How to Void a Promissory Note
A promissory note is the written instrument showing that a debt exists between a borrower and a lender. Generally, a promissory note automatically becomes void when the debtor or borrower pays off the loan in full. If you are the lender, you also have the option of voiding the promissory note before the full balance of the loan is paid in full to you.
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Things You'll Need
- Promissory note
- Self-inking or rubber stamp saying "void" or "canceled"
- Ink pad (if using rubber stamp)
- Note cancellation agreement (see Resources)
Instructions
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Obtain the promissory note. If you have the promissory note in a file, retrieve it. If you filed the promissory note with the county clerk's office for inclusion in the public records, contact the county clerk's office to obtain an official copy of the promissory note.
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Stamp void or canceled on the note. Use a rubber or self-inking stamp to stamp void or canceled onto the promissory note.
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Provide debtor with a copy. Make a copy of the voided promissory note. Send the copy to the debtor for his records to show the loan has been canceled.
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Retain a copy for your records. Keep a copy of the voided promissory note in your records as well.
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File a void copy with the county clerk's office to be included in the public records. This is proof that the loan is satisfied.
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Complete a note cancellation agreement (see Resources) as added backup for the cancellation of the promissory note. Retain a copy for your records. Send a copy with the voided promissory note to the borrower and to the county clerk's office.
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