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Retirement of debt

Retirement of debt. When a debt is fully repaid and all the requirements of the loan agreement have been met, the loan is said to be retired.

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Expanded Definition

In the case of a business, the debt no longer appears on the firm's financial statements. In the case of a mortgage, the mortgage service company issues a statement releasing the property from the mortgage lien. This statement is recorded with the county recorder of deeds.

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