Release of executors and estate of the Testator from the balance of a debt due from a testator’s estate, under an order of the High Court sanctioning the assignment of leasehold property by the executors to the releasor?in consideration of the release of the debt
THIS RELEASE is made on __________
______________ [creditor] of [address, etc.] (hereinafter called the releasor) of the One Part
____________[names and addresses, etc., of executors] (hereinafter called the executors) of the Other Part.
- ______________ [Testator] late of [address] (hereinafter called the testator) duly made his will dated the _______ day of _______ and appointed the executors to be executors of his said will.
- The testator died on the _________ and his said will was proved by the executors named therein in the ________ Court at ____________ on the _________ day of _____ 20_____.
- The releasor claims that there is due and owing to him from the estate of the testator an unascertained balance in respect of a debt of Rs. ________ and interest thereon.
- By an order of the Hon’ble High Court at _______ on the _______ day of _____ 20____ of which the short title and reference to the record is [insert title and reference to record] it was ordered that the executors should be at liberty to assign to the releasor the benefit of a lease dated the _____day of ____ 20____ and made between ________ of the one part and the testator of the other part of the premises therein mentioned for the residue of the term created by the said lease in consideration of the releasor releasing the executors and the estate of the testator from all claims and demands in respect of the balance alleged to be due from the estate of the testator to the releasor in respect of a certain debt of Rs. ______ in the said order mentioned (meaning thereby the hereinbefore mentioned debt of that amount) and interest thereon and it appearing by the said order that deeds of assignment and of release had been settled by the Hon’ble Justice as proper deeds of assignment and release for carrying the said arrangement into effect it was ordered that upon due execution of the said deed of release by the releasor the executors as such trustees as aforesaid should be at liberty to execute the said deed of assignment.
- By a deed already prepared and engrossed and intended to bear the same date as but to be executed after this deed and to be made between the executors of the one part and the releasor of the other part (being the said deed of assignment referred to in the said order) it is intended that the executors shall assign the premises comprised in and demised by the said lease mentioned in the said order to the releasor for the residue of the term granted by the said lease at the rent and subject to the lessee’s covenants and the conditions therein contained.
- This deed is the deed of release mentioned in the said order as having been settled by the Hon’ble Justice Mr. _________ of the __________.
NOW THIS DEED WITNESSETH that pursuant to the said order and in consideration of the assignment intended to be made as aforesaid the releasor hereby releases the executors and each of them and also the estate and effects of the testator from the said debt of Rs. ______ alleged to be due from the estate of the testator to the releasor and every part thereof and from all interest now due or hereafter to become due thereon and from all actions proceedings claims and demands in respect of the said debt and the interest thereon or otherwise in relation to the premises.
IN WITNESS etc.
[Signature of releasor]