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Deed Of Release Of Guarantee

Deed Of Release Of Guarantee Template for New Zealand

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Key Requirements PROMPT example:

Deed Of Release Of Guarantee

"I need a Deed of Release of Guarantee to release ABC Trading Limited as guarantor from its obligations under a guarantee dated March 15, 2025, provided to National Bank Limited in relation to XYZ Corporation's business loan."

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Document background
The Deed of Release of Guarantee is a crucial legal instrument in New Zealand's commercial and financial landscape, used when a guarantor needs to be formally discharged from their obligations under an existing guarantee. This document becomes necessary in various situations, such as when a guarantor sells their interest in a business, when refinancing occurs, or when there's a restructuring of security arrangements. The deed must comply with New Zealand's Property Law Act 2007 and Contract and Commercial Law Act 2017, ensuring proper execution and effectiveness of the release. It contains detailed provisions identifying the original guarantee, confirming the scope of the release, and protecting the interests of all parties involved. The document is particularly important in commercial lending and corporate transactions where guarantee arrangements need to be terminated properly to avoid future disputes or uncertainties.
Suggested Sections

1. Parties: Identifies all parties to the deed including the guarantor being released, the creditor/beneficiary of the guarantee, and the principal debtor

2. Background: Recites the context of the original guarantee, its date, the underlying debt/obligation, and the circumstances leading to the release

3. Definitions and Interpretation: Defines key terms used in the deed and establishes rules for interpretation

4. Release: The operative clause that formally releases the guarantor from their obligations under the guarantee

5. Acknowledgments: Statements by all parties acknowledging the release and its effect

6. Return of Documents: Provisions regarding the return or cancellation of the original guarantee document

7. General Provisions: Standard boilerplate clauses including governing law, jurisdiction, and execution requirements

Optional Sections

1. Remaining Guarantors: Required when multiple guarantors exist and only some are being released, confirming the continuing obligations of other guarantors

2. Reservation of Rights: Used when the creditor wishes to preserve certain rights against other parties or in relation to other securities

3. Consideration: Required when there is specific consideration being paid for the release

4. Confidentiality: Include when parties wish to keep the terms of the release confidential

5. Release of Securities: Required when associated security interests are also being released

Suggested Schedules

1. Original Guarantee: Copy or details of the original guarantee being released

2. Security Interests: List of any security interests being released (if applicable)

3. Payment Details: Details of any consideration or payments required for the release (if applicable)

4. Execution Requirements: Specific execution requirements and forms for different types of entities (companies, trustees, etc.)

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 and Financial Services

Real Estate and Property

Construction

Commercial Lending

Retail

Manufacturing

Professional Services

Agriculture

Healthcare

Hospitality

Relevant Teams

Legal

Finance

Risk Management

Compliance

Treasury

Corporate Secretariat

Credit Administration

Commercial Operations

Banking Relations

Relevant Roles

Legal Counsel

Corporate Lawyer

Finance Manager

Credit Manager

Risk Manager

Company Secretary

Commercial Director

Chief Financial Officer

Banking Relationship Manager

Compliance Officer

Corporate Finance Manager

Treasury Manager

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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