In Federal Deposit Ins. Corp. v. Bracero & Rivera, Inc., 895 F.2d 824, 825-26 (1st Cir. 1990), the FDIC sought to enforce against the defendant a promissory note that it possessed, even though a third party had paid the note and the bank sent a letter of credit to the defendant. The court concluded that the defendant's obligations were extinguished upon payment of the underlying debt regardless of whether the explicit cancellation of the promissory note had been accomplished. Id., 830.