acquittance Definition | Business Dictionaries from AllBusiness.com
Facebook Twitter You Tube RSS Feed

Business Glossary

SEARCH THE BUSINESS GLOSSARY

Search Business Glossary:

Business Definition for: acquittance
Dictionary of Banking Terms
acquittance

document or receipt evidencing full payment of an obligation, releasing the lender's security interest . When a borrower completes the last payment on a mortgage, the lender issues a satisfaction of mortgage document, indicating the debt is fully repaid.

See also termination statement
Related Terms:
termination statement

statement releasing a lender's claim or security interest in a borrower's assets when a debt is fully paid, and terminating a previously filed financing statement. The Uniform Commercial Code requires secured lenders to sign a termination statement, generally known as Form UCC-3 to clear the borrower's name of liens listed in public records.

Copyright c 2006, 2000, 1997, 1993, 1990 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
Back to Business Glossaries Home

AllBusiness Greatest Hits