A telephone line hold and hold release circuit which, after a central office line which is connected to at least two telephone sets in a telephone terminal system has been seized in response to an incoming call and then placed on HOLD, releases that central office line from the HOLD condition in response to either (i) the re-closing of the hookswitch of the telephone set which seized the central office line, or (ii) the closing of the hookswitch of another telephone set connected to that central office line, or (iii) the release of the central office line by the caller.