Definitions for "Release of Liability"
An agreement in which a lender terminates a borrower's obligation for the payment of a debt.
An agreement by the lender to terminate any personal obligation and debt due on a mortgage-loan note (usually used in referring to assumptions where the original borrower is released of obligation and the new owner takes over the mortgage payments).
An agreement by the lender to terminate the personal obligation of the borrower.
The release of an old borrower from further responsibility for repayment of an assumed loan.
a very important legal document