409.315 Secured party’s rights on disposition of collateral and in proceeds.

224 words·~1 min read·/wi/chapter-409/409-315

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Disposition of collateral: continuation of security interest or agricultural lien; proceeds. Except as otherwise provided in this chapter and in s. 402.403

(2):

(a)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

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

(2)When commingled proceeds identifiable. Proceeds that are commingled with other property are identifiable proceeds:

(a)If the proceeds are goods, to the extent provided by s. 409.336 ; and

(b)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 chapter with respect to commingled property of the type involved.

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

(4)Continuation of perfection. A perfected security interest in proceeds becomes unperfected on the 21st day after the security interest attaches to the proceeds unless:

(a)The following conditions are satisfied:

1. A filed financing statement covers the original collateral;