§490:9-315  Secured party's rights on
disposition of collateral and in proceeds.  (a)  Except as otherwise
provided in this article and in section 490:2-403(2):



(1)  A security interest or agricultural lien
continues in collateral notwithstanding sale, lease, license, exchange, or
other disposition thereof unless the secured party authorized the disposition
free of the security interest or agricultural lien; and



(2)  A security interest attaches to any identifiable
proceeds of collateral.



(b)  Proceeds that are commingled with other
property are identifiable proceeds:



(1)  If the proceeds are goods, to the extent provided
by section 490:9-336; and



(2)  If the proceeds are not goods, to the extent that
the secured party identifies the proceeds by a method of tracing, including
application of equitable principles, that is permitted under law other than
this article with respect to commingled property of the type involved.



(c)  A security interest in proceeds is a
perfected security interest if the security interest in the original collateral
was perfected.



(d)  A perfected security interest in proceeds
becomes unperfected on the twenty-first day after the security interest
attaches to the proceeds unless:



(1)  The following conditions are satisfied:



(A)  A filed financing statement covers the
original collateral;



(B)  The proceeds are collateral in which a
security interest may be perfected by filing in the office in which the
financing statement has been filed; and



(C)  The proceeds are not acquired with cash
proceeds;



(2)  The proceeds are identifiable cash proceeds; or



(3)  The security interest in the proceeds is
perfected other than under subsection (c) when the security interest attaches
to the proceeds or within twenty days thereafter.



(e)  If a filed financing statement covers the
original collateral, a security interest in proceeds which remains perfected
under subsection (d)(1) becomes unperfected at the later of:



(1)  When the effectiveness of the filed financing
statement lapses under section 490:9-515 or is terminated under section
490:9-513; or



(2)  The twenty-first day after the security interest
attaches to the proceeds. [L 2000, c 241, pt of §1]