Proceeds means the following property: 1. Whatever is acquired on the sale, lease, license, exchange or other disposition of receivership property; 2. Whatever is collected on, or distributed on account of, receivership property; 3. Rights arising out of receivership property; 4. To the extent of the value of receivership property, claims arising out of the loss, nonconformity or interference with the use of, defects or infringement of rights in or damage to the property; or 5. To the extent of the value of receivership property and to the extent payable to the owner or mortgagee, insurance payable by reason of the loss or nonconformity of, defects or infringement of rights in or damage to the property.
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