A Lost Promissory Note
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Question
A person lent a sum of money to his friend, and the borrower wrote him a promissory note. The lender lost this note and now wants the borrower to write him a new one. 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 promissory note, and the lender should write him a document stating that he acknowledges that all debt documents dated prior to the date recorded in the latest note are cancelled.
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