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What the debtor receives upon the sale, exchange, collection, or other disposition of collateral (or proceeds of collateral).
May include property in which the creditor could not obtain a security interest originally such as: Cash Insurance proceeds on damaged, destroyed, or stolen collateral.
Creditor’s security interest automatically continues in proceeds. The security agreement does not need to mention proceeds.
Problem 367 – p. 991 Problem 368 – p. 995
Automatically perfected for 20 days. Three methods to continue perfection beyond these 20 days:
1. Same Office Original security interest perfected by filing and a financing statement covering the proceeds would be filed in the same place as the original collateral.
2. Identifiable cash proceeds
3. Proceeds perfected within the 20 day period: Creditor may or may not need to take affirmative action to achieve this perfection.
Problem 369 – p. 996 Chattel paper financier prevails over creditor with interest in chattel paper as proceeds. Problem 370 – p. 996 Tracing Problem 371 – p “Double Debtor” issue
Problem 372 – p Problem 373 – p. 1007
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