Giving in Payment Law and Legal Definition
Giving in payment refers to an act of discharging a debt by giving something instead of paying in money. In this method any movable or immovable property can be given to the creditor instead of money to satisfy the creditors claim. This term is derived from the roman word datio in solutum.
Following is an example of a state statute (Louisiana) defining “Giving in Payment”:
According to La. C.C. Art. 2655, Giving in payment is a contract whereby an obligor gives a thing to the obligee, who accepts it in payment of a debt.