satisfaction

satisfaction, n.

1. The giving of something with the intention, express or implied, that it is to extinguish some existing legal or moral obligation. • Satisfaction differs from performance because it is always something given as a substitute for or equivalent of something else, while performance is the identical thing promised to be done.

— Also termed satisfaction of debt. [Cases: Accord and Satisfaction

1. C.J.S. Accord and Satisfaction §§ 2–17, 25–33.]

2. The fulfillment of an obligation; esp., the payment in full of a debt.

“Satisfaction closely resembles performance. Both depend upon presumed intention to carry out an obligation, but in satisfaction the thing done is something different from the thing agreed to be done, whereas in performance the identical act which the party contracted to do is considered to have been done. The cases on satisfaction are usually grouped under four heads, namely, (i) satisfaction of debts by legacies; (ii) satisfaction of legacies by legacies; (iii) satisfaction (or ademption) of legacies by portions; and (iv) satisfaction of portion-debts by legacies, or by portions. Strictly, however, only the first and last of these heads are really cases of satisfaction; for satisfaction presupposes an obligation, which, of course, does not exist in the case of a legacy in the will of a living person.” R.E. Megarry, Snell’s Principles of Equity 226–27 (23d ed. 1947).

3. SATISFACTION PIECE.

4. Wills & estates. The payment by a testator, during the testator’s lifetime, of a legacy provided for in a will; ADVANCEMENT. Cf. ADEMPTION. [Cases: Wills 772. C.J.S. Wills §§ 1762–1769.]

5. Wills & estates. A testamentary gift intended to satisfy a debt owed by the testator to a creditor. See ACCORD AND SATISFACTION. — satisfy, vb.


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