This form is a Promissory Note. The form provides notification that the lender has issued a satisfaction and release to the borrower. All claims against the borrower and his/her heirs have been permanently discharged.
Satisfaction Of Promissory Note Form With Example
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Multi-State
Control #:
US-00600
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How to fill out Promissory Note - Satisfaction And Release?
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FAQ
What Is Satisfaction and Release? Satisfaction and release is the formal paperwork stating that a consumer has paid the full amount owed under a court judgment. A satisfaction and release proves that they have paid their debt and prevents creditors from trying to recover more money from them.
A simple promissory note might be for a lump sum repayment on a certain date. For example, you lend your friend $1,000 and he agrees to repay you by December 1. The full amount is due on that date, and there is no payment schedule involved.
At its most basic, a promissory note should include the following things: Date. Name of the lender and borrower. Loan amount. Whether the loan is secured or unsecured. If it's secured with collateral: What is the collateral? ... Payment amount and frequency. Payment due date. Whether the loan has a cosigner, and if so, who.
A satisfaction and release document states the name of the creditor that has been paid, the date the full or final payment was received, and the name of the debtor (or borrower) who has fulfilled its obligation to the creditor.
Once the debt of a promissory note has been satisfied, a release of promissory note should be executed by the holder of the note. Such a document serves as the borrower's proof that the debt has been paid. This is sometimes called a release and satisfaction of promissory note.
