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Deed Of Release Of Debt

Deed Of Release Of Debt Template for Nigeria

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Key Requirements PROMPT example:

Deed Of Release Of Debt

"I need a Deed of Release of Debt under Nigerian law to discharge a corporate debt of NGN 25,000,000 owed by ABC Manufacturing Ltd to XYZ Bank Plc, with the release to take effect from March 1, 2025."

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Document background
The Deed of Release of Debt is a crucial legal instrument used in Nigerian business and financial transactions when a creditor wishes to formally discharge a debtor from their debt obligations. This document is particularly relevant in situations involving debt settlements, debt forgiveness, or restructuring arrangements. It provides a legally binding mechanism to document the release of debt obligations and prevents future claims relating to the discharged debt. The deed must comply with Nigerian legal requirements, including proper execution as a deed rather than a simple contract, appropriate witnessing, and mandatory stamping under the Stamp Duties Act. This document is commonly used in various contexts, from corporate debt settlements to individual loan discharges, and can include provisions for partial or full debt release, release of securities, and discharge of guarantors.
Suggested Sections

1. Parties: Identifies and defines the Creditor and Debtor, including full legal names and addresses

2. Background: Recites the existence of the debt, its origin, and the parties' intention to release it

3. Definitions: Defines key terms used in the deed, including 'Debt', 'Release Date', and any relevant agreements

4. Acknowledgment of Debt: Confirms the original debt amount and any accrued interest

5. Release and Discharge: The operative clause that releases and forever discharges the debt

6. Creditor's Undertakings: Creditor's promises regarding the release, including not pursuing further claims

7. Debtor's Acknowledgments: Debtor's confirmation of understanding the terms and effects of the release

8. General Provisions: Standard provisions including governing law, entire agreement, and severability

9. Execution: Formal execution block meeting deed requirements, including witness provisions

Optional Sections

1. Settlement Payment: Include when there is a partial payment being made as part of the release arrangement

2. Release of Security: Required when the original debt was secured against assets that need to be released

3. Multiple Creditors: Needed when there are multiple creditors releasing their portions of the debt

4. Confidentiality: Include when parties wish to keep the terms of the release confidential

5. Tax Implications: Include when there are significant tax consequences of the debt release that need to be addressed

6. Further Assurance: Include when additional actions may be needed to give full effect to the release

7. Surviving Obligations: Include when certain obligations are intended to survive the release

Suggested Schedules

1. Schedule 1 - Debt Details: Detailed breakdown of the debt being released, including principal, interest, and other charges

2. Schedule 2 - Original Loan Agreement: Details of the original agreement(s) under which the debt arose

3. Schedule 3 - Security Details: List of any security interests being released (if applicable)

4. Schedule 4 - Payment Terms: Details of any settlement payment arrangement (if applicable)

5. Schedule 5 - Related Parties: List of any related parties or guarantors also being released (if applicable)

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 & Finance

Real Estate

Manufacturing

Retail

Construction

Professional Services

Agriculture

Oil & Gas

Telecommunications

Healthcare

Relevant Teams

Legal

Finance

Treasury

Credit Control

Risk Management

Corporate Secretariat

Debt Recovery

Accounts Receivable

Corporate Finance

Compliance

Relevant Roles

Chief Financial Officer

Finance Director

Credit Manager

Legal Counsel

Corporate Lawyer

Debt Recovery Officer

Treasury Manager

Financial Controller

Risk Manager

Company Secretary

Collections Manager

Accounts Receivable Manager

Corporate Finance Manager

Debt Restructuring Officer

Industries
Nigerian Contract Act: Governs the formation and enforcement of contracts in Nigeria, including essential elements like offer, acceptance, consideration, and capacity to contract
Stamp Duties Act Cap S8 LFN 2004: Requires certain documents, including deeds, to be properly stamped to be admissible as evidence in Nigerian courts
Evidence Act 2011: Sets out rules regarding the admissibility of documents in Nigerian courts and requirements for proving their contents
Limitation Law: Establishes time limits within which legal actions can be brought regarding contractual obligations and debts
Money Lenders Act: Regulates money lending transactions and provides protection for borrowers if the original debt was from a money lender
Central Bank of Nigeria Act 2007: Relevant for any debt release involving financial institutions or significant monetary transactions
Property and Conveyancing Law: Governs the execution and validity of deeds and other instruments affecting rights and obligations
Registration of Titles Law: May be relevant if the debt is secured by real property and the release needs to be registered
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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