§ 15-501 — Executory accord

New York § 15-501

• Jurisdiction: New York
• Law GOB: General Obligations
• Title 5: Accord and Satisfaction
• Art. 15: Modification and Discharge of Obligations

Text

§ 15-501. Executory accord. 1. Executory accord as used in this\nsection means an agreement embodying a promise express or implied to\naccept at some future time a stipulated performance in satisfaction or\ndischarge in whole or in part of any present claim, cause of action,\ncontract, obligation, or lease, or any mortgage or other security\ninterest in personal or real property, and a promise express or implied\nto render such performance in satisfaction or in discharge of such\nclaim, cause of action, contract, obligation, lease, mortgage or\nsecurity interest.\n 2. An executory accord shall not be denied effect as a defense or as\nthe basis of an action or counterclaim by reason of the fact that the\nsatisfaction or discharge of the claim, cause of action, contract,\nobligation, lease, mortgage or other security interest which is the\nsubject of the accord was to occur at a time after the making of the\naccord, provided the promise of the party against whom it is sought to\nenforce the accord is in writing and signed by such party or by his\nagent. If executed by an agent, any promise required by this section to\nbe in writing which affects or relates to real property or an interest\ntherein as defined in section 5-101 in any manner stated in subdivisions\none or two of section 5-703 of this chapter shall be void unless such\nagent was thereunto authorized in writing.\n 3. If an executory accord is not performed according to its terms by\none party, the other party shall be entitled either to assert his rights\nunder the claim, cause of action, contract, obligation, lease, mortgage\nor other security interest which is the subject of the accord, or to\nassert his right under the accord.\n