DEFINITION of 'Acquittance'

A document that shows that a debtor has been released from a debt obligation. An acquittance are often given as an indication from the lender to a debtor that the owed amount has been completely repaid and that the lender cannot request further repayment on that specific debt.

BREAKING DOWN 'Acquittance'

Banks and other mortgage lenders often issue some form of an acquittance once a mortgagor makes a final payment toward his or her mortgage. This provides the borrower with an official statement that the loan has been repaid in full.

  1. Mortgage

    A debt instrument, secured by the collateral of specified real ...
  2. Repayment

    The act of paying back money previously borrowed from a lender. ...
  3. Debt

    An amount of money borrowed by one party from another. Many corporations/individuals ...
  4. Loan

    The act of giving money, property or other material goods to ...
  5. Mortgagor

    An individual or company who borrows money to purchase a piece ...
  6. Encumbrance

    A claim against a property by a party that is not the owner. ...
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