Specific Security Agreement - Agreement that secures certain specific assets as collateral (ie. debtor purchases a vehicle)
Question:
Specific Security Agreement - Agreement that secures certain specific assets as collateral (ie. debtor purchases a vehicle) Registered at the Personal Property Registry (PPR).
Creditor has right to seize/sell the specific asset(s) in the event that debtor defaults on payments.
General Security Agreement (GSA) -
Most common security agreement used for general business loans
GSA can encompass all types of personal property (including ALL assets of a business outside of real property). registered at PPR
GSA is a powerful tool
Please provide a real-life example of Specific security agreement and general security agreement. (Please do not explain the concept again)
Dynamic Business Law
ISBN: 9781260733976
6th Edition
Authors: Nancy Kubasek, M. Neil Browne, Daniel Herron, Lucien Dhooge, Linda Barkacs