presumption of payment

presumption of payment
The presumption that a transfer of money or property by a debtor to the creditor is a payment of the debt rather than a gratuity. 40 Am J1st Paym § 238. The presumption that a debt evidenced by a writing has been paid where such written evidence is in the possession of the obligor. 40 Am J1st Paym § 240. The presumption, arising as a matter of convenience and of sound public policy, that after a great lapse of time between the creation of an obligation and an attempt to enforce it, usually twenty years but a lesser period in some jurisdictions, the debt is presumed to have been paid. 40 Am J1st Paym §§ 243 et seq.

Ballentine's law dictionary. . 1998.

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