Owens v. Service Fire Insurance

Counsel for the defendant contends that it is not liable for the reason that the release hereinbefore set forth constitutes a complete defense as such and as an accord and satisfaction of its liability under the policy of insurance. Code § 20-905 provides as follows: “A rescission of the contract by consent, or a release by the other contracting party, is a complete defense.” Code § 20-1201 provides as follows: “Accord and satisfaction is where the parties, by a subsequent agreement, have satisfied the former one, and the latter agreement has been executed. The execution of a new agreement…