Stocks and investment accounts. The Securities Transfer Act (STA) is now in effect in each of the Atlantic provinces, with the exception of the IEP. The STA changes the relevant PPSA in all cases. The resulting trap? If the guarantees charged by an ASM in these Atlantic provinces include stocks, bonds or investment accounts, the GSA must comply with the amended provisions of the AGREEMENT. To avoid this trap, follow these tips: Check consistency. When adapting an ASS to a transaction, it is important to check both the GSA, the letter of commitment or the loan agreement to ensure that they are consistent. It also implies that the GSA guarantees the entire personal wealth by which the insured party needs security, in accordance with the requirements of the letter of commitment or the loan agreement. The GSA contract is for five years. After five years, it becomes invalid and must be renewed every five years. It is very important to check all the information contained in the agreement on the points exposed. If there is an error, the GSA automatically becomes invalid. A valid security agreement consists at least of a description of the guarantees, a declaration of intent to generate security interests and all signatures of all parties involved. However, most security agreements go beyond these essential requirements.

Many include alliances (or debtor bonds) and guarantees (guarantees). Examples of agreements or guarantees could include: the insured party must register a security notice of interest prepared by an ASG by submitting a funding statement in the Provincial Personnel Property Registry (RPP) and possibly under the uniform U.S. 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.