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A. General Scope of Osage Nation Secured Transactions Act. Except as otherwise provided in the section on excluded transactions (27A ONC § 9-111), this Osage Nation Secured Transactions Act applies to the following, if within the jurisdiction of this Osage Nation:

1. Any transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract;

2. A sale of accounts, chattel paper, payment intangibles, or promissory notes;

3. A consignment; and

4. Any other commercial activities, including sales of goods, leases of goods, other transactions in goods, negotiable instruments, bank deposits and collections, funds transfers, letters of credit, documents of title, and investment securities, to the extent those commercial activities are implicated in subsections (A)(1), (A)(2) or (A)(3) of this section.

B. Consistency in Application. Subject to the provisions of this Osage Nation Secured Transactions Act dealing with course of performance, course of dealing, and usage of trade (27A ONC § 9-114), the application of this Osage Nation Secured Transactions Act to a type of transaction enumerated in subsection (A)(4) of this section is to be derived from the context involved, with due consideration for consistency in application with uniform principles of commercial and contract law operative in the United States.

C. Security Interest in Secured Obligation. The application of this Osage Nation Secured Transactions Act 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 Osage Nation Secured Transactions Act does not apply. ONCA 07-22, eff. June 18, 2007.