The Collateral Release Letter is a crucial document in Canadian secured lending practices, used when a borrower has satisfied their obligations or when a lender agrees to release specific collateral from their security interest. This document is essential in situations such as loan repayment, refinancing, asset sales, or restructuring of security arrangements. It must comply with Canadian federal banking regulations and provincial security laws, including the Personal Property Security Act (PPSA) or Quebec's Civil Code. The letter typically includes specific details about the original security agreement, precise description of the released collateral, and appropriate authorizations. It serves as formal evidence for updating security registrations and confirms that the secured party no longer claims any interest in the specified collateral.
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1. Letter Header and Date: Formal business letter header including sender's details, recipient's details, and date
2. Reference Information: Details of the original security agreement, loan numbers, and any other relevant reference numbers
3. Identification of Parties: Clear identification of the secured party (releasing party) and the debtor
4. Collateral Description: Specific description of the collateral being released
5. Release Statement: Formal statement releasing all security interests, liens, and claims on the specified collateral
6. Authorization Statement: Confirmation of authority to release the collateral and execute the letter
7. Execution Block: Signature block for authorized signatory with title and date
1. Partial Release Provisions: Used when only certain collateral is being released while maintaining security interest in other collateral
2. Conditions to Release: Include when the release is conditional upon certain events or actions
3. Governing Law Statement: Added when there's a need to explicitly state the governing law, especially in cross-border situations
4. UCC/PPSA Filing Authorization: Include when secured party authorizes the termination of relevant security registrations
5. Representations and Warranties: Added when additional confirmations or assurances are required
6. Return of Physical Collateral: Include when there are specific instructions for returning physical collateral documents
1. Schedule A - Collateral Description: Detailed description of the collateral being released, particularly useful for complex or numerous items
2. Schedule B - Original Security Agreement: Copy or extract of the original security agreement being referenced
3. Schedule C - Security Registration Details: List of security registrations (PPSA, UCC, etc.) to be terminated
4. Schedule D - Corporate Authorization: Copy of corporate resolution or authorization for the release, if required
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Commercial Lending
Real Estate
Manufacturing
Equipment Leasing
Asset Management
Construction
Agriculture
Technology
Retail
Transportation and Logistics
Relevant Teams
Legal
Credit Administration
Risk Management
Finance
Treasury
Compliance
Operations
Corporate Secretariat
Loan Administration
Security Administration
Relevant Roles
Credit Manager
Loan Officer
Legal Counsel
Corporate Secretary
Security Administrator
Collateral Manager
Risk Manager
Banking Operations Manager
Treasury Manager
Finance Director
Compliance Officer
Portfolio Manager
Asset Manager
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