Page:United States Statutes at Large Volume 76A.djvu/208

–112– -112§ 928. Custody of thing offered A person offering a thing, other than money, by way of performance, shall, if he means to treat it as belonging to the creditor, retain it as a depositary for hire, until the creditor accepts it, or until he has given reasonable notice to the creditor that he will retain it no longer, and, if with reasonable diligence he can find a suitable depositary therefor, until he has deposited it with the depositary. § 929. Effect of offer on interest and incidents of obligation An offer of payment or other performance, duly made, though the title to the thing offered is not transferred to the creditor, stops the running of interest on the obligation, and has the same effect upon all its incidents as a performance thereof. § 930. Retention of thing offered and refused If anything is given to a creditor by way of performance, which he refuses to accept as such, he is not bound to return it without demand; but if he retains it, he is a gratuitous depositary thereof. Article C—Prevention of Performance or Offer § 941. Causes excusing performance or offer The want of performance of an obligation, or of an offer of performance, in whole or in part, or any delay therein, is excused by the following causes, to the extent to which they operate: (1) when the performance or offer is prevented or delayed by the act of the creditor, or by the operation of law, even though there may have been a stipulation that this shall not be an excuse; (2) when it is prevented or delayed by an irresistible, superhuman cause, or by the act of public enemies of the United States, unless the parties have expressly agreed to the contrary; or (3) when the debtor is induced not to make it, by any act of the creditor intended or naturally tending to have that effect, done at or before the time at which the performance or offer may be made, and not rescinded before that time. § 942. Performance prevented by creditor If the performance of an obligation is prevented by the creditor, the debtor is entitled to all the benefits which he would have obtained if it had been performed by both parties. § 943. Performance prevented by cause excusing it If the performance of an obligation is prevented by any cause excusing performance, other than the act of the creditor, the debtor is entitled to a ratable proportion of the consideration to which he would have been entitled upon full performance, according to the benefit which the creditor receives from the actual performance. § 944. Refusal to accept performance before offer A refusal by a creditor to accept performance, made before an offer thereof, is equivalent to an offer and refusal, unless, before performance is actually due, he gives notice to the debtor of his willingness to accept it. Article D—Accord and Satisfaction § 951. Accord defined An accord is an agreement to accept in extinction of an obligation, something different from or less than that to which the person agreeing to accept is entitled. § 952. Effect of accord Though the parties to an accord are bound to execute it, it does not e x t i n ^ i s h the obligation until it is fully executed.

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