Policy and Subject Matter of Division

Policy and Subject Matter of Division. (1) Except as otherwise provided in 5 CMC § 9104 on excluded transactions, this division applies: (a) To any transaction (regardless of its form) which is intended to create a security interest in personal property or fixtures including goods, documents, instruments, general intangibles, chattel paper or accounts; and also (b) To any sale of accounts or chattel paper. (2) This division applies to security interests created by contract including pledge, assignment, chattel mortgage, chattel trust, trust deed, factor’s lien, equipment trust, conditional sale, trust receipt, other lien or title retention contract and lease or consignment intended as security. This division does not apply to statutory liens except as provided in 5 CMC § 9310. (3) The application of this division to a security interest in a secured obligation is not affected by the fact that the obligation is itself secured by a transaction or interest to which this division does not apply. Source: PL 3-56, § 1 (§ 9102).