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Collateral Assignment Form for Canada

Collateral Assignment Form Template for Canada

A Canadian Collateral Assignment Form is a legal document used to create and document a security interest in specific assets or property as collateral for a loan or other obligation. This document, governed by Canadian federal and provincial laws including the Personal Property Security Act (PPSA), establishes the terms under which the assignor grants rights over the collateral to the assignee. It includes detailed descriptions of the collateral, the obligations being secured, representations and warranties, and the rights and remedies of the parties. The document must comply with specific provincial requirements for creation and perfection of security interests, with additional considerations if the transaction crosses provincial boundaries.

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Collateral Assignment Form

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What is a Collateral Assignment Form?

The Collateral Assignment Form is a crucial document in Canadian secured lending and financial transactions, used when a party (assignor) needs to provide security for a loan or other obligation by granting rights over specific assets to another party (assignee). This document is essential in various business contexts, from commercial lending to equipment financing, and must comply with both federal regulations and provincial legislation, particularly the Personal Property Security Act (PPSA) in common law provinces or the Civil Code in Quebec. The form typically includes comprehensive details about the collateral, the secured obligations, and the rights and responsibilities of all parties involved. It's particularly important for establishing priority rights in the collateral and ensuring the security interest can be properly registered and enforced under Canadian law.

What sections should be included in a Collateral Assignment Form?

1. Parties: Identification of the Assignor, Assignee, and any other relevant parties (such as guarantors or witnesses)

2. Background: Context of the assignment, reference to the underlying obligation or debt being secured

3. Definitions: Key terms used throughout the document, including definition of the Collateral and related terms

4. Assignment: Core provision detailing the assignment of the collateral from Assignor to Assignee

5. Representations and Warranties: Assignor's declarations regarding ownership, right to assign, and status of the collateral

6. Covenants: Ongoing obligations of the Assignor regarding the collateral

7. Rights and Remedies: Rights of the Assignee in case of default or breach

8. Term and Termination: Duration of the assignment and conditions for termination

9. Notices: Requirements for formal communications between parties

10. Governing Law: Specification of applicable Canadian jurisdiction

11. Execution: Signature blocks and attestation requirements

What sections are optional to include in a Collateral Assignment Form?

1. Insurance Requirements: Required when the collateral needs to be insured or when the assignment involves insurance policies

2. Security Registration: Include when PPSA registration is required, detailing registration requirements and procedures

3. Third Party Consents: Required when assignment requires consent from other parties

4. Tax Provisions: Include when there are specific tax implications or requirements related to the assignment

5. Further Assurances: Optional clause requiring parties to take additional actions if needed to perfect the assignment

6. Assignment and Transfer: Include when the assignee needs the right to further assign the collateral

What schedules should be included in a Collateral Assignment Form?

1. Schedule A - Description of Collateral: Detailed description and/or inventory of the assigned collateral

2. Schedule B - Underlying Obligations: Details of the debt or obligations being secured by the collateral

3. Schedule C - Permitted Encumbrances: List of any existing liens or encumbrances on the collateral that are permitted

4. Appendix 1 - Form of Notice: Standard form for notices related to the assignment

5. Appendix 2 - Registration Details: PPSA or other relevant registration information and requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Canada

Publisher

Ƶ

Cost

Free to use
Relevant legal definitions
























Clauses




















Relevant Industries

Banking & Financial Services

Insurance

Real Estate

Manufacturing

Retail

Technology

Healthcare

Construction

Agriculture

Energy

Transportation & Logistics

Professional Services

Relevant Teams

Legal

Finance

Treasury

Risk Management

Compliance

Credit Administration

Commercial Banking

Corporate Secretariat

Contract Administration

Business Development

Relevant Roles

Legal Counsel

Finance Manager

Credit Manager

Risk Manager

Corporate Secretary

Treasury Manager

Loan Officer

Commercial Banking Officer

Security Administrator

Compliance Officer

Contract Administrator

Chief Financial Officer

Legal Administrator

Business Development Manager

Account Manager

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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