Satisfaction – within the meaning, given by the Law of Contracts in some legal systems, this term refers to the act of paying a debt. Satisfaction could refer to settling an obligation by action or deed by the debtor towards their creditor. To prove the settlement, usually the creditor issues “satisfaction piece”. It represents a document to certify that they have settled the debt. In practice, creditor has to do satisfaction of mortgage (i.e. a removal of previously established mortgage). He was the beneficiary of the mortgage, once the debtor has paid in full their debt. In simple words, once the debtor pays to the creditor, then the creditor issues approval for removal of the mortgage. Which mortgage the creditor established and registered at the Land Register in the form of legal burden to secure the debt. Somewhere this is also called “discharge of property”.

Example: “Satisfaction piece has been lodged by the creditor in court to acknowledgment settlement of the debt.”

Synonyms of satisfaction are “fulfillment” and “gratification”.

See also “Debtor”

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