Illinois Receipt and Release by Beneficiary of Trust after Payment of Share of Trust Estate
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Description
A receipt is a written acknowledgment by the recipient of payment for goods, payment of a debt or receiving property from another. Business owners have private policies governing a purchaser's right to return or exchange goods without a receipt indicating proof of purchase. A receipt may also be required as proof of ownership or purchase price in a variety of circumstances, such as insurance claims, lost property claims, and rebates. A release gives up a right, such as releasing one from his/her liability for harm or damage that may occur from performing under a contract, or participating in an activity.
