Texas Business & Commerce Code
§ 9.315 — SECURED PARTY'S RIGHTS ON DISPOSITION OF COLLATERAL AND IN PROCEEDS
BC § 9.315Title 1. UNIFORM COMMERCIAL CODE · Ch. 9. SECURED TRANSACTIONS · Art. C. PERFECTION AND PRIORITY
Statute text
View on source(a)Except as otherwise provided in this chapter and Section 2.403(b):
(1)a security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange, or other disposition thereof 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:
(1)if the proceeds are goods, to the extent provided by Section 9.336; and
(2)if the proceeds 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.
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Legislative history
Amended by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. July 1, 2001.