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Glossary entry

Italian term or phrase:

rilasciare idonee quietanze liberatorie

English translation:

provide appropriate release(s)

Added to glossary by DCypher (X)
Mar 31, 2007 16:07
17 yrs ago
29 viewers *
Italian term

rilasciare idonee quietanze liberatorie

Italian to English Law/Patents Law: Contract(s)
For the legal illuminati...

I am not looking for a dictionary definition or beginner's guide to the term quietanza. What I would like is if someone can confirm the scope of it in this context.

This is a share purchase agreement. Once payment is made, the seller release claims against the purchaser. I understand this to be "financial" claims (specifically related to the purchase consideration. The flavour word 'idonee' would seem to confirm it for this context.

1) am I correct?
2) can someone suggest elegant phrasing (viz. simple yet effective)?

Sentence below. Many thx.

"Dei suddetti pagamenti il venditore si impegna a rilasciare al acquirente idonee quietanze liberatorie"
Proposed translations (English)
3 give appropriate quittance in full discharge
5 issue full and valid receipts (for full payment of the consideration)
3 The seller undertakes to provide the purchaser with debt-paying receipts

Discussion

DCypher (X) (asker) Mar 31, 2007:
the Seller undertakes to provide the appropriate release(s) to the Purchaser

Proposed translations

15 mins
Selected

give appropriate quittance in full discharge

Here's how I would translate the whole sentence:

"The seller agrees to give the buyer appropriate quittance in full discharge for the above payments/settlements."

It is quite literal, but that is the sense for how i see it.

HTH

Lea
Something went wrong...
2 KudoZ points awarded for this answer. Comment: "I am satisfied that this a formal "release " upon payment in full (standard clause in loan agreements for example) and that it is usual in Italy to provide a separate release document, beyond just stating the condition in the agreement. Many thanks."
44 mins

The seller undertakes to provide the purchaser with debt-paying receipts

Another possibility.
Something went wrong...
30 mins

issue full and valid receipts (for full payment of the consideration)

This doesn't go any further than saying this is a receipt for the full price of the shares and this receipt says I can't ask you for anything more in consideration from those shares. Put it in modern or old style English, makes little difference.
This needs correcting Paul, don't understand it:
"Once payment is made, the seller release claims against the purchaser."

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Note added at 1 hr (2007-03-31 17:12:56 GMT)
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Its just a receipt. If the seller does not have full title to the shares, I don't think this will free the purchaser from claims by another party with a claim on the shares. If you stole my shares and sold em to somebody else, then the true owner has original title to them. It wouldn't work like a bill of exchange.

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Note added at 1 hr (2007-03-31 17:17:21 GMT)
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Scratch that last sentence.

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Note added at 11 hrs (2007-04-01 03:49:12 GMT)
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After 500 words yesterday, I was simply going on memory my TM gives (signatory powers):

firma di girata e quietanza su cambiali, vaglia e assegni;
endorsements and receipt signatures on bills of exchange, money orders and cheques;

firmare tratte come traente sui clienti della società, quietanzare cambiali e titoli all’ordine,
to sign drafts as the drawer on the customers of the company, to give receipts for bills of exchange

Google
release "bills of exchange"
http://www.google.com/search?num=100&hl=en&safe=off&q=releas...

receipt "bills of exchange"
http://www.google.com/search?num=100&hl=en&safe=off&q=receip...

Australia:
Application of State laws PART II--BILLS OF EXCHANGE Division 1--Form and ... Payment of unindorsed cheque or draft as evidence of receipt by payee 88D




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Note added at 11 hrs (2007-04-01 03:50:08 GMT)
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I've researched this in the past. Of course what you remember is the conclusion: "receipt"
Note from asker:
for "X to release all [financial] claims against Y" is a standard release of liability phrasing. But I use it here for explanatory purposes only. Sorry if it is not clear.
But the seller the purchaser of all "liabilities" it is releasing the purchaser of liabilities towards it, the seller. And I have never heard of issuing a receipt in such situations (this was my field) the banks do that. I guess I wanted to understand if "quietanza" is limited (as a general term) to financial liabilities or if could refer liabilities of another nature.
"la quietanza libera il debitore". Here is my answer. It is a release (which may contain details of final payment, but in this case not applicable). And that is what I would expect. It also seems to appear only in the context of a debt.
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