Legal Question in Credit and Debt Law in Virginia
Partial payments on accounts
What does ''All payments on the account will be accepted with reservaton'' mean?
Asked on 9/22/05, 5:08 pm
1 Answer from Attorneys
Daniel Press
Chung & Press, P.C.
Re: Partial payments on accounts
It means that the creditor reserves all rights, including in particular the right to collect the remaining balance and not treat partial payments either as payment in full or as the cure of a default. That language may or may not be effective to do that.
Answered on 9/22/05, 5:13 pm
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