In Tennessee, do banks typically execute renewal notes (true renewal where the renewal does not extinguish the previous note, but only modifies the terms and continues the obligation) or refinance notes for loans that were already in the portfolio and the loan is maturing or when the customer makes a loan request to make some change, such as a request for more money, consolidation, etc.?

If you execute this by means of a refinance note, do you have to extinguish the DOT that was in place for the original transaction and have to execute a new DOT now subject to other liens that may have been behind the bank’s lien; or can the DOT just be modified to show the new refinance note executed along with any increase in loan amount, terms, etc.?
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