[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Name of Recipient] [Recipient's Address] [City, State, ZIP] Subject: Cancellation and Satisfaction of Promissory Notes Dear [Name of Recipient], I am writing to formally notify you of the cancellation and satisfaction of the promissory notes mentioned below. This letter serves as an official record of the cancellation and release of any obligations attached to the promissory notes. 1. Promissory Note #1: [Insert specific details such as date, amount, and parties involved] 2. Promissory Note #2: [Insert specific details such as date, amount, and parties involved] [If applicable, you can list additional promissory notes.] As the creditor of these promissory notes, I hereby acknowledge that the borrower(s) has fully satisfied their financial obligations detailed in the aforementioned promissory notes. Therefore, any outstanding balances or claims associated with these notes are null and void, and the borrower(s) is released from any further obligations. Please consider this letter as an official document signifying the termination of any agreements or commitments related to the aforementioned promissory notes. The cancellation and satisfaction are effective immediately upon receipt of this letter. I kindly request you to update your records accordingly reflecting the cancellation and satisfaction of the mentioned promissory notes. Additionally, I request you to undertake the necessary steps to release any liens, encumbrances, or claims that may have been placed against the borrower(s) or their properties due to these promissory notes. If you have any questions or require any further documentation regarding the cancellation and satisfaction of these promissory notes, please do not hesitate to contact me at the provided phone number or email address. Thank you for your prompt attention to this matter. I appreciate your cooperation in resolving this issue. Sincerely, [Your Name]
Arkansas Sample Letter transmitting Cancellation and Satisfaction of Promissory Notes
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How to fill out Arkansas 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.
A promissory note can become invalid if it excludes A) the total sum of money the borrower owes the lender (aka the amount of the note) or B) the number of payments due and the date each increment is due.
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.
Detailed Information The note has all the required information including the name of the drawer and payee, date of maturity, terms of repayment, issue date, name of the drawee, name, and signature of the drawer, principal amount, and the rate of interest, etc.
A promissory note is a written agreement to pay someone essentially an IOU. But it's not something to be taken lightly. "It is a legally binding written document effectuating a promise to repay money," says Andrea Wheeler, a business attorney and owner of Wheeler Legal PLLC of Florida.
You can use a template or create a promissory note online. But before you begin, you'll need to gather some information and make decisions about the way the loan will be structured. First, you'll need the names and addresses of both the lender (or "payee") and the borrower.
How to Write a Promissory NoteDate.Name of the lender and borrower.Loan amount.Whether the loan is secured or unsecured. If it's secured with collateral: What is the collateral?Payment amount and frequency.Payment due date.Whether the loan has a cosigner, and if so, who.
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.
Give the borrower the original promissory note, with a notation on it that says CANCELLED or PAID IN FULL. Keep a copy of this note for your records.
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.
