The Loan Release Form is a critical document used in South African lending practices when a loan has been fully repaid or settled through mutual agreement. This document serves as formal evidence that the borrower has satisfied their obligations under the original loan agreement and is legally released from any further claims related to the loan. It must comply with South African legislation, particularly the National Credit Act 34 of 2005 and relevant consumer protection laws. The form typically includes details of the original loan, confirmation of settlement, release language, and provisions for the cancellation of any associated security arrangements. It's particularly important in maintaining clear records of debt discharge and preventing future disputes about loan obligations.
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1. Parties: Identification of the Lender and Borrower, including their full legal names, registration numbers (if applicable), and physical addresses
2. Background: Reference to the original loan agreement(s), including date, amount, and any relevant amendments or variations
3. Definitions: Key terms used in the document, including 'Loan Agreement', 'Release Date', 'Settlement Amount' if applicable
4. Settlement Confirmation: Confirmation of the final settlement amount paid (if applicable) and date of payment
5. Release: The formal release language discharging the borrower from all obligations under the loan agreement
6. Return of Security: Details of any security documents to be returned or canceled
7. Governing Law: Confirmation that South African law governs the release
8. Signatures: Execution block for all parties, including witness requirements
1. Partial Release: Used when only part of the loan obligation is being released while other obligations remain
2. Multiple Loan References: Required when the release covers multiple loan agreements or facilities
3. Corporate Authority: Required when either party is a corporate entity, confirming proper authorization for the release
4. Surviving Obligations: Used to specify any obligations that survive the release (e.g., confidentiality provisions)
5. Third Party Consent: Required when guarantors or other third parties need to consent to the release
6. Regulatory Compliance: Additional provisions required for compliance with specific regulations (e.g., National Credit Act declarations)
1. Schedule A - Loan Account Details: Detailed list of loan account numbers and references being released
2. Schedule B - Payment Confirmation: Proof of final settlement payment(s) made
3. Schedule C - Security Documents: List of security documents to be canceled or returned
4. Appendix 1 - Original Loan Agreement: Copy of the original loan agreement being released
5. Appendix 2 - Corporate Resolution: If applicable, corporate resolution authorizing the release
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Commercial Lending
Retail Banking
Agricultural Finance
Construction & Development
Small Business Banking
Corporate Banking
Microfinance
Asset Finance
Relevant Teams
Legal
Credit Operations
Risk Management
Compliance
Collections & Recovery
Document Management
Customer Service
Finance
Treasury
Operations
Relevant Roles
Credit Manager
Loan Officer
Legal Counsel
Compliance Officer
Risk Manager
Collections Manager
Banking Operations Manager
Account Manager
Credit Administrator
Legal Administrator
Financial Controller
Treasury Manager
Debt Recovery Specialist
Document Management Officer
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