The Chattel Security Agreement is a crucial document in New Zealand's secured financing landscape, used when a party needs to create a security interest over movable property (chattels) to secure a debt or other obligations. This agreement is governed by the Personal Property Securities Act 1999 and must be properly documented to ensure the security interest is enforceable and can be registered on the Personal Property Securities Register (PPSR). The document is commonly used in business financing, equipment leasing, and asset-based lending scenarios. It contains detailed descriptions of the secured property, specifies the secured obligations, and outlines the rights and remedies available to the secured party in case of default. The agreement must comply with New Zealand law requirements for creation and perfection of security interests.
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1. Parties: Identifies and defines the Secured Party and the Grantor, including full legal names and addresses
2. Background: Explains the context of the security agreement, including the relationship between parties and purpose of the security
3. Definitions and Interpretation: Defines key terms used in the agreement and sets out interpretation rules
4. Grant of Security Interest: Explicitly creates and grants the security interest in the collateral to the secured party
5. Secured Property: Describes and identifies the collateral subject to the security interest
6. Secured Obligations: Defines the obligations secured by the agreement (e.g., payment of debt, performance of obligations)
7. Representations and Warranties: Grantor's declarations about ownership, authority, and status of the secured property
8. Grantor's Obligations: Ongoing obligations regarding maintenance, insurance, and use of the secured property
9. Events of Default: Defines circumstances constituting default under the agreement
10. Enforcement: Rights and remedies of the secured party upon default, including PPSA enforcement provisions
11. PPSA Provisions: Specific provisions required under the Personal Property Securities Act 1999
12. General Provisions: Standard contractual terms including notices, amendments, governing law, and dispute resolution
1. Third Party Possession: Required when the collateral is or may be in possession of a third party
2. Cross-Collateralization: Used when the security interest secures obligations under multiple agreements
3. Accessions and Processed Goods: Needed when the collateral may become an accession or be processed or commingled
4. Priority Arrangements: Required when there are multiple security interests or priority agreements with other creditors
5. Guarantee Provisions: Included when the agreement includes a guarantee component
6. Power of Attorney: Optional appointment of secured party as attorney for enforcement purposes
1. Schedule 1 - Collateral Description: Detailed description of all secured property including serial numbers, locations, and identifying features
2. Schedule 2 - Secured Obligations: Details of the specific obligations being secured, including any referenced loan or facility agreements
3. Schedule 3 - Permitted Security Interests: List of any pre-existing or permitted security interests over the collateral
4. Schedule 4 - Special Terms: Any special terms or conditions specific to the particular security arrangement
5. Appendix A - Form of Notice: Template for any required notices under the agreement
6. Appendix B - PPSA Verification Statement Waiver: Waiver of rights to receive verification statement under PPSA
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