(1) Except as provided otherwise in this Act or agreed upon by the parties, a security interest shall continue in collateral notwithstanding a sale,
lease, license, exchange or other disposition of the collateral.
(2) Except as provided otherwise in this Act or agreed upon by the
parties, a security interest shall, after the disposition of collateral, be attached to
proceeds of the collateral.
(3) Where a security interest in the original collateral is matured, the
security interest shall also continue in the proceeds of such original collateral.
Except in the following circumstances, the security interest in proceeds
received by the security giver shall not become matured after twenty days from
the date of receipt by the security giver of the proceeds:
(a) where a filed notice covers the original collateral, and the
proceeds of such original collateral are cash proceeds or proceeds
of the same nature as described in the initial notice; or
(b) where the security interest in such proceeds is matured before the
expiration of a period of twenty days.