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The Lien Release Document is a crucial legal instrument in Nigerian property and security law, used when a debt or obligation secured by property has been satisfied and the security interest needs to be formally released. This document is essential in situations where property owners have fulfilled their financial obligations and require formal documentation to clear their property title of encumbrances. It must comply with the Land Use Act 1978 and other relevant Nigerian legislation, including proper execution, witnessing, and registration requirements. The document typically follows after full payment of a debt or satisfaction of obligations, and its proper execution is crucial for subsequent property transactions or refinancing. The Lien Release Document must include specific details about the original security interest, clear identification of the property, and unambiguous release language to ensure legal effectiveness.

1. Title and Date: Clearly states this is a Lien Release Document and the effective date of release

2. Parties: Identifies the Lienholder (Releasor) and the Property Owner/Debtor (Releasee) with full legal names and addresses

3. Recitals: Background information including reference to the original security interest, date created, and registration details

4. Property Description: Detailed description of the property that was subject to the lien, including registration particulars

5. Original Lien Details: Information about the original debt amount, date of creation, and registration number of the lien

6. Release Statement: Clear and unambiguous statement releasing the lien and relinquishing all rights and interests in the property

7. Representations and Warranties: Lienholder's confirmation that the debt has been satisfied and they have authority to release the lien

8. Governing Law: Specification that Nigerian law governs the release

9. Execution Block: Signature blocks for all parties and witnesses