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Dacion de pago

English translation: Accord and satisfaction

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:Dacion de pago
English translation:Accord and satisfaction
Entered by: Richard Cadena
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22:40 Jul 15, 2009
Spanish to English translations [PRO]
Bus/Financial - Finance (general) / Debt Recovery
Spanish term or phrase: Dacion de pago
Hi everybody! I have to translate a System (Debt Recovery) One of the terms I need to translate is "Dacion de Pago"
Simmona1
Accord and satisfaction
Explanation:
Reference:
Tom West's Dictionary has the following definition:
Payment of money or other thing of value, usually less than the amount owed or demanded, in exchange for the extinguishment of the debt.

Black's Law Dictionary, Deluxe Eighth Edition, gives this definition:
Ank agreement to substitute for an existing debt some alternative form of discharging that debt, coupled with the actual discharge of the debt by the substituted performance.

Hope this helps.
Over 20 years of experience translating for Mexico City based member firms of International public accounting firms, as well as similar financial entities.
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Richard Cadena
Mexico
Local time: 06:23
Grading comment
Selected automatically based on peer agreement.
4 KudoZ points were awarded for this answer



Summary of answers provided
5 +2Accord and satisfaction
Richard Cadena
5substituted payment (or) performanceRebecca Jowers
4dation in payment
argosys


Discussion entries: 1





  

Answers


12 mins   confidence: Answerer confidence 5/5 peer agreement (net): +2
Accord and satisfaction


Explanation:
Reference:
Tom West's Dictionary has the following definition:
Payment of money or other thing of value, usually less than the amount owed or demanded, in exchange for the extinguishment of the debt.

Black's Law Dictionary, Deluxe Eighth Edition, gives this definition:
Ank agreement to substitute for an existing debt some alternative form of discharging that debt, coupled with the actual discharge of the debt by the substituted performance.

Hope this helps.
Over 20 years of experience translating for Mexico City based member firms of International public accounting firms, as well as similar financial entities.


    Reference: http://aicpa.org
    Reference: http://imcp.org.mx
Richard Cadena
Mexico
Local time: 06:23
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 347
Grading comment
Selected automatically based on peer agreement.

Peer comments on this answer (and responses from the answerer)
agree  patinba: Brilliant!
30 mins
  -> Thank you, Patinba. Saludos from Mexico City, Richard.

agree  De Novi: Yep!
1 hr
  -> Thank you, Zanne. Saludos from Mexico, Richard.
Login to enter a peer comment (or grade)

10 hrs   confidence: Answerer confidence 5/5
substituted payment (or) performance


Explanation:
I believe that “dación en pago” is more accurately translated as “substituted payment (or) performance,” rather than “accord and satisfaction.”

“Dación en pago” has often been translated as “accord and satisfaction,” but these are not equivalent concepts. Tom West’s definition of “accord and satisfaction” is certainly correct (“payment of money or another thing of value, usually LESS than the amount owed or demanded, in exchange for the extinguishment of the debt”). And the Black’s Law Dictionary definition of “dación en pago” is likewise correct (“an agreement to substitute for an existing debt some alternative form of discharging that debt, coupled with the actual discharge of the debt by the substituted performance”). But as you can see, in the definition of “dación de pago” there is no indication that the substituted performance is necessarily of LESSER VALUE THAN THE AMOUNT OWED. In effect, “accord and satisfaction” usually involves the creditor’s agreeing to accept less money (or a lesser performance) than that originally owed by the debtor. In contrast, in “dación en pago” the creditor agrees to accept a different (“substituted”) performance than that originally owed, but not necessarily one of less value. This is clear in additional definitions of “dación en pago” and “accord and satisfaction” which I am copying below.

As an example of how “dación en pago” is used in the real world, rather than paying their taxes in cash, every year many Spaniards pay their taxes to the Spanish tax authorities with works of art. The works of art are appraised and given a monetary value, and the taxpayers are able to cancel their tax debts with works of art, but for their ACTUAL appraised value, not for less than they actually owe in taxes. The Spanish tax authorities are quite willing to accept works of art in lieu of tax payments, but do not accept works of art that are worth less than the debt owed in taxes. (You’ve got to pay every cent of taxes due!). The art works wind up in Spanish museums, and many museums that identify how a given work of art was acquired label these as "dación en pago" (as opposed to others that may be labelled as having been "donated" or being "on deposit", etc.)

