Document background
A Deed of Debt is commonly used in Nigerian business and personal transactions where there is a need to formally document and secure a debt obligation. This document is particularly useful when substantial sums are involved or when parties require enhanced legal protection beyond a simple contract. The deed format provides additional security through its longer enforcement period and special status under Nigerian law. It should be used when documenting loans, acknowledgment of existing debts, or restructuring of payment obligations. The document typically includes comprehensive details about the debt amount, repayment schedule, interest calculations, security arrangements (if any), and consequences of default. As a deed, it must comply with specific execution requirements under Nigerian law, including proper witnessing and stamping.
