Tennessee Marginal Release of Lien

A lien is a claim on property to ensure payment of a debt. When you borrow money to purchase a car, the lender files a lien on the vehicle with the state to insure that if the loan defaults, the lender can take the car. When the debt is fully repaid, a release of the lien is provided by the lender.

A Lien Release (also considered a Lien Cancellation or Release of Lien) is a legally binding document that is sent by the current lien holder, the individual who has leased the property or provided payment to secure the property, that informs any debt in relation to that property has been fulfilled and they relinquish

Depending on state laws, paper titles are generally mailed and electronic titles and/or liens are released to the motor vehicle agency approximately 10 business days after the payoff is received. Allow 15-30 days for receipt of your title based on mail time and/or motor vehicle agency process.

Send the completed form. Include all necessary support documentation. This documentation should include a copy of the lien instrument and the owner's Tennessee certificate of title (if no lien exists). Include all fees. Lien notation fee: $11 per lien. Information should be submitted to your local county clerk's office.

Write your name and return address in the top three lines of the letter. Insert the complete date (month, day, year). Enter the recipient's name, title, company name and address on the next five lines. Greet the reader by writing "Dear (recipient's name):" Skip two lines. State the subject in a subject line.

Lien release/cancellations must be recorded, and not just emailed or faxed between parties. Lien waivers, on the other hand, are just exchanged between the parties. For lien waivers, electronic signatures are perfectly acceptable.

When a person pays off a loan in full, the lien is removed. The asset is no longer pledged to the creditor when the balance is completely paid. When this happens, the creditor acknowledges the release of the lien by signing a Mortgage Release of Lien Certificate.

Depending on state laws, paper titles are generally mailed and electronic titles and/or liens are released to the motor vehicle agency approximately 10 business days after the payoff is received. Allow 15-30 days for receipt of your title based on mail time and/or motor vehicle agency process.

The car (vehicle) lien release form is a document that is used by a lending institution or entity after a borrower has paid the loan in full and the borrower would like to retrieve the title to their vehicle.