(1) A security interest in an encumbered property extends to its identifiable proceeds.
(2) Subject to subsection (3), if proceeds in the form of funds credited to a deposit account or monies have commingled with other property of the same kind, the security interest extends to the commingled property and the value of the security interest in the commingled property is limited to the value of the proceeds immediately before being commingled.
(3) Where, after the commingling of funds credited to a deposit account or money, the value of the balance credited to the deposit account or of the commingled money is less than the value of the proceeds immediately before being commingled, the value of the security interest in the commingled property is limited to the lowest value of the balance credited to the deposit account or of the commingled money between the time when the proceeds were commingled and the time the security interest in the proceeds is claimed.