If a bank sends you the original promissory note marked paid but the note has not in fact been paid in full, do you still owe the balance?

Asked on July 1, 2014 under Business Law, Iowa


M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

If the bank made a mistake and parked the note as paid and even sent a release of lien or satisfaction, it does not mean that they will not sue you for default on the loan when they figure it out. And they will  sue you and quite frankly, they will probably win. 

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