(1) Where two or more security interests in the same tangible property extend to a mass or product under section 12 and each security interest is effective against a third party under section 22, the priority of each security interest in the mass or product is the same as the priority that each security interest in that tangible property had immediately before the tangible property was commingled in a mass or transformed in a product.
(2) Where more than one security interest extends to the same mass or product under section 12 and each was a security interest in a separate tangible property at the time of commingling or transforming, the secured creditors may share in the mass or product according to the ratio that the obligation secured by each security interest bears to the sum of the obligations secured by all the security interests.
(3) For the purposes of subsection (2), the obligation secured by a security interest that extends to the mass or product is subject to a limitation on the security interest under section 12.