31. Perfection as to proceeds

Where dealing with a collateral gives rise to proceeds, the security right in such collateral-

If a secured party enforces a security right against both the collateral and the proceeds, the amount secured by the security right in the collateral and the proceeds shall be limited to the market value of the collateral at the date of the dealing.

A security right in proceeds shall be a continuously perfected security right, if the interest in the collateral was perfected when the proceeds arose.

Where a security right in the original collateral is perfected otherwise than by registration, the security right in the proceeds becomes unperfected ten days after the debtor acquires an interest in the proceeds, unless the security right in the proceeds is perfected under this Act.