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green_lantern66
Lv 7
green_lantern66 asked in Business & FinancePersonal Finance · 1 decade ago

Debt repayment rumor?

I've heard rumors that in MI (where I live) if a company/creditor/etc. refuses a partial payment, the debt is considered paid in full.

I'm not hurting financially (yet LOL...this IS michigan), just something that I've heard floating around for quite a few years now. Curiosity kills, but I can't find anything to validate or deny this "law".

Is it real? A fake? Any kind of finality to this would be appreciated.

1 Answer

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  • Tim
    Lv 7
    1 decade ago
    Favorite Answer

    Not true. Otherwise everyone would offer 10 cents on the dollar and if they refused the debt is paid in full. Think about it.

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