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Lien Release Form

Lien Release Form Template for Nigeria

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Key Requirements PROMPT example:

Lien Release Form

"I need a Lien Release Form for a commercial property in Lagos, Nigeria, where three bank lienholders need to release their security interests simultaneously by March 2025, following full repayment of a syndicated loan."

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Document background
A Lien Release Form is a crucial document in Nigerian secured lending and property transactions, used when a debt has been fully satisfied and the creditor needs to formally relinquish their security interest in the collateral. This document is essential for clearing title records and allowing property owners to regain unencumbered use and transfer rights of their assets. The form must comply with Nigerian legal requirements, including proper execution before a Commissioner for Oaths or Notary Public, and registration with appropriate authorities such as the Lands Registry or National Collateral Registry. It's particularly important in commercial lending, real estate transactions, and asset-based financing, where it provides conclusive evidence that the security interest has been discharged.
Suggested Sections

1. Identification of Parties: Names, addresses, and details of the Lienholder (Creditor) and Property Owner (Debtor)

2. Property Description: Detailed legal description of the property or asset that was subject to the lien, including registration numbers or property identifiers

3. Original Lien Details: Information about the original lien, including date of creation, amount secured, and registration details

4. Release Statement: Clear and unequivocal statement releasing the lien and relinquishing all rights and interests in the property

5. Consideration: Statement confirming that the underlying debt has been satisfied or that other consideration has been received

6. Execution: Signature blocks for all parties, including space for witness signatures and notarization

Optional Sections

1. Partial Release Provisions: Used when only a portion of the property or security interest is being released while maintaining the lien on other portions

2. Multiple Lienholder Provisions: Required when there are multiple lienholders and only one or some are releasing their interests

3. Conditions Precedent: Include when the release is subject to certain conditions being met before becoming effective

4. Indemnification: Added when there are specific indemnification requirements between the parties regarding the release

5. Future Assurance: Commitment to execute additional documents if needed for full implementation of the release

Suggested Schedules

1. Schedule A - Property Description: Detailed technical or legal description of the property, including surveys, plot numbers, or asset details

2. Schedule B - Original Security Documentation: List of all relevant security documents being released, including registration numbers and dates

3. Appendix 1 - Supporting Documents: Copies of relevant documents such as proof of payment, discharge certificates, or other supporting evidence

4. Appendix 2 - Registration Forms: Required forms for registering the release with relevant Nigerian authorities

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 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



























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Relevant Industries

Banking and Financial Services

Real Estate

Construction

Manufacturing

Agriculture

Oil and Gas

Mining

Transportation

General Commerce

Infrastructure Development

Relevant Teams

Legal

Credit Administration

Risk Management

Compliance

Real Estate

Finance

Collections

Corporate Secretariat

Security Perfection

Property Administration

Relevant Roles

Legal Counsel

Property Manager

Credit Manager

Loan Officer

Compliance Officer

Real Estate Manager

Risk Manager

Corporate Secretary

Finance Director

Collections Manager

Security Perfection Officer

Property Rights Administrator

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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