(a)
to every transaction that in substance creates a security interest, without regard to its form and without regard to the person who has title to the collateral, and
(b)
without limiting the generality of paragraph (a), to a chattel mortgage, conditional sale, fixed charge, floating charge, pledge, trust indenture, trust receipt, an assignment, a consignment, lease, trust or transfer of chattel paper where they secure payment or performance of an obligation.
3(2)Subject to sections 4 and 55, this Act applies
(a)
to a commercial consignment,
(b)
to a lease for a term of more than one year,
(c)
to a transfer of an account or chattel paper, and
(d)
to a sale of goods without a change of possession,
that do not secure payment or performance of an obligation.
(a)
to every transaction that in substance creates a security interest, without regard to its form and without regard to the person who has title to the collateral, and
(b)
without limiting the generality of paragraph (a), to a chattel mortgage, conditional sale, fixed charge, floating charge, pledge, trust indenture, trust receipt, an assignment, a consignment, lease, trust or transfer of chattel paper where they secure payment or performance of an obligation.
3(2)Subject to sections 4 and 55, this Act applies
(a)
to a commercial consignment,
(b)
to a lease for a term of more than one year,
(c)
to a transfer of an account or chattel paper, and
(d)
to a sale of goods without a change of possession,
that do not secure payment or performance of an obligation.