Section 45.29.315. Secured party's rights on disposition of collateral and in proceeds.

   (a) Except as otherwise provided in this chapter,
        (1) a security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange, or other disposition of the security interest or agricultural lien unless the secured party authorized the disposition free of the security interest or agricultural lien; and
        (2) a security interest attaches to any identifiable proceeds of collateral.
   (b) Proceeds that are commingled with other property are identifiable proceeds if the proceeds
        (1) are goods, to the extent provided by AS 45.29.336; and
        (2) 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.
   (c) A security interest in proceeds is a perfected security interest if the security interest in the original collateral was perfected.
   (d) A perfected security interest in proceeds becomes unperfected on the 21st day after the security interest attaches to the proceeds unless
        (1) the following conditions are satisfied
             (A) a filed financing statement covers the original collateral;
             (B) 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
             (C) 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 other than under (c) of this section when the security interest attaches to the proceeds or within 20 days thereafter.
   (e) If a filed financing statement covers the original collateral, a security interest in proceeds that remains perfected under (d)(1) of this section becomes unperfected at the later of
        (1) when the effectiveness of the filed financing statement lapses under AS 45.29.515 or is terminated under AS 45.29.513; or
        (2) the 21st day after the security interest attaches to the proceeds.

Authorities

45.29.109;45.29.203;45.29.310;45.29.312;45.29.509;45.29.607

Notes

References

AS 45.29.109 Scope.
AS 45.29.203 Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites.
AS 45.29.310 When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply.
AS 45.29.312 Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights, and money; perfection by permissive filing; temporary perfection without filing or transfer of possession.
AS 45.29.509 Persons entitled to file a record.
AS 45.29.607 Collection and enforcement by secured party.

History

(Sec. 1 ch 113 SLA 2000)