Pinnel’s case, 1602 5 Rep, 117
Citation:Pinnel’s case, 1602 5 Rep, 117
Rule of thumb:If you are late on a debt, and the creditor agrees to take a lesser sum, does this mean that the matter is over? No, the presumption is that this is just an interim measures & the rest of the debt still has to be paid to the creditor.
Judgment:
‘"payment of a lesser sum on the day [i.e., on or after the due date of a money debt] cannot be any satisfaction of the whole’, (Contract – express terms/ Jurisprudence - contracting out, insolvency – restructuring) (insolvency – debt restructuring) Lord Coke
Warning: This is not professional legal advice. This is not professional legal education advice. Please obtain professional guidance before embarking on any legal course of action. This is just an interpretation of a Judgment by persons of legal insight & varying levels of legal specialism, experience & expertise. Please read the Judgment yourself and form your own interpretation of it with professional assistance.