satisfaction of debt

Definition

Document issued by a lender upon complete repayment of a debt.

Use this term in a sentence

You should try to make sure that you are always on your way to receiving the satisfaction of debt as quick as you can.

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My wife and I recently had a mortgage burning party upon receipt from the lender of a satisfaction of debt reflecting we now owned our home free and clear.

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My boss agreed to send over shares in our company to our bank in satisfaction of debt for the revolving line of credit we had taken out but had no money to pay.

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satisfaction satisfaction of mortgage