A lost loan document
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Question
A person lent a sum to his fellow and the borrower wrote him a promissory note. The note was lost by the lender, and he wants the borrower to write him a new note. However, the borrower is afraid that the lender might find the first note and sue him twice. What should they do?
Answer
The borrower should write a new note, and the lender should write him a document stating that he acknowledges that all debt instruments that were dated prior to the date recorded on the latest note are null and void.
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