The Deed of Discharge of Debt is a Debt Release Form and it releases a debtor from liability arising from a Debt, Promissory Note or Loan Agreement. It simply outlines the name of the debtor and creditor, the date of the loan agreement or promissory note, the amount paid by the debtor, and a statement indicating that the debts have been satisfied. This receipt creates a written record of release in court if a dispute ensues between the parties.
This document can be used by a lender or creditor when a debtor pays all their debts in full, or when the creditor releases a debtor from any financial liability arising out of the loan transaction to which the document relates. After completing the document, at least two copies of this document should be printed and signed by the lender. The lender should deliver a signed copy of the document to the borrower, who is required to keep it for record purposes.
This template is intended for use in the United Arab Emirates.
This document is provided for reference only and is not intended to be, and should not be considered, legal advice. Determinations about whether this document will be appropriate in your particular situation or jurisdiction should be made after consultation with a legal counsel. Kanoony will not assume any legal liability that may arise from the use of this document.