DATION EN PAIEMENT
dation en paiement (day-sh[schwa]n in pay-m[schwa]nt or da-syon ahn pay-mon), n. [French ¡°a giving in payment¡±] Civil law.1. An exchange of something instead of money to satisfy a debt. See ACCORD AND SATISFACTION. [Cases: Accord and Satisfaction 13. C.J.S. Accord and Satisfaction ¡ì¡ì 25¨C27, 29.]
2. Louisiana law. A contract in which the obligor gives a thing to the obligee, who accepts it in payment of a debt. La. Civ. Code art. 2655. ? Dation en paiement requires court approval after petition and notice.
3. A method of satisfying a mortgage debt by transferring the mortgaged property when the mortgage exceeds the property’s value and the mortgage-holder is willing to accept the property in satisfaction of the debt. [Cases: Mortgages 304. C.J.S. Mortgages ¡ì¡ì 451, 475.]
How do Chinese lawyers translate the term DATION EN PAIEMENT?
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