Alberta suppliers, if you sell inventory on credit to your customers, secure payment for the goods with this Purchase Money Security Agreement.
- 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 Alberta Purchase Money Security Agreement
is provided in MS Word format, and is drafted in accordance with the Personal Property Security Act.