Subject: Transmittal of Cancellation and Satisfaction of Promissory Notes — North Dakota [Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Designation] [Recipient's Company/Organization] [Recipient's Address] [City, State, ZIP] Dear [Recipient's Name], I hope this letter finds you well. I am writing to transmit the Cancellation and Satisfaction of Promissory Notes for [Name of Borrower(s)], pertaining to the loan agreement dated [Loan Agreement Date]. As per the terms and conditions of the aforementioned promissory notes, [Name of Borrower(s)] has met all the obligations, including the repayment of the principal amount and accrued interest in full and on time. Therefore, it is with pleasure that I am transmitting the necessary documentation to officially cancel and mark the promissory notes as satisfied. In compliance with the regulations of the State of North Dakota, I hereby provide the details of the promissory notes being cancelled and satisfied: 1. Promissory Note Details: — Promissory Note Number: [Note Number— - Date of Promissory Note: [Note Date] — Borrower's Name: [Borrower's Name— - Lender's Name: [Lender's Name] — Principal Amount: [Principal Amount— - Interest Rate: [Interest Rate] — Maturity Date: [Maturity Date] 2. Additional Promissory Notes (if applicable): — Promissory Note Number: [Note Number] — Date of Promissory Note: [Note Date— - Borrower's Name: [Borrower's Name] — Lender's Name: [Lender's Name— - Principal Amount: [Principal Amount] — Interest Rate: [Interest Rate— - Maturity Date: [Maturity Date] — [Add more notes, if applicable] Please find enclosed the original promissory notes and any relevant supporting documentation, duly signed by all parties involved, to indicate the cancellation and satisfaction of the promissory notes. Kindly review the enclosed documents for your verification. If you require any further information or have any concerns regarding this transmission, please do not hesitate to contact me at [Phone Number] or [Email Address]. I would like to express my gratitude for your prompt attention to this matter, and I trust that this notification will aid in closing this loan agreement accurately and efficiently. Thank you for your cooperation. Sincerely, [Your Name] Enclosure: 1. Cancelled and Satisfied Promissory Notes (Original) 2. Relevant Supporting Documentation (if applicable)
North Dakota Sample Letter transmitting Cancellation and Satisfaction of Promissory Notes
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How to fill out North Dakota Sample Letter Transmitting Cancellation And Satisfaction Of Promissory Notes?
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FAQ
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.
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.
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.
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.
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.
To write a promissory note for a personal loan, you will need to include the names of both parties, the principal balance, the APR, and any fees that are part of the agreement. The promissory note should also clearly explain what will happen if the borrower pays late or does not pay the loan back at all.
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.
In order for a promissory note to be valid and legally binding, it needs to include specific information. "A promissory note should include details including the amount loaned, the repayment schedule and whether it is secured or unsecured," says Wheeler.
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.
