This word is derived from the same root as satisfaction; for, in the same manner that to fulfil the demand which is made upon us is called satisfaction, so satisdaction takes place when he who demands something has agreed to receive sureties instead of the thing itself.SATISFACTION - An entry made on the record, by which a party in whose favor a judgment was rendered, declares that he has been satisfied and paid.
2. In Alabama, Delaware, Illinois, Indiana, Massachusetts, New Hampshire, Pennsylvania, Rhode Island, South Carolina, and, Vermont, provision is made by statute, requiring the mortgagee to discharge a mortgage upon the record, by entering satisfaction in the margin. The refusal or neglect to enter satisfaction after payment and demand, renders the mortgagee liable to an action, after the time given him by the respective statutes for doing the same has elapsed, and subjects him to the payment of damages, and, in some cases, treble costs. In Indiana and New York, the register or recorder of deeds may himself discharge the mortgage upon the record on the exhibition of a certificate of payment and satisfaction signed by the mortgagee or his representatives, and attached to the mortgage, which shall be recorded.
construction by courts of equity. Satisfaction is defined to be the donation of a thing, with the intention, express or implied, that such donation is to be an extinguishment of some existing right or claim in the donee.
Where a person indebted bequeaths to his creditor a legacy, equal to, or exceeding the amount of the debt, which is not noticed in the will, courts of equity, in the absence of any intimation of a contrary intention, have adopted the rule that the testator shall be presumed to have meant the legacy as a satisfaction. of the debt.
When a testator, being indebted, bequeaths to his creditor a legacy, simpliciter, and of the same nature as the debt, and not coming within the exceptions stated in the next paragraph, it has been held a satisfaction of the debt, when the legacy is equal to, or exceeds the amount of the debt.
The following are exceptions to the rule: Where the legacy is of, less amount than the debt, it shall not be deemed a part payment or satisfaction.
Where, though the debt and legacy are of equal amount, there is a difference in the times of payment, so that the legacy may not be equally beneficial to the legatee as the debt.
When the legacy and the debt are of a different nature, either with reference, to the subjects themselves, or with respect to the interests given.
When the provision by the will is expressed to be given for a particular purpose, such purpose will prevent the testamentary gift being construed a satisfaction of the debt, because it is given diverse intuitu.
When the debt of the testator is contracted subsequently to the, making of the will; for, in that case, the legacy will not be deemed a satisfaction.
When the legacy is uncertain or contingent. Where the debt itself is contingent, as where it arises from a running account between the testator and legatee or it is a negotiable bill of exchange.
Where there is an express direction in the will for the payment of debts end legacies, the court will infer from the circumstance, that the testator intended that both the debt owing from him to the legatee and the legacy, should, be paid.