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<section article="gcl" article_name="Commercial Law" number="9-315" title_number="9" title_name="Secured Transactions" subtitle_number="3" subtitle_name="Perfection and Priority">
  <level label="a">
    <text>Except as otherwise provided in this title and in § 2-403(2) of this article:</text>
    <level label="1">
      <text>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</text>
    </level>
    <level label="2">
      <text>A security interest attaches to any identifiable proceeds of collateral.</text>
    </level>
  </level>
  <level label="b">
    <text>Proceeds that are commingled with other property are identifiable proceeds:</text>
    <level label="1">
      <text>If the proceeds are goods, to the extent provided by § 9-336; and</text>
    </level>
    <level label="2">
      <text>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.</text>
    </level>
  </level>
  <level label="c">
    <text>A security interest in proceeds is a perfected security interest if the security interest in the original collateral was perfected.</text>
  </level>
  <level label="d">
    <text>A perfected security interest in proceeds becomes unperfected on the 21st day after the security interest attaches to the proceeds unless:</text>
    <level label="1">
      <text>The following conditions are satisfied:</text>
      <level label="A">
        <text>A filed financing statement covers the original collateral;</text>
      </level>
      <level label="B">
        <text>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</text>
      </level>
      <level label="C">
        <text>The proceeds are not acquired with cash proceeds;</text>
      </level>
    </level>
    <level label="2">
      <text>The proceeds are identifiable cash proceeds; or</text>
    </level>
    <level label="3">
      <text>The security interest in the proceeds is perfected other than under subsection (c) when the security interest attaches to the proceeds or within 20 days thereafter.</text>
    </level>
  </level>
  <level label="e">
    <text>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:</text>
    <level label="1">
      <text>When the effectiveness of the filed financing statement lapses under § 9-515 or is terminated under § 9-513; or</text>
    </level>
    <level label="2">
      <text>The 21st day after the security interest attaches to the proceeds.</text>
    </level>
  </level>
</section>
