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Release Of Personal Guaranty for the United Kingdom

Release Of Personal Guaranty Template for England and Wales

A Release of Personal Guaranty is a legal document governed by English and Welsh law that formally discharges a guarantor from their obligations under a previous personal guarantee. The document terminates the guarantor's liability and responsibility for the underlying debt or obligation, providing legal certainty and protection for all parties involved. It typically includes specific details about the original guarantee, the scope of the release, and any conditions attached to the release.

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Release Of Personal Guaranty

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What is a Release Of Personal Guaranty?

A Release Of Personal Guaranty is a crucial document used when a creditor agrees to discharge a guarantor from their obligations under a personal guarantee. Under English and Welsh law, this document provides formal confirmation that the guarantor is no longer liable for the guaranteed obligations. It's commonly used in situations where the underlying debt has been satisfied, the primary debtor's circumstances have changed, or as part of a broader restructuring arrangement. The document should clearly identify the original guarantee, specify the extent of the release (whether partial or complete), and include any conditions precedent to the release taking effect.

What sections should be included in a Release Of Personal Guaranty?

1. Parties: Identifies the guarantor being released, the creditor, and the primary debtor

2. Background: Details of the original guarantee and circumstances leading to release

3. Definitions: Key terms used in the release document

4. Release Statement: Formal statement of release from guaranty obligations

5. Effective Date: When the release takes effect

6. Execution: Signature blocks and execution formalities

What sections are optional to include in a Release Of Personal Guaranty?

1. Partial Release Provisions: Used when only certain obligations are being released while others remain in effect

2. Consideration: Details of any payment or consideration for the release

3. Continuing Obligations: Specifies any obligations that survive the release

4. Representations and Warranties: Statements about authority to release and other matters in complex commercial arrangements

What schedules should be included in a Release Of Personal Guaranty?

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

2. Related Security Documents: List of any related security documents affected by the release

3. Payment Schedule: Schedule of payments if the release is conditional on payment arrangements

Authors

Alex Denne

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

Jurisdiction

England and Wales

Document Type

Release Agreement

Cost

Free to use
Relevant legal definitions




















Clauses




















Industries

Law of Property (Miscellaneous Provisions) Act 1989: Key legislation governing formalities of contracts and property transactions in England and Wales, particularly Section 1 regarding formal requirements

Statute of Frauds 1677: Historic legislation requiring guarantees to be made in writing and signed to be legally enforceable

Contract (Rights of Third Parties) Act 1999: Legislation governing how third parties may enforce terms of a contract, relevant for complex guarantee arrangements

Consumer Rights Act 2015: Legislation protecting consumer rights, applicable if the guarantor is acting as a consumer rather than in a business capacity

Consumer Credit Act 1974: Legislation governing consumer credit agreements and related guarantees

Financial Services and Markets Act 2000: Regulatory framework for financial services, relevant if the guarantee relates to regulated financial activities

Common Law Principles of Consideration: Legal principles requiring valuable consideration for the release of guarantee to be legally binding, unless executed as a deed

UK GDPR and Data Protection Act 2018: Legislation governing the handling and protection of personal data in legal documents and transactions

Capacity Rules: Common law and statutory rules regarding the legal capacity of parties to enter into and be released from guarantees

Deed Execution Requirements: Legal requirements for valid execution of deeds under English law, relevant if the release is executed as a deed

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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