Ontario Barrister and Solicitor Practice Exam

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What is not a component of a general security agreement (GSA)?

  1. A detail of all assets pledged as security

  2. Terms for repayment of the loan

  3. An automatic dissent right to shareholders

  4. A declaration of the security interest by the creditor

The correct answer is: An automatic dissent right to shareholders

"An automatic dissent right to shareholders" is not a component of a general security agreement (GSA) because a GSA is typically an agreement between a creditor and a borrower, and does not involve shareholders. The other options, such as including a detail of all assets pledged as security, terms for repayment of the loan, and a declaration of the security interest by the creditor, are all common components of a GSA as they pertain to the agreement between the creditor and borrower.

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