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Collateral Release Letter

Collateral Release Letter Template for Nigeria

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Key Requirements PROMPT example:

Collateral Release Letter

"I need a Collateral Release Letter for First Bank of Nigeria to release security over manufacturing equipment following full repayment of a N50 million facility on January 15, 2025, with the letter to be filed with the National Collateral Registry."

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Document background
The Collateral Release Letter is a critical document in Nigerian secured lending practices, used when a borrower has fully satisfied their obligations under a loan agreement or when partial release of security is agreed upon. This document is essential for completing the life cycle of secured transactions, providing formal evidence that the security interest has been extinguished. It must comply with Nigerian secured transactions laws, including the Secured Transactions in Movable Assets Act 2017 and relevant Central Bank of Nigeria regulations. The letter typically follows the repayment of secured facilities or refinancing arrangements and is necessary for updating security registries, confirming the release of assets, and enabling borrowers to regain unencumbered use of their assets. It includes specific details about the original security arrangement, the released assets, and formal release declarations, serving as conclusive evidence of the security's discharge.
Suggested Sections

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

2. Reference Information: Reference numbers of original facility/security agreements and any relevant registration numbers

3. Original Security Details: Description of the original security arrangement, including date, parties, and nature of the security

4. Collateral Description: Clear and specific description of the collateral being released

5. Release Declaration: Formal statement releasing the security interest and confirming discharge of relevant obligations

6. Authorization Statement: Confirmation of authority to release the security and execute the letter

7. Execution Block: Signature blocks for authorized signatories

Optional Sections

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

2. Conditions Precedent: Include if the release is subject to certain conditions being met

3. Surviving Obligations: Used when certain obligations or covenants survive the release

4. Registration Instructions: Include when the security interest requires deregistration from official registries

5. Return of Original Documents: Include when original security documents need to be returned or canceled

6. Governing Law Statement: Include when dealing with cross-border transactions or complex security arrangements

Suggested Schedules

1. Schedule 1 - Released Collateral Details: Detailed description and/or list of collateral being released, particularly useful for multiple items

2. Schedule 2 - Original Security Documents: List of all security documents being discharged or partially released

3. Schedule 3 - Registration Details: Details of security interest registrations to be removed or amended

4. Appendix A - Form of Public Registry Notice: Standard form for filing with relevant registries to record the release

5. Appendix B - Supporting Resolutions: Copies of corporate resolutions authorizing the release, if applicable

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




















Clauses




















Relevant Industries

Banking

Financial Services

Real Estate

Manufacturing

Oil and Gas

Agriculture

Telecommunications

Construction

Mining

Retail

Transportation

Healthcare

Energy

Relevant Teams

Legal

Credit

Risk Management

Compliance

Banking Operations

Corporate Secretariat

Security Administration

Documentation

Finance

Loan Administration

Relevant Roles

Legal Counsel

Loan Officer

Credit Manager

Security Trustee

Compliance Officer

Risk Manager

Corporate Secretary

Banking Operations Manager

Credit Risk Officer

Legal Director

Collateral Manager

Transaction Manager

Documentation Specialist

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

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