PPSR APPLICATION FOR DEPOSIT ACCOUNT
FORMULAIRE POUR OUVRIR UN COMPTE DE DEPOT ESM

DEPOSIT ACCOUNT

TERMS AND CONDITIONS

1. Companies and Personal Property Security Branch is designated by the Account Holder as their agent to hold the funds deposited in the account, and authorizes the CPPS Branch to deduct from the Account the prescribed fees for - and at the time of - all enquiries and/or registrations made by any person who properly identifies the account despite the fact that such person was not authorized by the undersigned to make any transactions against the Account.

2. A minimum initial deposit of $200 shall accompany this application.

3. It is the Account Holder's responsibility to maintain sufficient funds in the Account at all times to cover all enquiries and/or registrations.  Where prescribed fees for any enquiries and/or registrations reduce the balance of the Account to a negative position, CPPS Branch retains the rights to discontinue processing any PPSR transactions (enquiries and/or registrations) until the balance owing is paid and sufficient fund is deposited in the Account for future transactions.

4. The Account Holder will be provided a monthly statement of transactions in the Account, except where the Account has zero (0) balance and no transaction has been charged against the Account during the Statement Period.

5. The Account Holder must notify CPPS Branch of discrepancies in the Account statement within thirty (30) days of the statement date.

6. Any request for suspension, reactivation or closure of the Account must be submitted by the Account Holder in writing to the CPPS Branch at least five (5) days prior to the effective date.

7. The Account Holder may at any time close their Account which is in good standing.  The balance of the Account will be refunded to the Account Holder.

8. No interest is payable on any amount deposited to the credit of the Account, and all interest earned thereon shall constitute consideration for maintaining this Account, and shall be paid into the consolidated revenue fund of the Government of Ontario.

9. The CPPS Branch is not responsible for loss of Account funds, unless found culpably negligent by a competent court of final jurisdiction.

10. It is recognized that the operation of the Account may be suspended or cancelled by the CPPS Branch if the Account repeatedly permitted to deplete or if it is not been used for three (3) consecutive Statement Periods.

11. The Account Holder holds CPPS Branch harmless in the event that CPPS Branch is required by any court order to release all or part of the amount in the Account to a third party, and service of such a court order upon CPPS Branch constitutes a direction by the Account Holder to pay in accordance with the court order.

12. Nothing herein diminishes or otherwise affects the right of CPPS Branch to enforce liability of the Account Holder for amounts owing for transactions performed.

13. This application becomes a binding contract when accepted by CPPS Branch.

14. CPPS Branch may cancel this agreement at any time at its sole discretion and without prior notice.

15. In the event of disagreement between CPPS Branch and the Account Holder as to any matter arising out of this agreement, the decision of the Director, Companies and Personal Property Security Branch, shall be binding and final.