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Bank Lien Release

Bank Lien Release Template for Malaysia

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Key Requirements PROMPT example:

Bank Lien Release

"I need a Bank Lien Release document to discharge security over our manufacturing facility in Penang, as we've fully repaid our term loan and require urgent release by March 2025 to proceed with a sale of the property."

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Document background
A Bank Lien Release is a critical document used when a borrower has satisfied their obligations to a bank and seeks to clear the encumbrance on their assets. This document, essential in Malaysian banking practice, is typically required when loans have been fully repaid, when refinancing with another institution, or during partial release of security arrangements. The Bank Lien Release must comply with Malaysian banking regulations, particularly the Financial Services Act 2013, and may require registration with relevant authorities such as the Land Registry or Companies Commission of Malaysia. It should clearly identify the original security arrangement, specify the assets being released, and include necessary confirmations and warranties from the bank. The document serves as conclusive evidence that the bank no longer holds any claims over the specified assets.
Suggested Sections

1. Date and Parties: Identification of the bank releasing the lien and the borrower/security provider

2. Recitals: Background information including details of the original facility, security documentation, and reason for release

3. Definitions: Key terms used in the document, including reference to original facility and security documents

4. Release Declaration: Express statement of release of the lien and discharge of security interest

5. Description of Released Assets: Specific identification of the assets being released from the lien

6. Bank's Confirmation: Bank's confirmation that all secured obligations have been satisfied

7. Return of Documents: Confirmation of return of original security documents

8. Execution Block: Signature blocks for all parties with attestation requirements

Optional Sections

1. Partial Release Provisions: Required when only certain assets are being released while maintaining security over others

2. Surviving Obligations: Needed when certain obligations or warranties survive the release

3. Third Party Consent: Required when third party approval is needed for the release

4. Registration Requirements: Include when the release requires registration with authorities

5. Costs and Expenses: Include when there are specific arrangements regarding costs of the release

Suggested Schedules

1. Schedule 1 - Details of Original Security: List of all security documents being discharged

2. Schedule 2 - Description of Released Assets: Detailed description of assets being released, including registration numbers, locations, etc.

3. Schedule 3 - Form of Public Announcements: Where required, template for any public notices or announcements of the release

4. Appendix A - Release Documents Checklist: Checklist of all documents required for completing the release process

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Banking

Financial Services

Real Estate

Manufacturing

Construction

Agriculture

Mining

Retail

Hospitality

Transportation

Logistics

Healthcare

Relevant Teams

Legal

Compliance

Credit Administration

Risk Management

Corporate Banking

Retail Banking

Documentation

Security

Operations

Finance

Relevant Roles

Bank Manager

Credit Officer

Legal Counsel

Compliance Officer

Risk Manager

Corporate Secretary

Security Documentation Officer

Loan Officer

Corporate Banking Manager

Chief Financial Officer

Property Manager

Asset Manager

Industries
Financial Services Act 2013: Primary legislation governing banking institutions in Malaysia, including their operations and security interests. Relevant for the bank's authority to release liens.
Contracts Act 1950: Governs the formation and enforcement of contracts in Malaysia, including the formal requirements for releasing security interests.
National Land Code 1965: Relevant for liens involving real property and the registration requirements for releasing such security interests.
Stamp Act 1949: Governs the stamp duty requirements for legal documents, including lien releases.
Companies Act 2016: Relevant if the lien involves corporate assets or if either party is a company, particularly regarding registration of charges and their release.
Central Bank of Malaysia Act 2009: Contains provisions relevant to banking operations and security interests, including regulatory requirements for releasing liens.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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