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Collateral Release Letter

Collateral Release Letter Template for Philippines

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Key Requirements PROMPT example:

Collateral Release Letter

"I need a Collateral Release Letter for ABC Manufacturing Inc.'s equipment and machinery that were used as collateral for a PHP 5 million loan from Metro Bank, which will be fully paid by March 15, 2025; the letter should include provisions for the return of original security documents."

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Document background
The Collateral Release Letter is a critical document in secured lending transactions within the Philippine jurisdiction, used when a borrower has fully satisfied their secured obligations and seeks to clear encumbrances on their assets. This document is essential under Philippine law, particularly complying with the Personal Property Security Act (Republic Act No. 11057) and BSP regulations. It serves as conclusive evidence that the security holder no longer has any claims over the specified collateral. The letter typically follows the full repayment of a loan or facility, or when refinancing arrangements require the release of existing security interests. It must include specific details about the original security arrangement, the assets being released, and confirmation of obligation satisfaction. The document is particularly important for maintaining clear property records and facilitating future transactions involving the released assets.
Suggested Sections

1. Letter Header and Date: Formal business letter header including sender's details, recipient's details, and date

2. Reference Line: Clear reference to the original facility/loan agreement and security documents

3. Security Interest Identification: Specific identification of the security interest(s) being released

4. Confirmation of Debt Satisfaction: Statement confirming that all secured obligations have been satisfied

5. Release Declaration: Formal declaration releasing the security interest and relinquishing all claims

6. Return of Documents: Statement regarding the return or cancellation of original security documents

7. Authorization: Confirmation of the authority to release the security interest

8. Signature Block: Authorized signatory details and signature space

Optional Sections

1. Partial Release Statement: Used when only part of the collateral is being released while maintaining security over other assets

2. Conditions Precedent: Include when the release is subject to specific conditions being met

3. Further Assurance: Additional cooperation commitments for completing necessary registrations or filings

4. Governing Law: Include when dealing with cross-border transactions or when specifically requested

5. Multiple Creditor Acknowledgment: Required when there are multiple secured creditors involved in the release

Suggested Schedules

1. Schedule A - Released Collateral: Detailed description of the collateral being released, including any registration numbers or unique identifiers

2. Schedule B - Original Security Documents: List of all security documents being discharged, including dates and parties

3. Schedule C - Evidence of Satisfaction: Optional schedule listing evidence of debt satisfaction or fulfillment of secured obligations

4. Appendix 1 - Release Forms: Any specific forms required by local registries or authorities for the release of security interests

Authors

Alex Denne

Head of Growth (Open Source Law) @ 黑料视频 | 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




















Clauses
















Relevant Industries

Banking and Financial Services

Real Estate

Manufacturing

Construction

Agriculture

Mining

Retail

Technology

Healthcare

Transportation and Logistics

Energy and Utilities

Telecommunications

Relevant Teams

Legal

Credit Risk

Loan Administration

Compliance

Corporate Banking

Documentation

Securities and Collateral Management

Finance

Operations

Risk Management

Relevant Roles

Credit Manager

Loan Officer

Legal Counsel

Corporate Secretary

Security Trustee

Compliance Officer

Risk Manager

Banking Operations Manager

Collateral Manager

Finance Director

Chief Financial Officer

Legal Documentation Specialist

Credit Risk Officer

Portfolio Manager

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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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