§25‑9‑315. Secured party's rights on disposition of collateral andin proceeds.
(a) Disposition ofcollateral: continuation of security interest or agricultural lien; proceeds. Except as otherwise provided in this Article and in G.S. 25‑2‑403(2):
(1) A security interestor agricultural lien continues in collateral notwithstanding sale, lease,license, exchange, or other disposition thereof unless the secured partyauthorized the disposition free of the security interest or agricultural lien;and
(2) A security interestattaches to any identifiable proceeds of collateral.
(b) When commingledproceeds identifiable. Proceeds that are commingled with other property areidentifiable proceeds:
(1) If the proceeds aregoods, to the extent provided by G.S. 25‑9‑336; and
(2) If the proceeds arenot goods, to the extent that the secured party identifies the proceeds by amethod of tracing, including application of equitable principles, that ispermitted under law other than this Article with respect to commingled propertyof the type involved.
(c) Perfection ofsecurity interest in proceeds. A security interest in proceeds is a perfectedsecurity interest if the security interest in the original collateral wasperfected.
(d) Continuation ofperfection. A perfected security interest in proceeds becomes unperfected onthe twenty‑first day after the security interest attaches to the proceedsunless:
(1) The followingconditions are satisfied:
a. A filed financingstatement covers the original collateral;
b. The proceeds arecollateral in which a security interest may be perfected by filing in theoffice in which the financing statement has been filed; and
c. The proceeds are notacquired with cash proceeds;
(2) The proceeds areidentifiable cash proceeds; or
(3) The securityinterest in the proceeds is perfected other than under subsection (c) of thissection when the security interest attaches to the proceeds or within 20 daysthereafter.
(e) When perfectedsecurity interest in proceeds becomes unperfected. If a filed financingstatement covers the original collateral, a security interest in proceeds whichremains perfected under subdivision (d)(1) of this section becomes unperfectedat the later of:
(1) When theeffectiveness of the filed financing statement lapses under G.S. 25‑9‑515or is terminated under G.S. 25‑9‑513; or
(2) The twenty‑firstday after the security interest attaches to the proceeds. (1945,c. 196, s. 8; 1961, c. 574; 1965, c. 700, s. 1; 1967, c. 562, s. 1; 1975, c.862, s. 7; 1997‑181, ss. 12, 13; 2000‑169, s. 1.)
§25‑9‑315. Secured party's rights on disposition of collateral andin proceeds.
(a) Disposition ofcollateral: continuation of security interest or agricultural lien; proceeds. Except as otherwise provided in this Article and in G.S. 25‑2‑403(2):
(1) A security interestor agricultural lien continues in collateral notwithstanding sale, lease,license, exchange, or other disposition thereof unless the secured partyauthorized the disposition free of the security interest or agricultural lien;and
(2) A security interestattaches to any identifiable proceeds of collateral.
(b) When commingledproceeds identifiable. Proceeds that are commingled with other property areidentifiable proceeds:
(1) If the proceeds aregoods, to the extent provided by G.S. 25‑9‑336; and
(2) If the proceeds arenot goods, to the extent that the secured party identifies the proceeds by amethod of tracing, including application of equitable principles, that ispermitted under law other than this Article with respect to commingled propertyof the type involved.
(c) Perfection ofsecurity interest in proceeds. A security interest in proceeds is a perfectedsecurity interest if the security interest in the original collateral wasperfected.
(d) Continuation ofperfection. A perfected security interest in proceeds becomes unperfected onthe twenty‑first day after the security interest attaches to the proceedsunless:
(1) The followingconditions are satisfied:
a. A filed financingstatement covers the original collateral;
b. The proceeds arecollateral in which a security interest may be perfected by filing in theoffice in which the financing statement has been filed; and
c. The proceeds are notacquired with cash proceeds;
(2) The proceeds areidentifiable cash proceeds; or
(3) The securityinterest in the proceeds is perfected other than under subsection (c) of thissection when the security interest attaches to the proceeds or within 20 daysthereafter.
(e) When perfectedsecurity interest in proceeds becomes unperfected. If a filed financingstatement covers the original collateral, a security interest in proceeds whichremains perfected under subdivision (d)(1) of this section becomes unperfectedat the later of:
(1) When theeffectiveness of the filed financing statement lapses under G.S. 25‑9‑515or is terminated under G.S. 25‑9‑513; or
(2) The twenty‑firstday after the security interest attaches to the proceeds. (1945,c. 196, s. 8; 1961, c. 574; 1965, c. 700, s. 1; 1967, c. 562, s. 1; 1975, c.862, s. 7; 1997‑181, ss. 12, 13; 2000‑169, s. 1.)
§25‑9‑315. Secured party's rights on disposition of collateral andin proceeds.
(a) Disposition ofcollateral: continuation of security interest or agricultural lien; proceeds. Except as otherwise provided in this Article and in G.S. 25‑2‑403(2):
(1) A security interestor agricultural lien continues in collateral notwithstanding sale, lease,license, exchange, or other disposition thereof unless the secured partyauthorized the disposition free of the security interest or agricultural lien;and
(2) A security interestattaches to any identifiable proceeds of collateral.
(b) When commingledproceeds identifiable. Proceeds that are commingled with other property areidentifiable proceeds:
(1) If the proceeds aregoods, to the extent provided by G.S. 25‑9‑336; and
(2) If the proceeds arenot goods, to the extent that the secured party identifies the proceeds by amethod of tracing, including application of equitable principles, that ispermitted under law other than this Article with respect to commingled propertyof the type involved.
(c) Perfection ofsecurity interest in proceeds. A security interest in proceeds is a perfectedsecurity interest if the security interest in the original collateral wasperfected.
(d) Continuation ofperfection. A perfected security interest in proceeds becomes unperfected onthe twenty‑first day after the security interest attaches to the proceedsunless:
(1) The followingconditions are satisfied:
a. A filed financingstatement covers the original collateral;
b. The proceeds arecollateral in which a security interest may be perfected by filing in theoffice in which the financing statement has been filed; and
c. The proceeds are notacquired with cash proceeds;
(2) The proceeds areidentifiable cash proceeds; or
(3) The securityinterest in the proceeds is perfected other than under subsection (c) of thissection when the security interest attaches to the proceeds or within 20 daysthereafter.
(e) When perfectedsecurity interest in proceeds becomes unperfected. If a filed financingstatement covers the original collateral, a security interest in proceeds whichremains perfected under subdivision (d)(1) of this section becomes unperfectedat the later of:
(1) When theeffectiveness of the filed financing statement lapses under G.S. 25‑9‑515or is terminated under G.S. 25‑9‑513; or
(2) The twenty‑firstday after the security interest attaches to the proceeds. (1945,c. 196, s. 8; 1961, c. 574; 1965, c. 700, s. 1; 1967, c. 562, s. 1; 1975, c.862, s. 7; 1997‑181, ss. 12, 13; 2000‑169, s. 1.)
