Acquittance

Acquittance,

Definition of Acquittance:

  1. Full payment of a loan (or discharge of an obligation) evidenced by a document or receipt, such as satisfaction of mortgage issued by a lender (mortgagee).

  2. A written receipt attesting the settlement of a fine or debt.

  3. Acquittance letters are often issued by a lender or lien holder as proof that the owed amount has been satisfied, and that no further repayment is expected or warranted. These are sometimes also known as letters of satisfaction or discharge letters.

  4. An acquittance is a document which shows that a debtor has been released from a debt obligation by paying it in full.

Synonyms of Acquittance

Document, Chit, Coupon, Voucher, Certificate, Counterfoil, Bill, Receipt, Sales slip, Proof of purchase

How to use Acquittance in a sentence?

  1. Typically, banks and mortgage lenders issue acquittance letters. But they can issued for all types of debts, including installment debt and revolving debt.
  2. The University will provide accurate and timely acquittances to granting bodies in accordance with the terms and conditions specified in each grant contract or agreement.
  3. Banks and other mortgage lenders issue an acquittance once a mortgagor makes the final payment on their mortgage.
  4. Acquittance letters are issued by a lender or lien holder as proof that the owed amount has been satisfied.

Meaning of Acquittance & Acquittance Definition