The Loan Release Agreement is a critical document used in Malaysian financial transactions when a loan obligation has been satisfied and parties wish to formally document the discharge of debt. This agreement is particularly important in the Malaysian legal context, where it must comply with local financial regulations and contract law principles. It is typically used when a loan has been fully repaid, settled through negotiation, or discharged through other agreed terms. The document includes essential details such as the original loan particulars, confirmation of payment or settlement terms, and mutual releases preventing future claims. It provides legal certainty under Malaysian law and can be used for various types of loans, from personal to commercial lending arrangements. The agreement should be properly executed and stamped in accordance with the Stamp Act 1949 to ensure admissibility in Malaysian courts.
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1. Parties: Identification of the Lender and Borrower with full legal names and addresses
2. Background: Recitals describing the original loan agreement, outstanding amounts, and context for the release
3. Definitions: Definitions of key terms used throughout the agreement
4. Acknowledgment of Debt: Confirmation of the original loan amount and any outstanding balance
5. Release Terms: Specific terms of the release, including any final payment or settlement amount
6. Mutual Release: Statement of mutual release of claims related to the loan
7. Representations and Warranties: Statements confirming the parties' authority and capacity to enter into the agreement
8. Governing Law: Specification that Malaysian law governs the agreement
9. Execution: Signature blocks and execution requirements
1. Partial Release: Used when only part of the loan is being released while other obligations remain
2. Conditions Precedent: Include when the release is conditional upon certain actions or events
3. Security Release: Required when there are security interests or collateral to be released
4. Confidentiality: Include when parties wish to keep the terms of settlement confidential
5. Third Party Rights: Needed when guarantors or other third parties are involved in the loan
6. Tax Provisions: Include when there are specific tax implications of the release
7. Dispute Resolution: Optional detailed dispute resolution procedures beyond simple governing law
1. Schedule 1 - Original Loan Agreement: Copy or details of the original loan agreement being released
2. Schedule 2 - Payment History: Record of payments made under the loan agreement
3. Schedule 3 - Release Calculation: Detailed calculation of final settlement amount if applicable
4. Schedule 4 - Security Documents: List of security documents to be released, if applicable
5. Appendix A - Form of Release Notice: Template for any formal notices required for the release
6. Appendix B - Discharge Documents: Forms for discharge of any registered security interests
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