N.Y. General Obligations Law § 15-501: Executory accord

§ 15-501. Executory accord. 1. Executory accord as used in this

section means an agreement embodying a promise express or implied to

accept at some future time a stipulated performance in satisfaction or

discharge in whole or in part of any present claim, cause of action,

contract, obligation, or lease, or any mortgage or other security

interest in personal or real property, and a promise express or implied

to render such performance in satisfaction or in discharge of such

claim, cause of action, contract, obligation, lease, mortgage or

security interest.

2. An executory accord shall not be denied effect as a defense or as

the basis of an action or counterclaim by reason of the fact that the

satisfaction or discharge of the claim, cause of action, contract,

obligation, lease, mortgage or other security interest which is the

subject of the accord was to occur at a time after the making of the

accord, provided the promise of the party against whom it is sought to

enforce the accord is in writing and signed by such party or by his

agent. If executed by an agent, any promise required by this section to

be in writing which affects or relates to real property or an interest

therein as defined in section 5-101 in any manner stated in subdivisions

one or two of section 5-703 of this chapter shall be void unless such

agent was thereunto authorized in writing.

3. If an executory accord is not performed according to its terms by

one party, the other party shall be entitled either to assert his rights

under the claim, cause of action, contract, obligation, lease, mortgage

or other security interest which is the subject of the accord, or to

assert his right under the accord.