Section 9: Perfection of Security Interest in Proceeds

(1) A security interest in any proceeds of the collateral is perfected automatically without any further action by the grantor or the creditor when the proceeds arise or are acquired if:
(a) The proceeds are described in the Financing Statement; or
(b) The proceeds are in the form of money, accounts receivables, negotiable instruments or bank accounts.
(2) If the proceeds are not of the kind covered in the preceding sub section, the security interest will remain perfected if the Creditor registers an amendment adding a description of the asset that is proceeds within 15 days after they arose.