(1) Subject to subsection (2), a security interest in proceeds of movable property that is the subject of an acquisition security interest has the same priority over a competing security interest that the acquisition security interest in the movable property from which the proceeds arose has under section 59.
(2) Where the proceeds arose from inventory, or from intellectual property or rights of a licensee under a licence of intellectual property held by the grantor for sale or licence in the ordinary course of the business of the grantor, the security interest in the proceeds has the same priority over a competing security interest that —
(a) a non-acquisition security interest in a movable property of the same kind as the proceeds has under section 52 if the proceeds take the form of receivables, negotiable instrument, or a right to funds credited to a deposit account; and
(b) the acquisition security interest in the movable property from which the proceeds arose has under section 59 if the proceeds take another form, and before the proceeds arose a secured creditor that has a registered notice in the Register with respect to a non-acquisition security interest created by the grantor in a movable property of the same kind as the proceeds receives a notification from the acquisition secured creditor stating that it has or intends to obtain a security interest in properties of that kind and describes the properties sufficiently to enable the properties to be identified.