Accepting for value

Is a company obligated by law to dsicharge an account and return an account to a zero balance if the true bill is signed "accepted for value" with the signature and Social Security Number typed on the face of the true bill? Does the redemption or secured party creditor process have to be competed in order for "Accepting for Value" a true bill to be effective or legally binding to the company that the "Accepted for Value" true bill is returned to? Can this method be used to discharge auto loans, mortgages, credit card or utility bills?