[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Address] [City, State, ZIP] Subject: Cancellation and Satisfaction of Promissory Notes Dear [Recipient's Name], I hope this letter finds you in good health and high spirits. I am writing to formally transmit the cancellation and satisfaction of the promissory notes[1] associated with our financial agreement. Please find enclosed the necessary documentation to confirm the fulfillment of our obligations. As per our agreement, the promissory notes outlined the terms and conditions for the repayment of a borrowed sum, dated [date]. It gives me great pleasure to inform you that the outstanding balance has been paid in full, in accordance with the agreed-upon terms. The cancellation and satisfaction of the promissory notes signify the successful conclusion of our financial arrangement. Enclosed you will find: 1. Cancellation and Satisfaction of Promissory Notes — This document officially declares the cancellation and satisfaction of the promissory notes and contains all pertinent details regarding the parties involved, the loan agreement, and the repayment terms. 2. Copies of the Original Promissory Notes — Attached are copies of the original promissory notes for your reference. These represent the initial loan agreement and provide clarity on the terms we have fulfilled. 3. Receipt of Final Payment — Included is a receipt confirming the final payment, indicating the exact amount paid and the date of payment. This serves as additional evidence of our compliance with the loan agreement. I kindly request you to carefully review the enclosed documents and, if everything is in order, retain a copy for your records. Should you have any questions or require any further information, please do not hesitate to contact me at [phone number] or via email at [email address]. I would like to express my utmost gratitude for your cooperation throughout this financial transaction. It has been a mutually beneficial arrangement, and I appreciate your understanding and professionalism. I am glad we were able to fulfill our obligations and successfully conclude this financial agreement. Thank you for your prompt attention to this matter. I look forward to receiving your confirmation of receipt and acknowledgement of the cancellation and satisfaction of the promissory notes. Should you require any additional documentation or assistance, please let me know. Warm regards, [Your Name]
North Carolina Sample Letter transmitting Cancellation and Satisfaction of Promissory Notes
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How to fill out North Carolina Sample Letter Transmitting Cancellation And Satisfaction Of Promissory Notes?
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FAQ
Promissory notes are legally binding whether the note is secured by collateral or based only on the promise of repayment. If you lend money to someone who defaults on a promissory note and does not repay, you can legally possess any property that individual promised as collateral.
Ordinarily, a promissory note or settlement agreement requiring payment(s) cannot be eliminated (discharged) in bankruptcy. A Bankruptcy Court will not enforce language saying the agreement to repay is nondischargeable unless there is legal support.
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.
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.
What Happens When a Promissory Note Is Not Paid? Promissory notes are legally binding documents. Someone who fails to repay a loan detailed in a promissory note can lose an asset that secures the loan, such as a home, or face other actions.
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 also offer fair terms in order for it to be legally binding. For example, most states limit the amount of interest that can be charged on different kinds of loans. Therefore, an unusually high-interest rate could invalidate a promissory note.
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.
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. Even if the note had been originally valid, you can void it by altering it.
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.
