1. An exchange of something instead of money to satisfy a debt. See ACCORD AND SATISFACTION. [Cases: Accord and Satisfaction 13. C.J.S. Accord and Satisfaction §§ 25–27, 29.]
2. Louisiana law. A contract in which the obligor gives a thing to the obligee, who accepts it in payment of a debt. La. Civ. Code art. 2655. • Dation en paiement requires court approval after petition and notice.
3. A method of satisfying a mortgage debt by transferring the mortgaged property when the mortgage exceeds the property’s value and the mortgage-holder is willing to accept the property in satisfaction of the debt. [Cases: Mortgages 304. C.J.S. Mortgages §§ 451, 475.]
