A release of Loan Agreement is a receipt given to the Borrower by the Lender once the terms of the Promissory Note are satisfied.
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.
You fill out a form. The document is created before your eyes as you respond to the questions.
At the end, you receive it in Word and PDF formats. You can modify it and reuse it.
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.
In the US, Article III of the Uniform Commercial Code (the "UCC") governs Promissory Notes.