Acknowledgement Receipt Of Full Payment Of Loan Template for Singapore

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Key Requirements PROMPT example:

Acknowledgement Receipt Of Full Payment Of Loan

"I need an Acknowledgement Receipt Of Full Payment Of Loan to confirm full repayment of a business loan of SGD 250,000 from ABC Bank, with the final payment made on March 15, 2025, and I need the document to include release of all collateral securities."

Document background

The Acknowledgement Receipt Of Full Payment Of Loan is a crucial document used in Singapore when a borrower has completed all payment obligations under a loan agreement. It serves as conclusive evidence that the loan has been fully settled and protects both parties from future disputes. This document should be used immediately upon final payment of any loan, whether it's a personal loan, business loan, or mortgage. It includes essential details such as the original loan agreement reference, payment amount, date of final payment, and a complete release of the borrower from all obligations. Under Singapore law, this document can be critical in preventing future claims and providing clear evidence of debt discharge.

Suggested Sections

1. Date: Date of acknowledgement of receipt

2. Parties' Information: Full legal names and addresses of both lender and borrower

3. Original Loan Reference: Reference to the original loan agreement including date, amount, and any reference numbers

4. Payment Confirmation: Clear statement confirming receipt of full payment including exact amount and date of final payment

5. Discharge Statement: Formal statement declaring the loan as fully paid and borrower discharged from all obligations

6. Signature Block: Formal execution block for both parties with full names and designation

Optional Sections

1. Witness Section: Section for witness details and signatures when formal witnessing is required

2. Securities Release: Section confirming the release of any securities or collateral held against the loan

3. Payment History: Section detailing the history of payments when relevant to the discharge

Suggested Schedules

1. Original Loan Agreement: Copy of the original loan agreement as reference

2. Payment Records: Detailed record of all payments made towards the loan

3. Security Release Documents: Documents evidencing the release of any securities or collateral

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Acknowledgement of Payment
Discharge of Obligations
Release of Security
Representations and Warranties
Governing Law
Entire Agreement
No Further Claims
Binding Effect
Return of Documents
Confidentiality
Further Assurance
Costs and Expenses
Severability
Notices
Assignment
Third Party Rights
Stamp Duty
Electronic Execution
Language of Agreement

Relevant Industries

Banking and Finance
Real Estate
Small Business
Private Lending

Relevant Teams

Finance
Legal
Credit Control
Operations
Compliance

Relevant Roles

Chief Financial Officer
Finance Manager
Credit Controller
Loan Officer
Legal Counsel

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Let's create your Acknowledgement Receipt Of Full Payment Of Loan

Authors

Alex Denne

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