A Promissory Note Release is a crucial document used when a debt obligation evidenced by a promissory note has been satisfied, either through full payment or an agreed settlement. This document, governed by Indonesian law, particularly the Civil Code (KUHPerdata) and Commercial Code (KUHD), provides legal certainty to both the creditor and debtor that the underlying obligation has been extinguished. The Promissory Note Release must include specific details about the original note, parties involved, and clear release language. It requires proper execution including Indonesian stamp duty compliance and may need corporate authorizations if any party is a company. This document is particularly important in Indonesian business practices where formal documentation of debt discharge is essential for legal certainty and future business relationships.
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1. Identification of Parties: Full legal names and details of the note holder (releasor) and the maker of the note (releasee)
2. Promissory Note Details: Specific details of the original promissory note including date, amount, and any identifying numbers
3. Confirmation of Payment: Statement confirming full/partial payment received or other consideration for the release
4. Release Statement: Clear and unequivocal statement of release from obligations under the promissory note
5. Governing Law: Explicit statement that Indonesian law governs the release
6. Execution Block: Formal signature blocks with required Indonesian legal formalities including stamp duty
1. Partial Release Statement: Used only when releasing part of the debt while maintaining other obligations
2. Conditions Precedent: Include if the release is subject to specific conditions being met
3. Remaining Obligations: Required if any obligations survive the release
4. Witness Statement: Optional additional formality for enhanced enforceability
5. Additional Representations: Used when specific additional confirmations are needed from either party
1. Copy of Original Promissory Note: Attached marked copy of the original promissory note being released
2. Payment Evidence: If applicable, proof of final payment or settlement
3. Power of Attorney: If the release is being executed by an attorney-in-fact, the authorizing document
4. Corporate Authorizations: If either party is a corporation, relevant board resolutions or authorizations
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Commercial Lending
Corporate Finance
Real Estate
Manufacturing
Trading and Distribution
Construction
Small and Medium Enterprises
Agriculture
Mining and Resources
Relevant Teams
Legal
Finance
Treasury
Credit Control
Compliance
Corporate Secretariat
Risk Management
Banking Relations
Accounts Receivable
Corporate Governance
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Corporate Counsel
Legal Director
Company Secretary
Credit Manager
Accounts Receivable Manager
Financial Controller
Risk Manager
Compliance Officer
Corporate Banking Manager
Senior Legal Counsel
Banking Relationship Manager
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