A general security agreement gives the lender the right to register its security rights with the Personal Property Securities Registry (PPSR) and to make a claim ahead of the secured asset in the event of the borrower defaulting on the loan. General collateral agreements list all assets given as collateralCollateralThe contract is an asset or property that a natural or legal person offers to a lender as collateral for a loan. It is used as a way to get a loan that serves as protection against potential losses for the lender if the borrower defaults on their payments. .

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