Answer:
First, keeping the same note number or assigning a new one is an internal record keeping issue and has nothing to do with the legal definition of refinancing. You say you have a new promissory note so that means legally the new note satisfies and replaces the old note. Therefore, this is a refinancing. Had you modified the terms of the loan so it was not paid off with a new loan, you would not have a refinancing.
First published on BankersOnline.com 7/07/08