Define: Payment In Full

Payment In Full
Payment In Full
Quick Summary of Payment In Full

“Payment in full” is a legal term indicating that a debt or obligation has been completely satisfied by the debtor, typically through the payment of a specified amount. When a creditor accepts payment in full, it signifies that they agree to discharge the debtor’s entire obligation, releasing them from any further liability related to the debt. This can occur through various means, such as cash payment, check, electronic transfer, or other forms of consideration agreed upon by the parties. It’s important to note that acceptance of payment in full may be subject to certain conditions or negotiations, and creditors should clearly communicate their intentions regarding the satisfaction of the debt. Additionally, parties may include “payment in full” language on checks or correspondence to indicate that the payment is intended to settle the entire debt, preventing disputes or misunderstandings about the remaining balance.

What is the dictionary definition of Payment In Full?
Dictionary Definition of Payment In Full
n. the giving of all funds due to another. This language is often inserted on the back of a check above the place for endorsement to prove that the payee accepts the payment as complete.
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This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.

This glossary post was last updated: 28th March, 2024.

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