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DEED OF DISCHARGE OF DEBT

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DEED OF DISCHARGE OF DEBT

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Basic Info

  • Applicable Region UAE
  • Available Languages
    English
    English & Arabic
  • Document No 0000302
  • Version V 1.0
  • Last Updated 07-06-2023
  • Reviews 0
Document Summary

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.

Description

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.

Jurisdiction

This template is intended for use in the United Arab Emirates.

Disclaimer

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.

Before Execution

  • The information on this front page or contained in the headers and footers of this instrument are for guidance purposes only.
  • Please delete this front page together with the information contained in the headers, footers, and the endnotes prior to circulating this letter. Where square brackets […] and highlights are used in the document, it indicates that there is missing or incomplete information which will need to be incorporated prior to signature.
  • Please remove the square brackets and all highlighting prior to signature.