§ 6A-9-315 Secured party's rights ondisposition of collateral and in proceeds. – (a) Disposition of collateral: continuation of security interest oragricultural lien; proceeds. Except as otherwise provided in this chapterand in § 6A-2-403(2):
(1) A security interest or agricultural lien continues incollateral notwithstanding sale, lease, license, exchange, or other dispositionthereof unless the secured party authorized the disposition free of thesecurity interest or agricultural lien; and
(2) A security interest attaches to any identifiable proceedsof collateral.
(b) When commingled proceeds identifiable. Proceedsthat are commingled with other property are identifiable proceeds:
(1) If the proceeds are goods, to the extent provided by§ 6A-9-336; and
(2) If the proceeds are not goods, to the extent that thesecured party identifies the proceeds by a method of tracing, includingapplication of equitable principles, that is permitted under law other thanthis chapter with respect to commingled property of the type involved.
(c) Perfection of security interest in proceeds. Asecurity interest in proceeds is a perfected security interest if the securityinterest in the original collateral was perfected.
(d) Continuation of perfection. A perfected securityinterest in proceeds becomes unperfected on the 21st day after the securityinterest attaches to the proceeds unless:
(1) The following conditions are satisfied:
(i) A filed financing statement covers the originalcollateral;
(ii) The proceeds are collateral in which a security interestmay be perfected by filing in the office in which the financing statement hasbeen filed; and
(iii) 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 otherthan under subsection (c) when the security interest attaches to the proceedsor within 20 days thereafter.
(e) When perfected security interest in proceeds becomesunperfected. 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 statementlapses under § 6A-9-515 or is terminated under § 6A-9-513; or
(2) The 21st day after the security interest attaches to theproceeds.
§ 6A-9-315 Secured party's rights ondisposition of collateral and in proceeds. – (a) Disposition of collateral: continuation of security interest oragricultural lien; proceeds. Except as otherwise provided in this chapterand in § 6A-2-403(2):
(1) A security interest or agricultural lien continues incollateral notwithstanding sale, lease, license, exchange, or other dispositionthereof unless the secured party authorized the disposition free of thesecurity interest or agricultural lien; and
(2) A security interest attaches to any identifiable proceedsof collateral.
(b) When commingled proceeds identifiable. Proceedsthat are commingled with other property are identifiable proceeds:
(1) If the proceeds are goods, to the extent provided by§ 6A-9-336; and
(2) If the proceeds are not goods, to the extent that thesecured party identifies the proceeds by a method of tracing, includingapplication of equitable principles, that is permitted under law other thanthis chapter with respect to commingled property of the type involved.
(c) Perfection of security interest in proceeds. Asecurity interest in proceeds is a perfected security interest if the securityinterest in the original collateral was perfected.
(d) Continuation of perfection. A perfected securityinterest in proceeds becomes unperfected on the 21st day after the securityinterest attaches to the proceeds unless:
(1) The following conditions are satisfied:
(i) A filed financing statement covers the originalcollateral;
(ii) The proceeds are collateral in which a security interestmay be perfected by filing in the office in which the financing statement hasbeen filed; and
(iii) 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 otherthan under subsection (c) when the security interest attaches to the proceedsor within 20 days thereafter.
(e) When perfected security interest in proceeds becomesunperfected. 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 statementlapses under § 6A-9-515 or is terminated under § 6A-9-513; or
(2) The 21st day after the security interest attaches to theproceeds.
§ 6A-9-315 Secured party's rights ondisposition of collateral and in proceeds. – (a) Disposition of collateral: continuation of security interest oragricultural lien; proceeds. Except as otherwise provided in this chapterand in § 6A-2-403(2):
(1) A security interest or agricultural lien continues incollateral notwithstanding sale, lease, license, exchange, or other dispositionthereof unless the secured party authorized the disposition free of thesecurity interest or agricultural lien; and
(2) A security interest attaches to any identifiable proceedsof collateral.
(b) When commingled proceeds identifiable. Proceedsthat are commingled with other property are identifiable proceeds:
(1) If the proceeds are goods, to the extent provided by§ 6A-9-336; and
(2) If the proceeds are not goods, to the extent that thesecured party identifies the proceeds by a method of tracing, includingapplication of equitable principles, that is permitted under law other thanthis chapter with respect to commingled property of the type involved.
(c) Perfection of security interest in proceeds. Asecurity interest in proceeds is a perfected security interest if the securityinterest in the original collateral was perfected.
(d) Continuation of perfection. A perfected securityinterest in proceeds becomes unperfected on the 21st day after the securityinterest attaches to the proceeds unless:
(1) The following conditions are satisfied:
(i) A filed financing statement covers the originalcollateral;
(ii) The proceeds are collateral in which a security interestmay be perfected by filing in the office in which the financing statement hasbeen filed; and
(iii) 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 otherthan under subsection (c) when the security interest attaches to the proceedsor within 20 days thereafter.
(e) When perfected security interest in proceeds becomesunperfected. 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 statementlapses under § 6A-9-515 or is terminated under § 6A-9-513; or
(2) The 21st day after the security interest attaches to theproceeds.
