The Kansas Affidavit of Lost Promissory Note is a legal document used for the purpose of officially declaring the loss or destruction of a promissory note. A promissory note is a written promise to repay a specific amount of money by a certain date, typically involving a borrower (the maker of the note) and a lender (the payee). In cases where the original promissory note is misplaced, lost, or destroyed, the Kansas Affidavit of Lost Promissory Note provides a means to legally acknowledge and address the situation. By filing this affidavit, the person who lost the promissory note can declare under oath that the note has been lost, and provide necessary details about the note, including its original amount, signing parties, date of execution, and any other relevant information. The purpose of the affidavit is to establish a chain of custody and to ensure that any subsequent transfers or negotiations of the promissory note are properly authorized. It helps protect both the borrower and the lender by providing a legal record of the lost note, thereby preventing any potential fraudulent claims or double payments. There are no specific types of Kansas Affidavit of Lost Promissory Note mentioned, as it is a standard form to be used in Kansas when required. However, it is important to note that each case may have unique circumstances, and the affidavit should be tailored to suit the specific situation.
Kansas Affidavit of Lost Promissory Note
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How to fill out Affidavit Of Lost Promissory Note?
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Affidavit of LossFull legal name of the affiant;Date of birth of the affiant;Address of the affiant;Identifying details of the lost item;The date of loss or discovery of loss;An explanation of the circumstances surrounding the loss; and.The signature and notarization.
The information in an affidavit must be first-hand information. It cannot be second-hand information or speculation. Affidavits can be written in your own handwriting or typed. 2.
Losing the original note or a copyThe original copy of a valid promissory note is usually held by the lender, but the borrower should also keep a copy of the signed document. If the borrower does not repay the loan, the lender can pursue appropriate legal action.
A Lost Instrument Bond (also known as a Lost Note or Lost Deed Bond) is used when a financial certificate is lost or stolen. Before the bank or financial institution issues you a replacement, they might require you to secure a Lost Note Bond.
1. Request loan paperwork from your lender. The lender can provide copies of the documents signed at closing. If the loan has changed hands, contact the most current servicer for a copy of your mortgage or deed of trust documents.
In the sentence, the person writing the statement must state that he or she is stating that the information is accurate. (Example: I, Jane Doe, solemnly swear that the contents of this document are true and correct, and that I agree to abide by the terms in this affidavit.)
Even if a promissory note is lost, the legal obligation to repay the loan remains. The lender has a right to re-establish the note legally as long as it has not sold or transferred the note to another party.
By Practical Law Finance. Maintained 2022 USA (National/Federal) A standard form of affidavit used when a promissory note has been delivered to a lender in a financing transaction and subsequently lost by that lender.
Even if a promissory note is lost, the legal obligation to repay the loan remains. The lender has a right to re-establish the note legally as long as it has not sold or transferred the note to another party.
The lender holds the promissory note while the loan is outstanding. When the loan is paid off, the note is marked as "paid in full" and returned to the borrower.