Satisfaction

The discharge of an obligation by paying a party what is due—as on a mortgage, lien, or contract—or by paying what is awarded to a person by the judgment of a court or otherwise. An entry made on the record, by which a party in whose favor a judgment was rendered declares that she has been satisfied and paid.

The fulfillment of a gift by will, whereby the testator—one who dies leaving a will—makes an inter vivos gift, one which is made while the testator is alive to take effect while the testator is living, to the beneficiary with the intent that it be in lieu of the gift by will. In EQUITY, something given either in whole or in part as a substitute or equivalent for something else.