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Deed Of Release Of Debt

Deed Of Release Of Debt Template for Philippines

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Key Requirements PROMPT example:

Deed Of Release Of Debt

"I need a Deed of Release of Debt for my company ABC Corp releasing XYZ Ltd from their outstanding debt of PHP 500,000, conditional upon a partial payment of PHP 200,000 to be made by March 15, 2025."

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Document background
A Deed of Release of Debt is a crucial legal instrument used in the Philippines when a creditor wishes to formally and legally release a debtor from their debt obligations. This document is particularly important in situations where debts are being settled, written off, or discharged as part of a broader settlement arrangement. The deed must comply with Philippine legal requirements, including proper execution as a deed and notarization. It typically includes detailed information about the original debt, the parties involved, and the terms of the release. When drafting a Deed of Release of Debt, consideration must be given to the provisions of the Civil Code of the Philippines regarding the extinguishment of obligations, as well as any tax implications under Philippine tax laws. The document is commonly used in both corporate and individual contexts and can be particularly relevant in debt restructuring, settlement agreements, or family arrangements.
Suggested Sections

1. Parties: Identifies and defines the Creditor and Debtor, including their full legal names, addresses, and any registration details if companies

2. Background: Recitals explaining 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 other relevant terms

4. Acknowledgment of Debt: Confirms the original amount and nature of the debt being released

5. Release: The operative clause that releases, discharges, and forever acquits the debtor from the debt

6. Creditor's Warranties: Warranties from the creditor regarding their authority to release the debt and that it hasn't been assigned

7. Mutual Release: General release of any claims related to the debt by both parties

8. Governing Law: Specifies that Philippine law governs the deed

9. Execution: Formal execution blocks for signing as a deed, including witness requirements

Optional Sections

1. Partial Payment: Include when the release is conditional upon or in consideration of a partial payment of the debt

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

3. Tax Indemnity: Include when there are specific agreements about who bears any tax liability arising from the release

4. Related Security Release: Include when there are securities or guarantees related to the debt that need to be released

5. Future Cooperation: Include when parties need to specify obligations to cooperate in future matters, such as updating credit records

6. Severability: Include when parties want to ensure that if part of the deed is invalid, the rest remains effective

Suggested Schedules

1. Schedule 1 - Debt Details: Detailed description of the debt being released, including original agreements, amounts, dates, and any interest

2. Schedule 2 - Related Securities: List of any related securities, guarantees, or collateral being released (if applicable)

3. Schedule 3 - Payment Details: Details of any partial payment or settlement amount if the release is not unconditional

4. Appendix A - Original Debt Agreement: Copy of the original debt agreement or documentation being released

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 and Financial Services

Legal Services

Real Estate

Construction

Manufacturing

Retail

Healthcare

Education

Technology

Telecommunications

Professional Services

Small and Medium Enterprises

Corporate Services

Insurance

Investment Management

Relevant Teams

Legal

Finance

Credit Control

Accounts Receivable

Treasury

Risk Management

Compliance

Corporate Secretariat

Debt Recovery

Business Development

Relevant Roles

Chief Financial Officer

Finance Director

Credit Manager

Collections Manager

Legal Counsel

Corporate Lawyer

Debt Recovery Officer

Financial Controller

Accounts Receivable Manager

Risk Manager

Treasury Manager

Company Secretary

Compliance Officer

Business Development Manager

Financial Analyst

Credit Analyst

Industries
Civil Code of the Philippines (Republic Act No. 386): Primary law governing obligations and contracts, particularly Book IV on Obligations and Contracts, which includes provisions on the creation, modification, and extinguishment of obligations, including the release of debts
National Internal Revenue Code (Republic Act No. 8424): Governs the tax implications of debt forgiveness, as the cancellation of indebtedness may be considered as taxable income for the debtor
Rules on Notarial Practice (A.M. No. 02-8-13-SC): Provides rules and requirements for the proper notarization of documents, including deeds, to make them public documents
Corporation Code of the Philippines (Batas Pambansa Blg. 68): Relevant if either party is a corporation, governing corporate powers and authority to execute such deeds
Electronic Commerce Act (Republic Act No. 8792): Relevant if the deed is to be executed or stored electronically, providing legal recognition of electronic documents
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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