Settle a debt for less than is owed and avoid disputes over payment with this release

Usually, when someone borrows money from another person, the obligation to repay the money is reflected in a promissory note. But when you agree to settle the debt for less than the amount in the note, you need to sign a release to terminate the note to avoid the possibility of future disputes. Use this legal form to cancel the promissory note and settle the debt once and for all.  All the instructions you need to fill out the form are included, so that you can:

• identify the promissory note that will be terminated
• release each party from any claims relating to the note
• guarantee that the release is made voluntarily
• record the payment amount
• terminate the note

You'll get all the information you need to fill out the form, plus directions for signing and notarization -- and essential tips for what to do with the promissory note once the debt is settled.

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