What is the legal wording for forgiving or satisfying of a promissory note?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

What is the legal wording for forgiving or satisfying of a promissory note?

The promissory note is attached to a deed of trust secured by real estate.

Asked on April 18, 2012 under Real Estate Law, Washington

Answers:

Kenneth Berger / Kenneth A. Berger, Attorney at Law

Answered 11 years ago | Contributor

The lender can write on the original note "Paid in Full" and sign, with their appropriate title.  Then the lender should request that trustee of the Deed of Trust reconvey by signing at the end of the Deed of Trust a request for reconveyance. The trustee should then "reconvey" the property to you so that you own it in full and without the security obligation of the Deed of Trust.

As always, my comments are only applicable to Washington State and are not a substitute for getting competent, local, and more comprehensive, legal help.

 

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

Answered 11 years ago | Contributor

Is it to satisy the mortgage or another debt?  Yes, there is general language that is used as well as specific language that may be required by the laws in your state.  If this is for real property and there is a lender involved then it is their obligation to provide the satisfaction.  Get some help to make sure that it is done properly.  Especially if you are the borrower.  Good luck.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption