Robert McLister·General·July 23, 2010Payout Date (Discharge Date) The date a mortgage is paid in full and discharged, thus releasing the borrower from all obligations and covenants contained in the mortgage. Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.