Secured Transactions Act · s 17

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s 17Temporary perfection of security interests in proceeds in other cases

(1)

Where the proceeds are not cash proceeds and not within the description of the collateral in the financing statement as referred to in section 16, a security interest in the proceeds shall be temporarily perfected within 10 working days after the proceeds arose.

Secured Transactions 22

(2)

If the secured party does not perfect the security interest by amending the financing statement to include the non-conforming proceeds within the 10 working days, the security interest in the proceeds will become unperfected.