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Release of Debt for Less
Release of Debt for Less
Terminate your promissory note and settle a debt for less than is owed. To avoid future disputes over payment, use this simple release. 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
terminate the note
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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.
