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Promissory Note Release Form

A legal document releasing one party from their obligations under a promissory note

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Service Description

A Promissory Note Release Form is a legal document that is used to release a borrower from their obligations under a promissory note. A promissory note is a written agreement between a lender and a borrower in which the borrower promises to pay back a certain amount of money over a specified period of time, usually with interest.

The Promissory Note Release Form is used when the borrower has fulfilled their obligations under the promissory note and the lender is satisfied that they no longer need to hold the borrower responsible for any further payments. This form is usually used in situations where the borrower has paid off the loan in full, or the lender has decided to forgive the remaining balance on the loan.

The Promissory Note Release Form typically includes the following information:

1. The names of the lender and borrower
2. The date the promissory note was signed
3. The amount of the loan
4. The date the loan was due for repayment
5. The date the loan was paid in full or forgiven
6. A statement that the borrower is released from all obligations under the promissory note
7. The signatures of both the lender and the borrower.

By signing the Promissory Note Release Form, the lender acknowledges that they have received the full amount of the loan and that they release the borrower from their obligations under the promissory note. The borrower is also freed from any future legal action related to the promissory note.

In conclusion, a Promissory Note Release Form is a legal document used to release a borrower from their obligations under a promissory note. It is an important document that helps both the lender and borrower to formalize the end of their financial agreement. It is important to make sure that this form is correctly filled and signed by both parties to ensure that the release is legally binding.

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