[Your Name] [Your Address] [City, State, ZIP] [Date] [Recipient's Name] [Recipient's Address] [City, State, ZIP] Subject: Cancellation and Satisfaction of Promissory Notes — [Loan Agreement Details] Dear [Recipient's Name], I hope this letter finds you in good health and high spirits. This communication serves as an official notice regarding the cancellation and satisfaction of the promissory notes pertaining to the loan agreement entered into between [Lender's Name] and [Borrower's Name] on [Loan Agreement Date]. We are pleased to inform you that all outstanding obligations under the aforementioned promissory notes have been completed, resulting in the full and final payment of the loan as per the agreed terms. Thus, we hereby request the cancellation and satisfaction of the promissory notes associated with this transaction. The promissory notes to be cancelled and satisfied are as follows: 1. [Promissory Note 1 Title/Number] — Date: [Note 1 Date— - Principal Amount: [Note 1 Principal Amount] — Interest Rate: [Note 1 Interest Rate] 2. [Promissory Note 2 Title/Number] — Date: [Note 2 Date— - Principal Amount: [Note 2 Principal Amount] — Interest Rate: [Note 2 Interest Rate] The aforementioned promissory notes were executed with the intention of formalizing the financial agreement between [Lender's Name] and [Borrower's Name]. We appreciate your prompt attention to this matter and kindly request that you take the necessary steps to reflect the cancellation and satisfaction of the promissory notes within your records promptly. Should you require any additional documentation or information for this purpose, please do not hesitate to contact us at [Your Contact Information]. We will readily provide any necessary support to facilitate the completion of this process smoothly. Thank you for your prompt action in recognizing the cancellation and satisfaction of the promissory notes for the described loan agreement. We trust that you will ensure the necessary updates are made in your systems to reflect the discharged obligations. We look forward to receiving written confirmation of the cancellation and satisfaction of the promissory notes as soon as possible. Furthermore, we sincerely appreciate your cooperation in finalizing this matter. Yours sincerely, [Your Name]
Rhode Island Sample Letter transmitting Cancellation and Satisfaction of Promissory Notes
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How to fill out Rhode Island Sample Letter Transmitting Cancellation And Satisfaction Of Promissory Notes?
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FAQ
The debt owed on a promissory note either can be paid off, or the noteholder can forgive the debt even if it has not been fully paid. In either case, a release of promissory note needs to be signed by the noteholder.
Generally, as long as the promissory note contains legally acceptable interest rates, the signatures of the two contracted parties, and are within the applicable Statute of Limitations, they can be upheld in a court of law.
Before a promissory note can be canceled, the lender must agree to the terms of canceling it. A well-drafted and detailed promissory note can help the parties involved avoid future disputes, misunderstandings, and confusion. When canceling the promissory note, the process is referred to as a release of the note.
Even if you have the original note, it may be void if it was not written correctly. If the person you're trying to collect from didn't sign it and yes, this happens the note is void. It may also become void if it failed some other law, for example, if it was charging an illegally high rate of interest.
While the statute of limitations on an action in an obligation, liability, or contract is four years, Commercial Code Section 3118(a) gives a statute of limitations of six years for an action to be enforced on the party to pay their promissory note. This time period starts from the due date that's listed on the note.
A promissory note is a legal and a financial instrument that is written between three financing parties: the maker, the lender, and the payee/the borrower.
Whether a promissory note is hand written or typed and signed, it is a legally, binding contract. LendingTree quoted Vincent Averaimo for saying, However, it would be foolish to sign a handwritten promissory note as it is easier to add language to a handwritten note after the fact as opposed to a typewritten one.
Write a "Cancellation of Promissory Note" letter or have the attorney write one for you. The note should include details of the original promissory note and also indicate that the original promissory note is canceled at the request of both parties. Have the promisee sign the document in the presence of a notary.
A promissory note must include the date of the loan, the dollar amount, the names of both parties, the rate of interest, any collateral involved, and the timeline for repayment. When this document is signed by the borrower, it becomes a legally binding contract.
