21 Hoosier Banker February 2015 This information is provided for general education purposes and is not intended to be legal advice. Please consult legal counsel for specific guidance as to how this information applies to your institution’s circumstances or situation. 1 Wolfe v. Eagle Ridge Holding Co., LLC, 869 N.E.2d 521, 524 (Ind. Ct.App. 1994), quoting Mominee v. King, 629 N.E.2d 1280, 1282 (Ind. Ct.App. 1994) (external quotation marks omitted). 2 Mominee 629 N.E.2d at 1282. 3 Ind. R.Tr. P. 8(C). 4 Ind. Code §§ 26-1-1 to -10. 5 Id. § 26-1-3.1-311(a) and (b). 6 Id. § 26-1-3.1-311(c)(1) and (2). 7 Id. § 26-1-3.1-311(d). 8 Mominee, 629 N.E.2d at 1284. 9 Wolfe v. Eagle Ridge Holding Co., LLC, 869 N.E.2d 521, 527 n.3 (Ind. Ct.App. 1994) (“[c]hecks clearly tendered in good faith as full satisfaction of a claim work an accord and satisfaction if the creditor Traci Trotter, administrative assistant, human resources, First Bank Richmond, NA, has completed 20 years of service with the bank. Chuck Viater, senior vice president and north region president, MutualBank, Muncie, has completed 20 years of service. Todd Yarbrough, vice president and program manager, MutualBank, Muncie, has completed 20 years of service. Mutual Savings Bank, Franklin, celebrates its 125th anniversary this year. The bank was formed on Feb. 13, 1890, as the Mutual Building and Loan Association. The $121 million institution has branches in Franklin, Nineveh and Trafalgar. t AnnIversAry MIlestones A salute to bankers with 20+ years of service by the statement “under protest” or “with reservation of rights” would not prevent the debt from being discharged.9 As described above, the question of whether an accord and satisfaction is formed and a debt is discharged is highly fact-sensitive and subject to many potential pitfalls for the unwary. Accordingly, before the bank accepts a check marked “Payment in Full” or a similar statement, it should seek the advice of counsel, unless it intends to discharge the debt. t © 2015 Krieg DeVault LLP THINKING BEYOND TRADITIONAL SOLUTIONS FOR FINANCIAL INSTITUTIONS FOR OVER 130 YEARS • Corporate Representation • Mergers and Acquisitions • Capital Offerings • Regulatory • Compliance • Supervision and Enforcement • New Product Development • Litigation • Commercial / Consumer Loan • Creditors’ Rights • Trust • Tax • Securities • Employment • Intellectual Property One Indiana Square • Suite 2800 • Indianapolis, Indiana 46204 p: 317.636.4341 f: 317.636.1507 INDIANA • ILLINOIS • GEORGIA • FLORIDA • MINNESOTA www.kriegdevault.com cashes the check, regardless of whether the creditor attempts to reserve rights to collect more than the amount of the check”).
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