The Promissory Note Release is a crucial document used in Swiss financial and legal practice when a creditor wishes to formally discharge a debtor from their obligations under a promissory note. This document is typically used when the underlying debt has been fully paid, when parties have reached a settlement agreement, or when the creditor has agreed to forgive the debt. The release must comply with Swiss legal requirements, particularly the Swiss Code of Obligations, and should clearly identify the original promissory note, the parties involved, and the scope of the release. It serves as definitive evidence that the debt obligation has been extinguished and protects the debtor from future claims related to the same promissory note. This document is particularly important in Switzerland's sophisticated financial system, where formal documentation of debt discharge is essential for legal certainty.
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1. Identification of Parties: Full legal names and addresses of the creditor (note holder) and debtor
2. Original Promissory Note Details: Date, amount, and specific details of the original promissory note being released, including any registration or reference numbers
3. Release Declaration: Clear and unequivocal statement of release, specifying that the creditor releases the debtor from all obligations under the promissory note
4. Effective Date: Specific date when the release becomes effective
5. Consideration: Statement of any consideration provided for the release, if applicable
6. Return/Cancellation of Original Note: Statement regarding the handling of the original promissory note document (return to debtor or cancellation)
7. Governing Law: Confirmation that Swiss law governs the release
8. Signatures: Signature blocks for all parties, with date and place of signing
1. Partial Release Statement: Used when only a portion of the debt is being released, specifying the exact amount being released and amount remaining
2. Conditions Precedent: Include when the release is conditional upon certain events or actions
3. Related Security Interests: Required when there are associated security interests or collateral that need to be addressed
4. Tax Implications: Include when there are specific tax consequences that need to be acknowledged
5. Third Party Consents: Required when third party approval is needed for the release
6. Currency Specification: Include when dealing with international parties or multiple currencies
1. Original Promissory Note Copy: Copy of the original promissory note being released
2. Payment Evidence: If release is based on payment, evidence of such payment
3. Corporate Authorizations: If any party is a corporation, relevant board resolutions or authorizations
4. Power of Attorney: If any party is acting through an attorney, the relevant power of attorney document
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Corporate Lawyer
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Debt Collection Officer
Corporate Secretary
Banking Relationship Manager
Financial Controller
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