Affidavit of Lost Note

Affidavit of Lost Note

In an effort to keep businesses afloat, individuals or companies often borrow money and as proof of borrowing, will provide a promissory note. Lenders should keep this note safe and organized. But even the most careful person on the planet can misplace or lose a lending document. Good thing that it’s not something to despair about–creating an Affidavit of Lost Note can help you with this dilemma. Through this document, you can explain the details of the original note as well as use as reference for any questions that may arise. But it’s also important to create one as soon as you notice that the note was lost. Read More

What Is An Affidavit of Lost Note?

A promissory note is an acknowledgment of a debt. A written promise of specific details of how a debt will be repaid and how transfers will be done from the lender to a third party. If it’s misplaced, lost, or destroyed, an Affidavit of Lost Note can help the lender enforce the debt it represents and prevent investment loss. An Affidavit of Lost Note can help quickly resolve the situation as well as protect the interest of the borrower. This promotes a good lending relationship between the borrower and the lender.

How To Write An Affidavit of Lost Note In Six Steps

As a lender, you want to keep your note as close to you as possible. In the moment you notice that you lost the note, it’s important that you make an affidavit of lost note as soon as possible. It can help you resolve the issue and enforce the loan with the use of an Affidavit of Lost Note. Here are five simple steps on how you can write an Affidavit of Lost Note.

Write the title of your affidavit

Writing a simple “Affidavit of Loss” wouldn’t cut it. Be specific about what you lost–if it’s an Affidavit of Lost Note, write it as is. Having a specific title will allow the reader to determine what the affidavit is all about at a first glance.

Include biographical information of the affiant and a sworn statement

If you are the affiant, you must identify yourself as one. Include in your affidavit your biographical and verifiable personal information such as your complete legal name, age, and current address. You may also include what you do for a living. After that, do not forget to write a sworn statement. It should state that all information in the affidavit is true and accurate to the best of your knowledge. False statements in your affidavit can have you subjected to perjury and other criminal charges. A statement of truth in your affidavit also shows that you are being truthful in your statements.

How much the promissory note was for

You need to describe the lost note with as much detail as you can. Include the holder name which is often the last person or the company that holds the possession of the note, effectivity date, full value or how much it was for, name of the borrower or the person who signed the note on behalf of a company, and the beneficiary. These details are crucial so that you will have a better reference and record of the note. Use this paragraph to indicate how much was the unpaid balance of the note or other details about your arrangement.

What happened to the promissory note

Provide a description of what happened to the promissory note. This is your opportunity to explain why the note was lost–was it stolen, damaged or destroyed? You also need to describe the steps that you have taken in order to locate or retrieve the note. You have to be very specific in your explanation to show that you did all the reasonable actions to find the document.

Assurance to the borrower

As this affidavit is needed to ensure that the borrower will pay their debt, it’s important to include an assurance clause in the event that the lost note will be found. Explain that the purpose of the affidavit is to get the borrower to sign a substitute note and that if the lost note is located, it will not be treated as a separate debt and will be returned to the borrower.

Sign and notarize

Lastly, before signing the affidavit, you and the borrower must take the completed affidavit of lost note to the notary public. You must sign the affidavit in person and in the presence of the notary. Make sure to bring identification with you for verification of your identity.


Is the borrower bound to pay their debt even if the promissory note is lost?

Yes, the borrower is still legally responsible to pay the loan even if the note is lost. As the lender, you can re-establish the note legally through the affidavit of lost note as long as the note was not transferred or sold to a third party.

Can a third party debt collector use it to enforce an affidavit of lost note to collect payment?

Yes. There are instances where an affidavit of loss can be used in stand of a lost promissory note. It should be clear though about the details contained in the note such as names of people or companies involved, total amount of debt, payments made, and re-payment methods. Also, it must be noted that the promissory note must be at the creditor’s possession before it was lost, otherwise their payment rights will not be valid.

Can the affidavit of lost note be used as a documentary requirement for a replacement of the lost note?

It depends on the entity or the institution, but mostly yes. An Affidavit of lost note may be submitted along with the other requirements for a replacement of a lost note. Just make sure that it has all the details such as name and address of the owner, the lender, capacity to pay, etc.

The Affidavit of Lost Note is not a replacement of the original promissory note that was lost, damaged, stolen, or destroyed. It simply stands as evidence of the existence of the note and as a documentary proof that the creditor has the payment rights to a debt. It is a way for the lender to have a new record of the debt and help resolve any questions and misunderstandings about it.