RELEASE BY A SEPARATED COPARCENER
THIS RELEASE is made the ________ day of ________, 20 ______ BETWEEN AA., aged.___________ years, son of ________________________________________, acting for himself and as Karta of a joint Hindu family consisting of himself and his sons, namely, __________________________ and ________. presently residing at No_________________________________________ Road in the city of ________ hereinafter referred to as the 荘Release鋳 of the one part, AND BB, aged ________. years, separated son of the said AA., presently residing at No__________________________________ Road ________ in the said city of ________ hereinafter referred to as the 荘Releasor鋳 of the other part. WHEREAS the said AA. and his brother CC carried on a joint family business at various places in the cities of ________. and ________under the name and style of ________. AND WHEREAS the said CC. died leaving two sons who did not desire to continue in the said business and desired to be separated from the joint family business and also desired a partition of the joint family property. In pursuance of the said wishes of the sons of CC. and with the consent of AA. the matter was referred to the sole arbitration of Shri ______________________________ of ________________, who by his award, dated ______________, duly registered the same day at the Sub-Registry Office of _____________________________________________________, divided the entire property of the joint family including the said business and allotted to AA., the entire business of ____________________________, carried on in the cities aforementioned, and over which proprietary possession was given to AA., who has from the said date to the date hereof managed, possessed and enjoyed the said business as a business of his branch of the family alone; AND WHEREAS the said BB. on the ______________________________ by notice to AA, demanded separation and was, after taking accounts and valuation of all the property of the joint family allotted the business of the firm carried on in the city of _____________________________ and has established himself separately and independently of his father and his brothers. AND WHEREAS it is necessary to safeguard the future interest of the parties and their representatives after them and in order to end all possible claims which the parties or their representatives after them may have or hereafter put forward in respect of the separated shares and properties of the said parties in the belief that such claims do in reality exist;
NOW THIS DEED WITNESSES that in pursuance of the fact that the Releaser is separated and has duly and fully received his share of all the joint family property, including his share in the family business from the said Release and in pursuance of the fact that he, the said Releaser, has no claim interest or title on the Release or his property the said Releaser hereby releases unto the Release and to such other members mentioned above as are joint with him, and to their respective representatives for ever, all rights, titles and obligations in present or in future which the said Releaser may have had or has in or upon the remaining joint family or the property of the said joint family now in existence or which may hereafter be acquired by the Release or the family;
AND the said Release for himself and as Karta of his joint family mentioned above hereby releases the said Releaser from all rights, titles and obligations which the said remaining joint family or the said AA. may have had or have in or upon the said Releaser or his representatives and his or their property now existing or which he or they may hereafter acquire.
It is also mutually agreed that the value of the property hereby affected for the purpose of stamp duty is of the value of Rs ________. or thereabout.
IN WITNESS whereof the said AA. for himself and as Karta of his joint family and the said BB. have hereto signed at ________, the day and the year first abovementioned.
Witness: Sd. AA
Releasee. Sd. BB.
Releasor.
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