A release of promissory note is a receipt given to a Borrower by the Lender once the terms of the Promissory Note are satisfied. This generally means that the Borrower has finished paying the Lender back the amount of money originally lent, plus any accumulated interest, if applicable. This receipt creates a written record of the release, which can be used in court in case of a later dispute if the document is sent via registered mail.
How to Use this Document
The Lender should complete this form when they wish to release the Borrower from any obligations they are bound to by the Promissory Note. Generally, this happens once the Borrower has finished paying the loan amount detailed by the Promissory Note. This release includes a provision releasing the Borrower from all future liability or debts resulting from the original Note.
The lender should complete the document and then sign the bottom of the form to finalize the release. The Borrower and the Lender should each keep a copy of this form in order to have a record of the release of any further liability under the original Promissory Note.
Promissory Notes are governed by Article III of the Uniform Commercial Code (the "UCC").
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