The Deed of Release of Debt is a crucial legal instrument in Malaysian business and financial transactions, used when a creditor wishes to formally and permanently discharge a debtor from their payment obligations. This document is commonly employed in situations where a debt has been fully settled, partially settled with agreement to release the remainder, or as part of a debt restructuring arrangement. The deed must comply with Malaysian legal requirements, including proper execution as a deed, witnessing requirements, and stamp duty obligations under the Stamp Act 1949. It typically includes detailed information about the original debt, the terms of release, warranties from both parties, and any conditions attached to the release. This document provides crucial protection for both creditor and debtor by creating a clear and enforceable record of the debt's discharge.
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1. Parties: Identifies and defines all parties to the deed, including the creditor (Releasor) and debtor (Releasee)
2. Background: Recites the history of the debt, including its origin, amount, and any relevant previous agreements or arrangements
3. Definitions: Defines key terms used throughout the deed, including 'Debt', 'Release Date', and any other relevant terms
4. Release: The operative clause that formally releases the debt and includes the creditor's undertaking not to make any further claims
5. Consideration: States the consideration (if any) for the release, or notes that it is executed as a deed
6. Warranties and Representations: Contains warranties from both parties regarding their capacity and authority to enter into the deed
7. Further Assurance: Obligation of parties to do all things necessary to give effect to the deed
8. Governing Law and Jurisdiction: Specifies Malaysian law as governing law and establishes jurisdiction for disputes
9. Execution: Formal execution blocks for all parties, including witness requirements for a valid deed
1. Partial Release: Include when only part of a debt is being released, specifying the amount released and amount remaining
2. Conditions Precedent: Include when the release is conditional upon certain events or actions
3. Confidentiality: Include when parties wish to keep the terms of the release confidential
4. Tax Implications: Include when there are specific tax consequences that need to be addressed
5. Related Security Release: Include when associated security interests or guarantees are also being released
6. Severability: Include when parties want to ensure partial invalidity doesn't affect the entire deed
7. Third Party Rights: Include when the release affects rights of third parties or guarantors
1. Schedule 1 - Details of Original Debt: Contains details of the original debt agreement, including date, amount, and terms
2. Schedule 2 - Payment History: If relevant, provides history of payments made against the debt
3. Schedule 3 - Security Documents: Lists any security documents being released (if applicable)
4. Appendix A - Copy of Original Debt Agreement: Attached copy of the original agreement creating the debt
5. Appendix B - Related Correspondence: Copies of relevant correspondence relating to the debt or its release
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