This study aimed to identify the legal strength and legal consequences of release and discharge in MSAA and MRNIA as a form of personal responsibility of Bank Indonesia Liquidity Assistance (BLBI) debt shareholders. This qualitative research followed the typology of normative legal research. The study used a conceptual approach by examining the concept of MSAA and MRNIA agreements in which a Release and Discharge clause was found. The research data was collected by means of library research and documents. All the data obtained was then evaluated using the theory of Piercing the Corporate Veil, written descriptively, and analyzed qualitatively. The results showed that formally the Release and Discharge clause in MSAA and MRNIA had the legal strength though not materially. Then the legal consequences of Release and Discharge in MSAA and MRNIA for shareholders towards BLBI debt could be personally accounted for.