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Authorization for Payoff - Form
Authorization for Payoff - Definition



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BoatWiki - Forms

Introduction


Marine lenders will not typically allow a third party to pay off a boat loan without the borrower's written authorization. It also provides a directive to send a released title and any lien or mortgage release documents as applicable. Unfortunately, such directive is not always honored and should not be taken for granted. In any event, lenders are required by statute to release their claim against the subject collateral in a timely manner.

Format


The form is provided in Microsoft Word in order to facilitate any changes to its structure or textual content. It is also fielded and tabbable for your convenience. In making any non-fielded alterations, it will be necessary to select the "Unprotect" option from the "Tools" menu of your application. It can thereafter be protected again as a form to regain the fielding.

Instructions


Include the names and addresses of the payer, lender or lien-holder as shown on the records, and any agents, successors, or assignees of that lender. It must contain the loan number and a full deification of the subject boat along with its identification numbers. Lenders do not typically require notarization of the borrower's signature.

Conclusion


Payoff authorizations are typically used subsequent to obtaining a written payoff demand from the lender. This should indicate the balance due, any per-diem interest that may needed to be added along with instructions on where to send such amount. Sufficient per-diem should calculated to cover any delays in processing the payoff. Any overage will be refunded to the borrower.


Credits and References

3/7/2022 - Initiated by Team BoatWiki.




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