§ 9-315. Secured party’s rights on disposition of collateral and in proceeds.
A. Disposition of Collateral – Continuation of Security Interest; Proceeds. Except as otherwise provided in this Osage Nation Secured Transactions Act and in any applicable law dealing with entrustment of goods:
1. A security interest continues in collateral notwithstanding sale, lease, license, exchange, or other disposition thereof unless the secured party authorized the disposition free of the security interest; and
2. A security interest attaches to any identifiable proceeds of collateral.
B. When Commingled Proceeds Identifiable. Proceeds that are commingled with other property are identifiable proceeds:
1. If the proceeds are goods, to the extent provided by the provisions of this Osage Nation Secured Transactions Act dealing with commingled goods; 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, which is permitted under law other than this Osage Nation Secured Transactions Act with respect to commingled property of the type involved.
C. Perfection of Security Interest in Proceeds. A security interest in proceeds is a perfected security interest if the security interest in the original collateral was perfected.
D. Continuation of Perfection. A perfected security interest in proceeds becomes unperfected on the twenty-first day after the security interest attaches to the proceeds unless:
1. The following conditions are satisfied:
a. A filed financing statement covers the original collateral;
b. The proceeds are collateral in which a security interest may be perfected by filing in the office in which the financing statement has been filed; and
3. The security interest in the proceeds is perfected other than under subsection (C) of this section when the security interest attaches to the proceeds or within twenty (20) days thereafter.
E. When Perfected Security Interest in Proceeds Becomes Unperfected. If a filed financing statement covers the original collateral, a security interest in proceeds which remains perfected under subsection (D)(1) of this section becomes unperfected at the later of:
1. When the effectiveness of the filed financing statement lapses or is terminated under the provisions of this Osage Nation Secured Transactions Act dealing with lapse or termination; or
2. The twenty-first day after the security interest attaches to the proceeds. ONCA 07-22, eff. June 18, 2007.