Affidavit of Lost Note Law and Legal Definition
An Affidavit of Lost Note refers to an affidavit filed for the missing or destruction of a note or other indebtedness secured by the deed of trust, mortgage or other instrument from the owner or holder of the instrument. Promissory notes or other instruments are evidence of borrowing. The individual holding the document is at times the only one who can enforce it. These physical documents can be easily misplaced or destroyed. Most of these instruments can be easily transferred by the lender to a third party. Because of this easy transferability, losing the document can have dire consequences for the lender. In such cases, borrowers must execute new documents, a process that starts with the completion of an Affidavit of Lost Promissory Note. The signing and notarization of the enclosed affidavit will be sufficient to prove both the terms and the lender’s right of enforcement.
