A promissory note release is a receipt that is given to a borrower after they have fulfilled the terms of the original note. This usually equates to the borrower paying back all that is owed to the lender, principal + interest. The release is signed by the lender and given to the borrower which should then be attached to the original note for their personal records. Once the release has been signed, the borrower shall be relinquished of all liabilities and/or obligations.
The release is not required to have any witnesses at the time of lender’s signature unless otherwise required by the creditor.
How to Write
Step 1 – After downloading, the lender may begin to fill-in the form by entering the borrower’s name & address, amount of total payment made (principal + interest), and the the date the last payment was made.
Step 2 – The lender may write their name along with a mailing address and the date the original note was signed.
Step 3 – The lender will be required to sign the form on the bottom of the page and this will complete the release. The borrower should be given this form in order to have a record of their release of any further liabilities under the original note.