By releasing the debt the security for the debt is released1. To be binding a release of a debt must generally be made for consideration2, or, if not so made, under seal3. While an alleged release or forgiveness of the debt cannot be established merely by showing that the creditor had expressed an intention to release the debt, where the creditor has so acted that the debtor has done acts by which his position has been altered the creditor will not be allowed to enforce his security4.
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