General Security Agreement (Ontario)

How it works

What you will fill in

• Does any of these apply to you?
• Secured party (lender): full legal name and address
• Debtor (borrower): exact legal name and address
• The debtor is
• What debt does this secure?
• Principal amount secured ($)
• What property is covered?
• Where is the property kept?
• Must the debtor insure the property and name the lender on the policy?
• Days to fix a missed payment before the lender can act
• Which province's laws apply?
• Date signed

Good to know

• Security is only good against other creditors once it is perfected. In Ontario, register a Financing Statement in the PPSA registry through ServiceOntario (online, or through an approved search and registration provider). You choose how many years it lasts and pay a fee per year.
• Search the PPSA registry for the debtor's name first. An earlier registration usually ranks ahead of yours.
• The Ontario Personal Property Security Act says the lender must give the debtor a copy of the signed agreement within 10 days. Before seizing business assets, the Bankruptcy and Insolvency Act may require a 10-day notice.

Help in your language

Every question comes with help like this. For example, “Does any of these apply to you?”:

English: These make security harder. We still build the agreement.

اردو: کیا ان میں سے کچھ لاگو ہوتا ہے؟

ਪੰਜਾਬੀ: ਕੀ ਇਹਨਾਂ ਵਿੱਚੋਂ ਕੁਝ ਲਾਗੂ ਹੁੰਦਾ ਹੈ?

हिन्दी: क्या इनमें से कुछ लागू होता है?

Français: Ces situations rendent la garantie plus délicate. Nous préparons quand même l'entente.

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