Which of the following is a step to provide security over assets under the bank act?

Making an application for credit is a critical step in providing security over assets under the Bank Act. This process typically involves formally requesting a loan or other financial product from a bank, which may require an applicant to present collateral in the form of secured assets. By applying for credit, the borrower begins the process of establishing a financial relationship with the lender, which lays the groundwork for securing loans against specific assets.

In this context, the lender assesses the value of the assets being offered as security and may conduct due diligence to ensure the viability of the transaction. This formal application sets the framework necessary for the lender to provide financing while having a legal claim over the assets should the borrower default.

While the other options may relate to business finance in some way, they do not pertain directly to the steps of securing assets under the Bank Act. Selling off business assets does not help in securing them, a verbal agreement lacks the legal enforceability and recognition required, and dismissing current loan agreements would complicate financial relationships rather than support securing new assets. Therefore, making an application for credit is the most relevant and appropriate action in this context.