Secured Transactions Act · s 15

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s 15Security interests in proceeds

Except as otherwise provided in this Act, a security interest in the collateral that is dealt with or otherwise gives rise to proceeds shall —

(a)

continue in the collateral unless the secured party expressly or impliedly authorised the dealing; and

(b)

extend to the proceeds, but if the secured party enforces the security interest against both the collateral and the proceeds, the amount secured by security interest in collateral and the proceeds is limited to the value of the collateral at the date of the dealing that gave rise to the proceeds.