Here is how this works:

“Dación en pago de impuestos---La dación en pago de impuestos es una figura que pretende dos objetivos: facilitar a contribuyentes sin liquidez o que deseen pagar con obras de arte sus impuestos el que puedan hacerlo y, por otro lado, permitir a la Administración hacerse con aquellos elementos que le interesen por su valor artístico, histórico o de cualquier otra naturaleza, así como por el precio que se fije, incluyendo bienes de artistas vivos, aunque en este caso deben haber sido catalogados como bienes del Patrimonio Histórico Español, para lo cual, entre otros requisitos, es necesaria la autorización del propio autor.

El valor que se asigna es el que se considere como valor real del bien del que se trate en el momento de la solicitud, por lo que su valoración se realizará de acuerdo con los métodos que en cada caso se considere que mejor responda a dicho valor.”
http://www.isel.org/cuadernos_L/Articulos/PerezJ2.htm

Here are additional definitions of “dación en pago” which indicate that this is merely a “substituted performance” (accepting something different from the original performance owed, but not necessarily one of lesser value):

Dación en pago—Transmisión de los bienes de su propiedad que hace el deudor a sus acreedores en pago de sus deudas, quedando con ello extinguida la obligación.
(Diccionario Jurídico Colex. Madrid: Editorial Colex, 2nd ed., 2003)

Dación en pago—Constituye una forma especial de pago por la cual el deudor, sin realizar la prestación convenida, lleva a cabo otra distinta en concepto de pago y que es aceptada por el acreedor. Determina la extinction de la obligación.
(Léxico Jurídico para Estudiantes. Madrid: Tecnos, 2002.

Dación en pago—Acto en virtud del cual el deudor por voluntad propia, realize a título de pago una prestación diversa a la debida al acreedor, quien consiente recibirla en sustitución de ésta.
Diccionario Jurídico. Madrid: Thompson-Aranzadi, 2004.

Here are definitions of “accord and satisfaction” which underscore that the creditor agrees to accept less than originally due:

Accord and satisfaction—an accepted offer by which the parties agree that a specific future performance will discharge in full an obligation when performed, even though the performance is of less value than the original obligation.
(Merriam-Webster’s Dictionary of Law. Merriam-Webster Inc., 1996)

Accord and satisfaction—payment of money, or other thing of value, usually less than the amount owed or demanded, in exchange for extinguishment of the debt.
(Stephen H. Gifis. Law Dictionary. Barron’s Educational Series, Inc., 1991)

Accord and satisfaction—payment of a disputed debt, often for less than creditor is entitled, which satisfactorily settles the obligation for all concerned.
(Dictionary of Legal Terms. Gilbert Law Summaries, Harcourt, Brace, Jovanovich Legal and Professional Publications, Inc., 1984)




Rebecca Jowers
Spain
Local time: 13:23
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 193
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1 day13 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
dation in payment


Explanation:

Dacion en Pago (Dation in Payment)
The PE would normally think that a sale, among other commercial transactions, involves cash or money as payment for the property being sold. Rightly so. Now, if money is the agreed mode of payment under the contract, what happens if the parties subsequently agree that something other than money, like a parcel of land or a car, is used as payment?

Nothing magical happens, really, except that this special mode of payment is technically called dacion en pago or dation in payment. Seasoned businessmen simply call it "dacion."

In dacion, the debtor offers another thing to the creditor who accepts it as equivalent of payment for an outstanding debt. In order that there be a valid dation in payment, the following requisites must be present:

(1) There must be the performance of the prestation in lieu of payment which may consist in the delivery of a corporeal thing or a real right or a credit against the third person

(2) There must be some difference between the prestation due and that which is given in substitution.

(3) There must be an agreement between the creditor and debtor that the obligation is immediately extinguished by reason of the performance of a prestation different from that due.
http://pinoy-business.com/content/view/340/59/

DATION, civil law, contracts
DATION, civil law, contracts. The act of giving something. It differs from donation, which is a gift; dation, on the contrary, is giving something donation, which is a gift; dation, on the contrary, is giving something without any liberality; as, the giving of an office. without any liberality; as, the giving of an office. 2. Dation in payment, datio in solutionem, which was the giving one 2. Dation in payment, datio in solutionem, which was the giving one thing in payment of another which was due, corresponds nearly to the accord thing in payment of another which was due, corresponds nearly to the accord and satisfaction of the common law. and satisfaction of the common law.
http://www.law-dictionary.org/DATION, civil law, contracts.a...

argosys
Local time: 19:23
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 102
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Changes made by editors
Jul 29, 2009 - Changes made by Richard Cadena:
Created KOG entryKudoZ term » KOG term


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