Security Interest,
Acknowledgment of Release
Dear
____________:
We are purchasing ______________________ (Item) from
________________. We note that you have
registered security against these assets.
Please
confirm to us that you have released any and all interests you may have in this
equipment, in order that we can complete our purchase. Please sign and return this letter as
confirmation of your release of interest.
Thank
you in advance for your anticipated co-operation. Please feel free to call me if you have any
questions.
Best
regards,
___________________ Date:
Purchaser
cc
Seller
Dear
___________ (Purchaser)
We
hereby release any interest we may have in the equipment described above, and
consent to the sale thereof to you. In
addition, we will sign any related paperwork to effect the removal of this lien
or liens.
Yours
very truly,
______________
Releaser
of Security Interest
cc
Seller
To whom it may concern:
I, the Seller, _____________________, hereby authorize the release of this lien or liens in favor of the Buyer and appreciate any prompt actions the Releaser of Security Interest can take to effect this transaction.
I, the Seller, _____________________, hereby authorize the release of this lien or liens in favor of the Buyer and appreciate any prompt actions the Releaser of Security Interest can take to effect this transaction.
Yours
very truly,
_____________ Date:
Seller
Security Interest,
Acknowledgment of Release
Review List
This review list is
provided to inform you about this document in question and assist you in its
preparation. This letter is important
housekeeping. Many Security Interest’s
are not properly and formally released and acknowledged upon their
extinguishment. You need to get after
the problem, should you have it, and get all Security Interests related to your
personal and corporate affairs released promptly, and filed accordingly, should
that be necessary.
The above multiple part
communication keeps all matters together in one letter, signed off by the
various parties. When you get signed
copies back, file them to extinguish UCC filings against any of the equipment
or property. We advise you have your
lawyer do it because it is a procedural matter they are best qualified to
handle. You can modify this document to
get similar releases for your inventory, accounts receivable, and other kinds
of property.
- Keep multiple copies. One should be in the specific file or files relating to your property where the release is being given. Another copy should be kept in your financial records. And a third in your corporate records.
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