Release of Loan Agreement Free

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Last updated   2020-04-01 16:37:10
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A release of Loan Agreement is a receipt given to the Borrower by the Lender once the terms of the Promissory Note are satisfied.

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Document overview Document Overview

A release of Loan Agreement is a receipt given to the Borrower by the Lender once the terms of the Promissory Note are satisfied. This means that the borrower has already repaid the loan amount plus interest (if applicable) to the lender. This receipt is a written release record and can be used in court disputes. Note that it has to be sent through certified mail.

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How to use this document How to use this document

The lender can use this document to release the borrower from any obligations (made in the Promissory Note). Usually, this happens when the borrower repays the loan.

The document shall be completed by the lender and signed at the bottom of the document. Both parties should keep a copy in case any future disputes arise.

Applicable law Applicable law

In the US, Article III of the Uniform Commercial Code (the "UCC") governs Promissory Notes.
 

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