Downloadable Release of Promissory Note
The release of promissory note is used when a promissory borrower has paid off the note. Lender can either sign the original note as paid in full or fill out and sign this release form. This form is also known as a satisfaction of promissory note as it notifies the borrower that the loan is satisfied and can be used as proof of payment.
What is a Satisfaction of Promissory Note?
A Satisfaction of Promissory Note releases are issued to borrowers after they fulfill the terms of the original note. Usually, this means that the borrower pays back all the principal and interest owed to the lender.
How do I write a Release of Promissory Note, is there a template?
You can use our available template to make your release with ease. This will ensure the legal security of your business or loan. This note is merely a legal document stating both the lender and borrowers information, the type of debt being satisfied, the date the debt is satisfied and the lender’s signature.
Are Satisfaction of Promissory Notes legally binding?
As long as your Satisfaction of Promissory Note is a certified legal document then it is legally binding. We suggest choosing a certified document from our selection so you can make sure it is valid. All accredited documents are reviewed by one of our legal experts to ensure their legitimacy.
What should be included in a Satisfaction of Promissory Note?
All you will need for a release of a promissory note is a notice informing the borrower that they have fulfilled the terms of the original note. This is a standard release form that can be used as an unsecured release of promissory note.