The main function of the general security agreement is to guarantee the funds that have been lent to a company. Therefore, in order to archive the security of archiving all tangible and intangible assetsThe intangible assets are identifiable and non-monetary intangible assets without a physical substance. Like all assets, intangible assets are those that are expected to generate economic income for the business in the future. As a long-term good, this expectation goes beyond one year. The agreement outlines companies that own or will own them in the future. General security agreements include all assets mortgaged as assets or assets that a natural or legal person offers to a lender as collateral for a loan. It is used as a way to get a loan, as a protection against potential losses for the lender, the borrower must be late payment. to the lender and any potential event or condition when the borrower is considered to have gone bankrupt and the guarantee is withdrawn by the lender. The insured party must register a security notice of interest created by an ASS by filing a funding statement in the Provincial Personnel Property Registry (RPP) and possibly under the U.S. Uniform Trade Code or elsewhere, depending on the nature of the assets charged. The insured party may be required to make several registrations in different provinces, depending on the type of assets guaranteed, where they are located and the jurisdictions in which the debtor operates. Depending on the circumstances, a GSA that insures rents must be registered in the PPR land registry, in addition to registering the corresponding rent assignment. Both the borrower and the lender must sign the general security agreement.
In addition, the creditor may require an individual or corporation Corporation Corporation a corporation incorporated by individuals, shareholders or shareholders for the purpose of making a profit. Companies can enter into contracts, take legal action and be sued, hold assets, transfer federal and regional taxes and borrow money from financial institutions. (z.B. insurance company) as guarantor. A guarantor is a person or organization that promises to repay a loan if the borrower is unable to process it. Subsequently, all security agreements must be registered in the Register of Personnel Title Titles (PPSR). Safety and accuracy when recording security on the PPSR is important. In the event of a major deviation, security may be zero.