Kent v. First National Bank

1. An agreement in accord and satisfaction of a note is not a satisfaction of the debt unless it is so expressly agreed between the parties, or the new promise is founded on a new consideration, or unless the agreement in accord and satisfaction has been executed. Code, § 20-1201; Farkas v. Third National Bank, 133 Ga. 755 (66 S. E. 926, 26 L. R. A. (N. S.) 496); Foy-Adams Co. v. Smith, 19 Ga. App. 172 (91 S. E. 242). An agreement between a debtor and a creditor by which the debt, which is secured by a deed to real estate, is to be paid in a certain designated number of monthly instalments,…