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Bank had a perfected security interest in Debtor's inventory by filing. Debtor sold inventory in the ordinary course and received three forms of proceeds: cash deposited into a separate account, a negotiable promissory note from Buyer, and a used delivery truck accepted as trade-in value. Bank did not take possession of the note, did not have its lien noted on the truck title, and did not file anything new within 20 days after the sale. The original financing statement would have been filed in the same office to perfect a security interest in Debtor's accounts and general intangibles, but not to perfect a security interest in titled motor vehicles.
Debtor defaulted 45 days later. Bank argues that its perfected security interest continued in all identifiable proceeds. Debtor argues that Bank may have temporary proceeds perfection but lost perfection in at least some noncash proceeds after 20 days.
Discuss whether Bank remained perfected in the cash, the promissory note, and the delivery truck proceeds 45 days after the inventory sale.