Release of Interest in Security (Canada)

Agreement where a secured party releases his interest in an asset so that the debtor may sell it.

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This agreement is where a secured party (typically a creditor) will release its interest in a specific asset of the debtor. This will allow the debtor to sell the specific asset free and clear of any liens or security interests.

This form includes special formatting features to assist you in completing the agreement.

This form can be used in the following provinces: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Saskatchewan and Yukon.
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
Release of Interest
TO:   [Name of Purchaser] (the "Purchaser")
AND TO:   [Name of Debtor] (the "Debtor")
WHEREAS:
(A)   Pursuant to a [Type of Agreement (ie. Security Agreement)] dated [Date of Security Agreement (ie. July 31, 2003)] (the "Security Agreement") between the undersigned (the "Secured Creditor") and [Name of Debtor] (the "Debtor"), the Debtor granted to the Secured Creditor security over various assets of the Debtor, including a [Describe Property or Assets being Sold (ie. a 4 ton Crane manufactured by XYX Co. bearing serial No.1234567)] (the "Purchased Asset"), as security for certain indebtedness of the Debtor to the Secured Creditor; and
(B)   The Borrower wishes to sell to [Name of Purchaser] (the "Purchaser") the Purchased Asset, free and clear of any security interests, liens or other encumbrances;
NOW THEREFORE in consideration of the premises, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Secured Creditor hereby (i) releases any and all right, title and interest it may have in and to the Purchased Asset, and (ii) acknowledges that the Purchaser is relying upon this Release of Interest in acquiring an interest in the Purchased Asset.
This Release of Interest will enure to the benefit of the heirs, executors, administrators, successors and assigns of the Purchaser.
Dated this _____ day of ____________________, 20_____.
 
 
 
[NAME OF SECURED PARTY]
 
 
 
 
Per:
 
 
 
 
Name:   
Title:   
 
Number of Pages3
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#28366
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
Release of Interest
TO:   [Name of Purchaser] (the "Purchaser")
AND TO:   [Name of Debtor] (the "Debtor")
WHEREAS:
(A)   Pursuant to a [Type of Agreement (ie. Security Agreement)] dated [Date of Security Agreement (ie. July 31, 2003)] (the "Security Agreement") between the undersigned (the "Secured Creditor") and [Name of Debtor] (the "Debtor"), the Debtor granted to the Secured Creditor security over various assets of the Debtor, including a [Describe Property or Assets being Sold (ie. a 4 ton Crane manufactured by XYX Co. bearing serial No.1234567)] (the "Purchased Asset"), as security for certain indebtedness of the Debtor to the Secured Creditor; and
(B)   The Borrower wishes to sell to [Name of Purchaser] (the "Purchaser") the Purchased Asset, free and clear of any security interests, liens or other encumbrances;
NOW THEREFORE in consideration of the premises, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Secured Creditor hereby (i) releases any and all right, title and interest it may have in and to the Purchased Asset, and (ii) acknowledges that the Purchaser is relying upon this Release of Interest in acquiring an interest in the Purchased Asset.
This Release of Interest will enure to the benefit of the heirs, executors, administrators, successors and assigns of the Purchaser.
Dated this _____ day of ____________________, 20_____.
 
 
 
[NAME OF SECURED PARTY]
 
 
 
 
Per:
 
 
 
 
Name:   
Title:   
 

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