satisfaction piece
- A formal document given by a party who is owed a debt (like a mortgage holder) confirming that the debt has been paid in full and the debtor is released from the obligation
- After paying off the last installment of his home loan, John received a satisfaction piece from the bank.
- The lender provided the borrower with a satisfaction piece, stating that the mortgage was fully paid.
- A satisfaction piece was given to the debtor after the payment was completed, affirming their discharge from the liability.
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