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Security Trust Agreement

Trust Receipt

A Trust Receipt is a document to give physical possession of the goods or an asset to a borrower with the bank retaining the ownership of the asset or goods. It is used when a buyer has a loan or any other arrangement from a bank to buy an asset or goods and serves as a promissory note to the bank that the loan amount will be repaid.

The borrower will get the title of the goods back when he/she makes repays the loan to the bank. If the borrower fails to repay, the bank has the right to sell the asset.

This document can be used as the base for a Trust Receipt, where it outlines the conditions regarding the warehousing and sale of the goods as well as the Bank's title over the Goods. 

How to use this Document?

This document should be carefully read by the Borrower and the Bank.

Both the Borrower and the Bank should sign and return a copy, and once signed, both parties should get a copy. To avoid any future disputes, both parties may wish to have their signatures witnessed.

If either party wishes to amend the agreement in the future, both parties should agree to do so, and the original agreement and amendments should be recorded in writing and signed by both parties.

How to Tailor the Document to Your Need

  1. Create Document: Click on “Create document” button and fill in the details of the parties. You can click the “Fill with Member’s Information” button to complete the party’s information with your personal or business information saved to your account. 

  2. Please fill in any additional information by following the step-by-step guide on the left hand side of the preview document and click the “Next” button.

  3. When you are done, click the “Get Document” button and you can download the document in Word or PDF format.

  4. Please get all parties to review the document carefully and make any final modifications to ensure that the details are correct before signing the document. Each party should have a copy of the executed document. The document should be signed by the authorised signatory (or 2 directors for a company) and witnessed to complete the formality.

 
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