The Deed of Assignment by Way of Security is a crucial security instrument in New Zealand's commercial and financial landscape. It is commonly used when a party (the assignor) needs to provide security over assets or rights to another party (the assignee), typically in connection with financing arrangements, loan facilities, or other commercial transactions. The deed must comply with New Zealand's Personal Property Securities Act 1999, Property Law Act 2007, and other relevant legislation. It contains detailed provisions covering the creation and perfection of the security interest, representations and warranties, enforcement mechanisms, and release conditions. This document is particularly valuable when traditional fixed or floating charges may not be suitable, or when specific assets or rights need to be secured while allowing the assignor to continue using them in the ordinary course of business.
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1. Parties: Identification of the Assignor and Assignee with full legal names and details
2. Background: Context of the security arrangement and relationship between parties
3. Definitions and Interpretation: Defined terms and interpretation rules for the deed
4. Assignment: Core provisions detailing the assignment of property/rights as security
5. Security Interest: Creation and nature of the security interest, including PPSA provisions
6. Assignor's Covenants: Obligations and warranties of the Assignor regarding the secured property
7. Representations and Warranties: General representations and warranties from both parties
8. Protection of Security: Provisions for maintaining the security's value and effectiveness
9. Enforcement: Rights and powers of the Assignee upon default
10. Power of Attorney: Appointment of Assignee as attorney for security purposes
11. Releases and Discharges: Conditions and process for releasing the security
12. General Provisions: Standard boilerplate clauses including notices, amendments, governing law
13. Execution: Formal execution block meeting NZ deed requirements
1. Further Assurance: Additional provisions requiring parties to execute further documents - include for complex assignments
2. GST Provisions: Include when the assigned property/rights involve goods or services subject to GST
3. Receiver Provisions: Include when receiver appointment rights are required, typically for commercial arrangements
4. Priority Arrangements: Include when there are multiple security interests requiring priority rules
5. Confidentiality: Include when sensitive commercial information is involved
6. Assignment and Transfer: Include when rights to assign the security interest need to be addressed
1. Schedule 1 - Secured Property: Detailed description of the property/rights being assigned as security
2. Schedule 2 - Secured Obligations: Description of the obligations being secured
3. Schedule 3 - Specific Terms and Conditions: Any specific terms relating to the particular security arrangement
4. Schedule 4 - Form of Notice: Template notices for relevant third parties about the assignment
5. Schedule 5 - Properties Schedule: Details of any real property involved (if applicable)
6. Appendix A - PPSA Financing Statement: Copy of or details for PPSA registration
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