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A promissory note release is a receipt given to a borrower once their debt is fulfilled. It is signed by the lender and frees the borrower from the lending relationship. Key elements in a release include borrower and lender names, dates, total debt paid, and lender signature. It is recommended to keep a signed copy for record-keeping purposes in case of clerical errors at credit bureaus or to prove the loan has been paid in full. No witness or notary is required for signing.
