Termination Of Security Agreement for Singapore

Termination Of Security Agreement Template for Singapore

A Termination of Security Agreement under Singapore law is a formal legal document that terminates and releases security interests previously granted under a security agreement. The document is governed by Singapore's Securities and Futures Act and related legislation, providing for the discharge of security interests, release of collateral, and termination of associated obligations. It includes provisions for proper registration of the termination with relevant authorities and ensures compliance with Singapore's regulatory requirements.

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What is a Termination Of Security Agreement?

A Termination Of Security Agreement is utilized when parties wish to formally end a security arrangement, typically following the full repayment of secured obligations or restructuring of financial arrangements. This document, governed by Singapore law, ensures proper discharge of security interests and compliance with regulatory requirements. It includes specific provisions for releasing collateral, terminating registrations, and documenting the parties' agreement to end their security arrangements. The document must comply with Singapore's Securities and Futures Act, Companies Act, and other relevant legislation.

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

1. Parties: Identification of the parties to the termination agreement

2. Background: Details of the original security agreement and reason for termination

3. Definitions: Key terms used in the termination agreement

4. Termination: Express termination of the security agreement and effective date

5. Release of Security: Formal release of all security interests and collateral

6. Discharge of Obligations: Confirmation that all secured obligations have been satisfied

7. Return of Documents: Requirements for return of security documents

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

1. Surviving Provisions: Any provisions that survive termination - used when certain obligations need to continue post-termination

2. Partial Termination: Provisions for terminating only specific parts of the security - used when only certain securities are being released

3. Further Assurance: Obligation to execute additional documents if needed - used when additional documentation might be required

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

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

2. List of Released Securities: Detailed list of all securities being released

3. Filing Requirements: List of necessary filings and registrations to effect termination

4. Authorization Documents: Corporate authorizations for termination

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

Singapore

Publisher

Genie AI

Cost

Free to use
Relevant legal definitions
Industries

Securities and Futures Act (SFA): Primary legislation regulating securities, futures, and derivatives markets in Singapore. Contains framework for security interests and their termination, including disclosure requirements and regulatory compliance.

Companies Act: Governs registration and discharge of company charges, including requirements for filing and notification of security termination. Contains provisions relating to corporate authority to terminate securities.

Personal Property Securities Act: Legislation dealing with security interests in personal property, including requirements for termination and discharge, plus registration and de-registration procedures.

Banking Act: Regulatory framework for banking institutions, including requirements for bank securities and compliance with Monetary Authority of Singapore (MAS) guidelines in relation to security termination.

Property Law Act: Legislation governing real property matters, including requirements and procedures for releasing property-based securities.

Contract Law Act: Contains general principles of contract termination, requirements for valid termination, and notice requirements applicable to security agreements.

Registration of Deeds Act: Outlines requirements for registration and de-registration of security interests, including filing requirements for termination of security agreements.

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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