For good and valuable consideration, the undersigned hereby assigns to theBank (hereinafter referred to as “the bank”), as continuing security for the payment of all loans and advances that have been or may be made by the bank to (insert the words “the undersigned” if signatory is the borrower; if not, insert name of borrower) or renewals of such loans and advances, or substitutions therefor, and interest on such loans and advances and on any such renewals or substitutions, all property and classes of property hereinafter described of which the undersigned is now or may hereafter become the owner, to wit
(description of property or classes of property, including the number, name and port of registry of any registered or recorded vesselsFootnote *)
Return to footnote *The description of property and designation of place may be set out or continued on the back of the form or in a schedule annexed thereto.
and that is now or may hereafter be in the place or places hereinafter designated, to wit
(designation of place or placesFootnote *)
or, where the property consists in whole or in part of fishing vessels, fishing equipment and supplies or products of the sea, lakes and rivers, wherever such property may be.
This security is given under section 427 of the Bank Act.
The property now owned by the undersigned and hereby assigned is free from any mortgage, lien or charge thereon, other than previous assignments, if any, to (the bank or other person, as the case may be), and the undersigned warrants that the property that may hereafter be acquired by the undersigned and is hereby assigned shall be free from any mortgage, lien or charge thereon, other than any previous assignments to (the bank or other person, as the case may be).
Dated attheday of, 19.
- SOR/94-367, s. 2
- Date modified: