Purchase Money Security Agreement (Alberta)
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.
The Alberta Purchase Money Security Agreement is prepared in accordance with the Personal Property Security Act.
Last Updated: 21-June-2016