Termination Of Security Agreement for the United Kingdom

Termination Of Security Agreement Template for England and Wales

A Termination of Security Agreement under English and Welsh law is a formal document that releases parties from their obligations under an existing security arrangement. It confirms the discharge of security interests, ensures proper registration of the release with relevant authorities (such as Companies House or Land Registry), and includes mutual releases between the parties. The document must comply with English law requirements for security release and registration.

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What is a Termination Of Security Agreement?

A Termination Of Security Agreement is used when parties wish to formally end their security arrangements, typically following the repayment of secured obligations or restructuring of financial arrangements. This document, governed by English and Welsh law, provides certainty that security interests have been properly released and ensures compliance with registration requirements. It includes details of the original security, confirmation of release, and arrangements for updating public registers. The agreement is particularly important for maintaining clear title to assets and avoiding future disputes about the status of security interests.

What sections should be included in a Termination Of Security Agreement?

1. Parties: Identification of the parties to the termination agreement, including the security provider and security taker

2. Background: Details of the original security agreement, date of creation, and reasons for termination

3. Definitions: Key terms used in the termination agreement including reference to original security agreement terms

4. Termination: Express termination of the security agreement and release of security interests

5. Return of Security: Provisions for returning any physical security or documentation and cancellation of registrations

6. Mutual Release: Release of claims related to the security agreement and associated obligations

What sections are optional to include in a Termination Of Security Agreement?

1. Surviving Provisions: Identifies any provisions from the original security agreement that survive termination

2. Further Assurance: Obligation to execute additional documents or take further steps if needed to perfect the termination

3. Costs: Allocation of costs related to the termination process and associated filings

What schedules should be included in a Termination Of Security Agreement?

1. Original Security Agreement: Copy of the security agreement being terminated

2. Security Assets: Detailed list of assets being released from security

3. Filing Forms: Required forms for Companies House, Land Registry or other relevant registries

4. Release Documentation: Forms of release or discharge documents required by specific registries or jurisdictions

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

Jurisdiction

England and Wales

Publisher

Genie AI

Document Type

Tenancy Agreement

Cost

Free to use
Industries

Law of Property Act 1925: Key legislation governing security interests in real property and requirements for releasing charges and mortgages. Essential for understanding the formal requirements of terminating security interests in land and property.

Companies Act 2006: Governs requirements for releasing company charges and associated filing requirements with Companies House. Critical for corporate security agreements and their termination.

Financial Collateral Arrangements (No.2) Regulations 2003: Specific regulations governing financial collateral arrangements. Must be considered if the security agreement involves financial collateral such as shares, cash or financial instruments.

Consumer Credit Act 1974: Relevant when the original security agreement involved consumer credit. Provides specific protections and requirements for terminating security agreements involving consumers.

Land Registration Act 2002: Governs requirements for removing charges from the Land Registry and handling registered land. Essential when the security involves real property.

Insolvency Act 1986: Provides framework for handling security terminations in insolvency situations and protection against preference claims. Must be considered to ensure termination doesn't violate insolvency regulations.

Financial Services and Markets Act 2000: Regulatory framework for financial services. Relevant when security involves regulated financial activities or regulated entities.

Contract Law Principles: Common law principles governing contract termination, including requirements for valid termination, notice periods, and mutual agreement.

Equitable Principles: Principles of equity relating to security interests, including the doctrine of equity redemption and fair dealing in security relationships.

Registration Requirements: Administrative requirements for recording termination, including Companies House filings, Land Registry updates, and regulatory notifications where applicable.

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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