Notice of Transfer of Collateral by Debtor | Canada

Transfer a life insurance policy to a lender as collateral for a loan with this Assignment of Life Insurance Policy form.

Life insurance can be used as a financial asset during your lifetime. If the policy allows for it, the insurance can be used as collateral for a loan, which gives the lender a claim against the policy's cash value if the borrower defaults in repayment.

Assignee's (Lender's) Rights

The assignee (lender) has the sole right to collect any proceeds payable under the policy. The assignee is also at liberty to surrender the policy and receive any distributions, dividends or surplus.

Assignor's (Borrower's) Rights

The assignor (borrower) retains the right to collect disability benefits, designate or change beneficiaries, and elect for optional settlement.

Format and Legal Applicability

The Assignment of Life Insurance Policy form is a generic legal template in MS Word format. It makes no specific references to the laws of any country and can be used almost anywhere.

Give notice of your security interest in a debtor's collateral with this Notice of Interest in Collateral template for Canadian lenders.

• The Notice must be given by a lender or other secured party to any other person or firm which has a security interest in the same collateral.
• This form can be used in any province or territory of Canada which has a Personal Property Security Act.
• Available in MS Word format.

Renounce your rights in assets you used as collateral for a loan with this Renunciation of Rights in Collateral form, for use in Canada.

• The Notice is given by a defaulting debtor to the lender who has a security interest in the assets..
• The debtor renounces all rights it has in the collateral, and turns the collateral over to the lender, as secured party.
• This form can be used in any Canadian province or territory.
• The Canada Renunciation of Rights in Collateral template is a downloadable Microsoft Word document.