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Lien Satisfaction Letter

Lien Satisfaction Letter Template for Nigeria

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Key Requirements PROMPT example:

Lien Satisfaction Letter

"I need a Lien Satisfaction Letter for a fully paid mortgage on a commercial property in Lagos, Nigeria, with First Bank PLC as the lienholder, to be effective March 15, 2025."

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Document background
The Lien Satisfaction Letter is an essential document in Nigerian secured transactions that formally acknowledges the complete payment of a debt and releases the associated security interest. It is required when a borrower has fully repaid their debt and needs formal confirmation that the lien has been discharged. The document must comply with various Nigerian laws, including the Secured Transactions in Movable Assets Act 2017, the National Collateral Registry Act 2017, and the Land Use Act 1978. It serves as crucial evidence for property records and future transactions, confirming that the property is free from the specified encumbrance. The letter must include specific identifying information about the original lien, the property involved, and clear language regarding the satisfaction and release of the security interest.
Suggested Sections

1. Header Information: Date, letterhead, and reference numbers of the original lien and any relevant loan agreements

2. Recipient Details: Full name and address of the debtor/property owner

3. Property Identification: Clear description of the property or asset that was subject to the lien, including registration numbers, serial numbers, or legal description as applicable

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

5. Satisfaction Statement: Clear statement confirming that the debt has been paid in full and the lien is being released

6. Authorization: Statement of authority to release the lien and confirmation that no further claims will be made

7. Execution Block: Signature block for authorized representative of the lienholder, with name, title, and date

Optional Sections

1. Partial Release Statement: Used when only a portion of the property or debt is being released from the lien

2. Additional Creditor Acknowledgment: Required when there are multiple lienholders or when the original lienholder has assigned their interest

3. Government Authority Reference: Needed when the lien involves government authorities or statutory liens

4. Special Conditions: Any specific conditions or reservations associated with the lien release

5. Recording Instructions: Specific instructions for recording the satisfaction with relevant authorities

Suggested Schedules

1. Original Lien Documentation: Copy of the original lien registration or filing

2. Payment Evidence: Proof of final payment or settlement that led to the lien satisfaction

3. Property Documentation: Relevant property titles or registration documents

4. Authority Documentation: Evidence of the signatory's authority to release the lien, if not the original lienholder

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 and Financial Services

Real Estate

Construction

Manufacturing

Agriculture

Oil and Gas

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Relevant Teams

Legal

Finance

Credit and Collections

Real Estate

Compliance

Risk Management

Corporate Secretariat

Property Management

Asset Management

Treasury

Operations

Relevant Roles

Legal Counsel

Finance Manager

Credit Manager

Property Manager

Loan Officer

Corporate Secretary

Compliance Officer

Risk Manager

Real Estate Manager

Collections Manager

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Business Development Manager

Asset Manager

Treasury Manager

Industries







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