20-7-3. Acceptance of accord as satisfaction--Obligation extinguished.

Acceptance by the creditor, of the consideration of an accord, extinguishes the obligation and is called satisfaction.

Source: CivC 1877, § 861; CL 1887, § 3485; RCivC 1903, § 1179; RC 1919, § 786; SDC 1939, § 47.0235.