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  • 2 (1) Subject to section 4, this Act applies
  • (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 paragraph (a), to a chattel mortgage, a conditional sale, a floating charge, a pledge, a trust indenture, a trust receipt, an assignment, a consignment, a lease, a trust, and a transfer of chattel paper if they secure payment or performance of an obligation.
  • (2) Despite section 4(g), this Act applies to a security interest in a security or instrument, but does not apply to
  • (a) a security or instrument that is a mortgage or charge on land if the land mortgaged or charged is described in the security or instrument or in documents held by the issuer of an uncertificated security, or
  • (b) a security or an instrument that is a mortgage or charge registered under the Land Title Act or with respect to which an application for registration has been made under the Land Title Act.

1989-36-2; 1992-48-2, effective September 11, 1992 (B.C. Reg. 357/92); 2007-10-115, effective July 1, 2007 (B.C. Reg. 128/2007).