(1) This Act shall apply in respect of the following transactions:- (a) all transactions for the purpose of securing liabilities from mortgaged property including pledges, hypothecations and hire purchases, (b) bookkeeping and sales of secured sales contracts, and (c) Lease of goods. Explanation: For the purposes of this section, “mortgagor” means a mortgage of chattels only. (2) Notwithstanding anything contained in the agreement between the parties or the person who has the mortgagee or mortgagor in possession of the mortgaged property, sub-section (1) (3) Notwithstanding anything contained in sub-sections (1) and (2), this Act shall not apply in relation to the following transactions:- (a) transfer of employee's compensation claim. (b) sale of any business In relation to the sale of books or secured sales contracts related to that business, in relation to such sales. Regarding the transfer of the right of the person to receive payment under the same contract.