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Deed of Release: security
Deed of Release of security given by a company, in the form of a Deed executed by the company which has granted the charge (chargor) and the beneficiary of the charge (chargee). It is suitable where the chargor is a company incorporated in England and Wales.
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When do I use this document?
- for the full release of a debenture or other charge granted by a company
- for a company which is incorporated in England and Wales
What are the key features?
- 8 clauses over 3 pages
- in the form of a Deed to be executed by both chargor and chargee
- wording for release of the charge and the property over which security has been granted
- warranties from the chargor and chargee
What else do I need to know?
A company (the chargor) may have granted security for its obligations under a contract, and in particular a loan agreement. The security could take the form of a charge over specific property of the chargor or a debenture constituting fixed charges and a floating charge over all of the chargor’s assets and undertaking.
Once the secured obligations have been discharged, the company has granted security (the chargor) should obtain a formal release of the security from the beneficiary of the security (the chargee).
When do I use this document?
- for the full release of a debenture or other charge granted by a company
- for a company which is incorporated in England and Wales
What are the key features?
- 8 clauses over 3 pages
- in the form of a Deed to be executed by both chargor and chargee
- wording for release of the charge and the property over which security has been granted
- warranties from the chargor and chargee
What else do I need to know?
A company (the chargor) may have granted security for its obligations under a contract, and in particular a loan agreement. The security could take the form of a charge over specific property of the chargor or a debenture constituting fixed charges and a floating charge over all of the chargor’s assets and undertaking.
Once the secured obligations have been discharged, the company has granted security (the chargor) should obtain a formal release of the security from the beneficiary of the security (the chargee).
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Updated by a lawyer on 02/09/2024
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