estate and certain nonprobate transfers are applied first to satisfy the remaining balance. Liability is apportioned among recipients in proportion to the value of their interests.
Supporting sources
The remaining portion of the decedent's nonprobate transfers to others is applied so that liability for the unsatisfied balance is apportioned among recipients in proportion to the value of their interests.
Supporting sources
Yes. When a claim is unliquidated or subject to a bona fide dispute, tender of an instrument as full satisfaction followed by acceptance discharges the claim.
Supporting sources
…it is apparent that a lesser sum of money cannot be a satisfaction of a greater;" adding that an acquittance under seal in full satisfaction of the whole would (under like circumstances) be valid and binding. The distinction between the effect of a deed under seal and that of an agreement by parol, or by writing not under seal,…