This is an official Louisiana court form, Release by Obligee of Record pursuant to R.S. 44:106. USLF amends and updates these forms as is required by Louisiana Statutes and Law.
Shreveport Louisiana Release by Obliged of Record pursuant to R.S. 44:106 is an important legal document that plays a significant role in certain situations. This article aims to provide a detailed description of what this release entails, along with its variations, if any. In Shreveport, Louisiana, the term "Release by Obliged of Record" refers to a formal document that is issued by the obliged (the person or entity owed a debt or obligation) to release the debtor or obliged from their obligations, liabilities, or claims. This release is conducted based on the specific provisions outlined in the Louisiana Revised Statutes (R.S.) 44:106. The purpose of this release is to legally acknowledge that the obliged has received full satisfaction or settlement of the outstanding debt or obligation. By issuing the release, the obliged essentially relinquishes any further rights to pursue the debtor or obliged for the previously owed amount or any related claims. This release can be applicable in various situations, such as: 1. Debt Settlement Release: This type of release is executed when a debtor and the obliged agree to a settlement, wherein the debtor pays a lesser amount than the total outstanding debt in full satisfaction. Once the agreed-upon settlement amount is paid, the obliged issues the Release by Obliged of Record pursuant to R.S. 44:106. 2. Loan Repayment Release: When a loan is fully repaid by the borrower, the obliged, typically the financial institution or lender, issues this release to formally acknowledge the complete repayment and waive any further claims or obligations. 3. Contractual Obligations Release: In certain contractual agreements, an obliged may establish conditions for release, which, upon successful fulfillment by the obliged, can lead to the issuance of a release. This ensures that the obliged's responsibilities have been adequately met, and they are relieved from any further obligations. To summarize, the Shreveport Louisiana Release by Obliged of Record pursuant to R.S. 44:106 is a legally binding document that signifies the obliged's release of a debtor or obliged from their obligations, liabilities, or claims. It can encompass various scenarios, including debt settlements, loan repayments, or fulfillment of contractual obligations. By issuing this release, the obliged acknowledges the debtor's fulfillment of their outstanding obligations and foregoes any further claims. Note: It is always advisable to consult with a legal professional or seek appropriate specialized advice when dealing with any legal matters to ensure compliance with the specific laws and regulations applicable to your situation.
