Ex Parte Southern Cotton Oil Co.

1. It is a well-settled rule of the common law that ‘‘the payment of an amount less than that for which the debtor is liable does not. constitute a valid accord and satisfaction, unless there is a bona fide dispute or controversy as to the debtor's liability, or as to the amount due from him, or unless the damages are unliq-uidated.” 1 Corpus Juris, 554, § 74. This rule is of course qualified in this state by section 3973 of the Code, which provides that — •

“all receipts, releases, and discharges in writing * * * must have effect according to the intention of the parties thereto.” Hodges v.…