A Louisiana Release by Lost Note Affidavit (by Notary Public — La. R.S. 9:5167(A)) is a legal document used to release a promissory note that has been lost or destroyed. It is also used to notify the lender of the release of the debt. The affidavit is signed by the borrower in the presence of a notary public. It is then recorded in the mortgage records of the parish where the property is located. This document is used to ensure that the lender is not held liable for any damages that may arise from the lost or destroyed promissory note. The types of Louisiana Release by Lost Note Affidavit (by Notary Public — La. R.S. 9:5167(A)) are: • GeneReleaseleas— – This is used to release a promissory note that has been lost or destroyed. • PartiaReleaseas— – This is used to release part of the debt that was secured by the promissory note. • Partial Release with Substitution of Security — This is used to release part of the debt and also substitute the original security with another security. • Substitutiosecurityit— – This is used to substitute the original security with another security.
Louisiana Release by Lost Note Affidavit (by Notary Public - La. R.S. 9:5167(A))
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Affidavits can occur any time a formal promise is made, and they are often used as a form of documentation tied to a specific person in the proceedings. They are often used in court to serve as evidence toward a singular side in a dispute, or to affirm a claim that someone is making.
Any creditor, heir, succession representative, or other person whatsoever shall have no right or cause of action against the person paying the money, or delivering the property, or transferring the stock or bonds, under the provisions of this Article, on account of such payment, delivery, or transfer.
Promissory notes, whether negotiable or not, are subject to a prescriptive period of five (5) years.
Dated Signature: In Louisiana, both unsecured and secured promissory notes of certain types must be signed and dated by the borrower, any co-signer, and a witness; the lender need not sign. There is no legal requirement for a promissory note to be notarized in Louisiana.
Satisfactions Generally: Once a mortgage or deed of trust is paid, the holder of the mortgage is required to satisfy the mortgage or deed of trust of record to show that the mortgage or deed of trust is no longer a lien on the property.
