satisfaction piece

Definition of "satisfaction piece"
  1. 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
How to use "satisfaction piece" in a sentence
  1. After paying off the last installment of his home loan, John received a satisfaction piece from the bank.
  2. The lender provided the borrower with a satisfaction piece, stating that the mortgage was fully paid.
  3. A satisfaction piece was given to the debtor after the payment was completed, affirming their discharge from the liability.

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