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The Debt Release Form is a receipt given by a creditor, informing the debtor or borrower that all their debts, including all interests and other financial obligations, have been paid in full. This document releases a debtor from liability arising from a Promissory Note or Loan Agreement. It simply outlines the name of the debtor and creditor, the date of the loan agreement or promissory note, the amount paid by the debtor, and a statement indicating that the debts have been satisfied.
This receipt creates a written record of release in court if a dispute ensues between the parties.
How to use this document
This document can be used by a lender or creditor when a debtor pays all their debts in full, as this document releases a debtor from any financial liability arising out of the loan transaction to which the document relates.
After completing the document, at least two copies of this document should be printed and signed by the lender. The lender should deliver a signed copy of the document to the borrower, who is required to keep it for record purposes.
Promissory notes are regulated by the Bill of Exchange Act.
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