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The Release of Debt Form is a crucial legal instrument in Philippine business and financial transactions, used when a creditor wishes to formally and permanently discharge a debtor from their financial obligations. This document is particularly relevant in situations involving debt restructuring, settlement agreements, or family financial arrangements. The form must be drafted in compliance with the Civil Code of the Philippines, particularly Articles 1231-1255 governing the extinguishment of obligations, and must meet the requirements of the Statute of Frauds for enforceability. It typically includes detailed information about the original debt, payment history, and specific terms of the release. The document requires proper notarization under Philippine Rules on Notarial Practice and may have significant tax implications that must be carefully considered and documented.

1. Title and Date: Clear identification of the document as a Release of Debt Form and the date of execution

2. Parties: Full legal names and addresses of the creditor and debtor

3. Background: Brief recital of the original debt, including date incurred, original amount, and any relevant payment history

4. Definitions: Key terms used in the document including 'Debt', 'Release Date', 'Original Agreement'

5. Debt Details: Specific description of the debt being released, including exact amount and any accrued interest

6. Release Declaration: Clear and unequivocal statement of the release, discharge, and forever acquittal of the debt

7. Consideration: Statement of consideration (if any) for the release

8. Tax Acknowledgment: Acknowledgment of potential tax implications of the debt release

9. Governing Law: Specification that Philippine law governs the agreement

10. Execution: Signature blocks for all parties and notarial section