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Discharge Deed

Discharge Deed Template for Nigeria

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Key Requirements PROMPT example:

Discharge Deed

"I need a Discharge Deed under Nigerian law to release ABC Manufacturing Ltd from a secured loan facility of 50 million Naira provided by First Nigerian Bank, which has been fully repaid as of January 15, 2025; the deed should include release of floating charges over company assets."

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Document background
A Discharge Deed is a crucial legal instrument in Nigerian commercial practice, used when parties need to formally document the release of obligations and associated security interests. This document type is particularly relevant when loans have been repaid, obligations have been fulfilled, or parties wish to release security interests over assets. The Discharge Deed must comply with Nigerian law requirements for deed execution, including proper witnessing and stamping. It typically includes details of the original obligation, confirmation of satisfaction, and specific provisions for releasing any registered security interests. The document is commonly used in banking, real estate, and commercial transactions where formal release of security interests or obligations is required. The deed's format and content must meet specific requirements under Nigerian law to ensure its validity and enforceability.
Suggested Sections

1. Parties: Identification of all parties to the deed, including the creditor(s), debtor(s), and any guarantors

2. Background: Recitals explaining the original debt/obligation, any security arrangements, and the circumstances leading to the discharge

3. Definitions: Definitions of key terms used throughout the deed

4. Acknowledgment of Debt Settlement: Confirmation of the satisfaction of the original debt or obligation

5. Discharge: The formal discharge of the debt/obligation and release of any associated security

6. Release of Securities: Specific provisions regarding the release of any security interests, charges, or other encumbrances

7. Return of Documents: Provisions for the return or cancellation of original security documents

8. Representations and Warranties: Statements confirming the parties' authority and capacity to enter into the deed

9. Governing Law: Specification that Nigerian law governs the deed

10. Execution: Formal execution blocks meeting Nigerian deed requirements

Optional Sections

1. Partial Discharge: Used when only part of a debt or obligation is being discharged

2. Conditions Precedent: Include when the discharge is subject to certain conditions being met

3. Surviving Obligations: Used when certain obligations or provisions from the original agreement survive the discharge

4. Third Party Rights: Include when third parties' rights need to be addressed or preserved

5. Costs and Expenses: Include when there are specific arrangements regarding discharge-related costs

6. Confidentiality: Used when parties wish to keep the terms of the discharge confidential

7. Further Assurance: Include when additional actions may be required to give full effect to the discharge

Suggested Schedules

1. Schedule 1 - Original Agreement Details: Details of the original agreement(s) being discharged

2. Schedule 2 - Security Documents: List of all security documents to be released or cancelled

3. Schedule 3 - Payment Confirmation: Details of settlement payments made (if applicable)

4. Schedule 4 - Property Details: Description of any property over which security is being released

5. Appendix A - Form of Release: Standard form for releasing specific securities or registrations

6. Appendix B - Required Notices: Templates for any notices required to effect the discharge

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions





























Clauses

























Relevant Industries

Banking & Finance

Real Estate

Construction

Manufacturing

Oil & Gas

Telecommunications

Agriculture

Mining

Retail

Infrastructure Development

Relevant Teams

Legal

Finance

Treasury

Credit Risk

Compliance

Corporate Secretariat

Loan Administration

Security Administration

Property Management

Corporate Banking

Relevant Roles

Legal Counsel

Chief Financial Officer

Finance Manager

Credit Manager

Risk Officer

Company Secretary

Compliance Officer

Treasury Manager

Loan Officer

Security Trustee

Corporate Banking Manager

Property Manager

Contract Administrator

Industries







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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