Why am I asked to sign a General Security Agreement?

Question: I am a borrower. Why am I asked to sign a general security agreement?

Answer:

The general security agreement gives the lender a right to register security over all past and future property. Once security is registered on the PPSR, it gives the lender a claim over your personal property in the event you default on your loan.

Answered by Lisa Lee

Lisa practises in the areas of business and commercial law, intellectual property and contract law. Having previously worked in research and development, Lisa has a strong understanding on issues surrounding protection and commercialisation of intellectual property. She is passionate about arts and technology, and is attuned to issues surrounding e-commerce and online services.

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