Added by Stats. 1982, Ch. 1364, Sec. 2. Operative July 1, 1983, by Sec. 3 of Ch. 1364.
(a)As used in this section:
(1)“Cash proceeds” means money, checks, deposit accounts, and the like.
(2)“Proceeds” means identifiable cash proceeds received upon the sale, exchange, collection, or other disposition of property subject to a judgment lien on personal property.
(b)Except as provided in subdivision (c), the judgment lien on personal property continues in the proceeds with the same priority.
(c)In the event of insolvency proceedings (as defined in Section 1201 of the Commercial Code) instituted by or against the judgment debtor, the judgment lien continues under subdivision (b) only in the following proceeds:
(1)Proceeds in a separate deposit account containing only proceeds.
(2)Proceeds in the form of money which are neither commingled with other money nor deposited in a deposit account prior to the insolvency proceedings.
(3)Proceeds in the form of checks and the like which are not deposited in a deposit account prior to the insolvency proceedings.
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