AFFIDAVIT OF QUITCLAIM

Note:

This is only a sample Release, Waiver and Quitclaim.  It could be subject to modifications to suit the purpose/s of its execution and requirements of the parties.  It is advisable that before an execution of any legal document, one must seek legal advice or assistance from a Lawyer.

Release/Waiver/Quitclaim in relation to employment contracts is an intentional and voluntary giving-up, relinquishment or surrender of some known right. (Legal Dictionary, Gifis)

(Sample Affidavit of Quitclaim in relation to an execution of Judgment)

REPUBLIC OF THE PHILIPPINES)

Quezon  City                           ) S.S.

AFFIDAVIT OF QUIT CLAIM

            I, MAY BUKANGLIWAYWAY, Filipino, of legal age, married, with office address at Unit 70, 1228 Love Me Well Building, Wag Paasa, Quezon City, having been duly sworn in accordance with law, hereby depose and state that:

      1.      I am the President and authorized representative          of MABUHAY Corporation;    

2.      A Decision was rendered by the Regional Trial Court of Pasig City, Branch 35 on June 18, 2013 in a case entitled MABUHAY Corporation vs. Maginhawa Corporation and which became final and executory on January 18, 2014;

3.      A Writ of Execution dated 18 June 2014 was issued by the Regional Trial Court Branch 35 ordering  to seize goods and chattels of the defendants in the said case and make the sale thereof in accordance with law to satisfy the judgment in favor of Mabuhay Corporation;

4.      Whereas, the Board of Directors on September 28, 2014 approved the settlement of the loan granted to Maginhawa Corporation represented by its President Maganda Kho in the amount of FIVE MILLION PESOS (Php5,000,000.00);

  

5.      Whereas, Maganda Kho fully paid the amount of FIVE MILLION PESOS (Php5,000,000.00) on February 11, 2015 as the full  settlement of its loan obligation to MABUHAY Corporation; and

6.      That by virtue of the foregoing, I hereby voluntarily and knowingly quitclaim, release, discharge and/or waive any and all actions and rights subsisting, expected, real or apparent which MABUHAY Corporation may have against Maginhawa Corproation, its successors and assignees, its President, directors, officers and employees and hold them free from obligations, claims and other rights of action, monetary or otherwise, pertaining to any claim or action which I may have by virtue of my disinterest in the purchase of and waiver of whatever amount is due me over the purchase of the above-cited properties; and

7.      That I am executing this affidavit to attest to the truthfulness of the foregoing facts and for whatever legal purpose this may serve.

IN WITNESS WHEREOF, I have hereunto signed in my name this ____ day of __________, 2015, Pasig City.

                                       MAY BUKANG LIWAYWAY

                                                 President

Signed in the Presence of:

_______________________        ______________________

JURAT

            SUBSCRIBED AND SWORN to before me, this _____  in Quezon City affiant exhibiting to me his ____________________ issued on ___________ at _____________________.

            WITNESS MY HAND AND SEAL.

                                                 NOTARY PUBLIC

Doc. No. ______;

Page No. ______;

Book No. ______;

Series of 2015.