Written by attorneys · grounded in primary & secondary sources — see below
A complete or entire performance or payment that satisfies an obligation without remainder. The concept requires the obligor to tender the whole sum or render every promised act so that no further duty remains.
Island Manufacturing had delivered half the ordered machinery when a parts shortage made the rest temporarily impossible. Within a reasonable time the buyer agreed to accept the remaining machines once available and to keep the units already received. Island Manufacturing could therefore retain the partial payment already made and owed nothing further once the last machines arrived.
Ike Ingram paid the entire balance on a mortgage that Integrity Partners owed to a senior lender. Because the payment discharged the obligation in full, equity assigned the mortgage to Ike Ingram by operation of law. Ike Ingram could now enforce the mortgage against the property ahead of junior lienholders.
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Ines Ibarra tendered the exact amount due on a promissory note to the holder. The holder accepted the sum as payment in full and marked the note satisfied. No further collection action could be brought on that obligation.
Iain Irons contracted to paint an entire office building. After finishing only the first floor, he stopped work. The owner refused to pay anything until the remaining floors were painted because the contract called for performance in full.
After a foreclosure sale produced a surplus, the court applied the funds first to satisfy the second mortgage in full. Only the remaining balance went to the judgment creditor.
Ironclad Industries proposed to accept equipment as collateral in full satisfaction of the secured debt. The debtor accepted the terms in a signed record after default, ending the obligation once the equipment transferred.
The obligee must agree within a reasonable time to accept any remaining performance in full and to let the obligor retain what has already been rendered. That agreement prevents the obligor from being required to start over.
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The payor steps into the mortgagee's shoes by operation of law. The mortgage and the underlying obligation are assigned to the payor rather than discharged, allowing the payor to enforce the mortgage against the property.
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No. A life tenant's covenant duties are limited. Personal liability for full performance does not arise merely from possession as a life tenant.
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…the preceding August by the Conference of Commissioners on Uniform State Laws. 58 A. B. A. J. 380 (1972). We set forth the Act in full in the margin.[^maj-40] The Conference has appended an enlightening Prefatory Note.[^maj-41] VII Three reasons have been advanced to explain historically the enactment of criminal…