Do you hold a promissory note for a loan you made to someone else?
When the debtor pays off the loan, provide them with this Acknowledgment of Payment in Full of Debt, which acknowledges that the debt has been paid in full.
You can click the Download button to download the file, or copy the following text and paste it into a new Word document.
ACKNOWLEDGMENT OF PAYMENT IN FULL OF DEBT
TO: [NAME OF DEBTOR] (the â€œDebtorâ€)
__________________________ [street address of debtor]
__________________________ [city, province, postal code]
DATE: __________ [insert date]
FROM: [CREDITOR] (the â€œCreditorâ€)
The undersigned hereby acknowledges payment in full of that promissory note dated __________ [insert date of promissory note] made by the Debtor to the favour of the Creditor you in favour of [NAME OF CREDITOR] in the amount of _____________________ DOLLARS (CAD $[amount]________________), as of the _____ day of ______________, 20____. (the â€œAmountâ€) by credit to my favour of the Amount in the trust account of _______________________________________[name of law firm or trustee].
DATED this _____ day of ______________, _______.
[NAME OF CREDITOR]
Print Name & Title
Last Updated: 17-July-2018