(1) A grantor of a security interest in receivables and the secured creditor, whether or not notification of the security interest has been sent to the debtor of receivables, if payment with respect to the receivables is made —
(a) to the secured creditor, the secured creditor may retain any payments with respect to the receivables that are made to the secured creditor, and any tangible property returned with respect to the receivables;
(b) to the grantor, whether in a deposit account controlled by the secured creditor or another person, the secured creditor may retain the proceeds of any payments with respect to the receivables that are made to the grantor and any property returned to the grantor with respect to the receivables; and
(c) to another person over whom the secured creditor has priority, the secured creditor may retain the proceeds of any payments with respect to the receivables that are made to that person.
(2) Except in the case of a transfer of receivables, the secured creditor may not retain more than the value of the obligation secured by the receivables.