Picture of Purchase Money Inventory Security Agreement | Canada Picture of Purchase Money Inventory Security Agreement | Canada

Purchase Money Inventory Security Agreement | Canada

If you sell inventory on credit to your customers, secure payment for the goods with this Canada Purchase Money Security Agreement.

  • The supplier (as secured party) agrees to extend credit to the customer (as debtor) for the purchase of inventory, in exchange for a purchase money security interest in all of the debtor's present and future inventory and proceeds.
  • The term 'proceeds' includes cash and non-cash proceeds, such as accounts, contract rights, and chattel paper.
  • The debtor cannot sell or transfer any of the collateral except in the ordinary course of business, and the customer must hold the proceeds of the sale in trust for the secured party.
  • The secured party has the right to take possession of the collateral if the debtor fails to make payment or defaults under the terms of the Agreement.
  • The Purchase Money Inventory Security Agreement gives Canadian suppliers a more secure method of selling goods on credit. It can be used in any province that has Personal Property Security Act legislation.
Document Type: Microsoft Word
Last Updated: 29-June-2021
SKU: 589
$17.99
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Picture of Alberta Purchase Money Security Agreement

Alberta Purchase Money Security Agreement

Secure payment for inventory sold on credit to a customer with this Purchase Money Security Agreement for the Province of Alberta.

  • The customer (debtor) grants the supplier (secured party) a purchase money security interest in the secured goods and proceeds from the sale of the goods.
  • The debtor must keep the collateral free of any other liens or security interests ranking equal to or in priority to the secured party's interest.
  • The debtor can only sell the secured goods in the ordinary course of business.
  • If the debtor defaults in payment, the secured party has the right (among other remedies) to appoint a receiver-manager over the collateral.
  • This legal contract is prepared in accordance with the Personal Property Security Act.
  • Available in MS Word format.
  • Intended to be used only in the Province of Alberta, Canada.
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Picture of Notice of Purchase Money Security Interest | Canada

Notice of Purchase Money Security Interest | Canada

Give notice of a purchase money security interest in inventory with this template form for Canadian businesses.

  • The Notice is given by a supplier to other creditors of a customer to whom the supplier has sold inventory on credit, using the goods as collateral.
  • The Notice should be sent to any creditor who also has a security interest in the customer's inventory.
  • The supplier notifies the other creditors that its security interest may take priority over theirs.
  • This Notice form is available in MS Word format.
  • Intended for use only in Canada, pursuant to Personal Property Security Act legislation.
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Picture of Ontario Purchase Money Security Agreement

Ontario Purchase Money Security Agreement

Protect your creditor rights with this Purchase Money Security Agreement for Ontario suppliers.

  • The contract is made pursuant to provincial Personal Property Security Act legislation.
  • The parties to the Agreement are a customer (debtor) and a supplier (secured party).
  • The supplier extends credit to the debtor for the purchase of goods under a specific purchase order.
  • In return for the credit, the debtor grants the supplier a first, fixed, specific purchase money security interest in the goods and in the proceeds therefrom.
  • This legal contract form is a fully editable Microsoft Word template.
  • Intended for use only in the Province of Ontario, Canada.
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