Article 19 - Perfection: Proceeds

(1) Subject as otherwise provided in these Regulations, if Collateral is dealt with or otherwise gives rise to Proceeds, the Security Interest:
(A) continues in the Collateral, unless the Secured Party authorises the dealing free of the Security Interest (whether expressly or impliedly); and
(B) attaches to the Proceeds.
(2) A Security Interest in Proceeds is continuously perfected if the Security Interest in the original Collateral is perfected by the filing of a Financing Statement which:
(A) contains a description of the Proceeds that would be sufficient to perfect a Security Interest in original Collateral of the same kind;
(B) covers the original Collateral, if the Proceeds are of a kind that are within the description of the original Collateral; or
(C) covers the original Collateral, if the Proceeds consist of Money, cheques, deposits in or Money credited to a Bank Account, or insurance payments.
(3) If the Security Interest in the original Collateral is perfected in a manner other than a manner described in paragraph (2), the Security Interest in the Proceeds is a perfected Security Interest and remains perfected for 20 Business Days after the Security Interest in the original Collateral attaches to the Proceeds.
(4) After the expiry of the period in paragraph (3), the Security Interest in the Proceeds is subject to the provisions of these Regulations relating to the perfection of a Security Interest in original Collateral of the same kind as the Proceeds.