Chapter 409, UNIFORM COMMERCIAL CODE — SECURED TRANSACTIONS

409.528 Statewide lien system. The department shall establish and maintain a statewide lien system under this subchapter. History: 2001 a. 10; 2003 a. 206. SUBCHAPTER VI DEFAULT

409.601 Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes. (1) RIGHTS OF SECURED PARTY AFTER DEFAULT. After default, a secured party has the rights provided in this subchapter and, except as otherwi…

409.602 Waiver and variance of rights and duties. Except as otherwise provided in s. 409.624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sect…

409.603 Agreement on standards concerning rights and duties. (1) AGREED STANDARDS. The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in s. 409.602 if the standa…

409.604 Procedure if security agreement covers real property or fixtures. (1) ENFORCEMENT: PERSONAL AND REAL PROPERTY. If a security agreement covers both personal and real property, a secured party may proceed: (a) Under this subchapter as to the personal property without prejud…

409.605 Unknown debtor or secondary obligor. A secured party does not owe a duty based on its status as secured party: (1) To a person that is a debtor or obligor, unless the secured party knows: (a) That the person is a debtor or obligor; (b) The identity of the person; and (c) …

409.606 Time of default for agricultural lien. For purposes of this subchapter, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created. History: 2001 a. …

409.607 Collection and enforcement by secured party. (1) COLLECTION AND ENFORCEMENT GENERALLY. If so agreed, and in any event after default, a secured party: (a) May notify an account debtor or other person obligated on collateral to make payment or otherwise render performance t…

409.608 Application of proceeds of collection or enforcement; liability for deficiency and right to surplus. (1) APPLICATION OF PROCEEDS, SURPLUS, AND DEFICIENCY IF OBLIGATION SECURED. If a security interest or agricultural lien secures payment or performance of an obligation, th…

409.609 Secured party’s right to take possession after default. (1) POSSESSION; RENDERING EQUIPMENT UNUSABLE; DISPOSITION ON DEBTOR’S PREMISES. After default, a secured party: (a) May take possession of the collateral; and (b) Without removal, may render equipment unusable and di…

409.610 Disposition of collateral after default. (1) DISPOSITION AFTER DEFAULT. After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processin…

409.611 Notification before disposition of collateral. (1) NOTIFICATION DATE. In this section, “notification date” means the earlier of the date on which: (a) A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or (b) The de…

409.612 Timeliness of notification before disposition of collateral. (1) REASONABLE TIME IS QUESTION OF FACT. Except as otherwise provided in sub. (2), whether a notification is sent within a reasonable time is a question of fact. (2) TEN-DAY PERIOD SUFFICIENT IN NONCONSUMER TRAN…

409.613 Contents and form of notification before disposition of collateral: general. Except in a consumer-goods transaction, the following rules apply: (1) NOTIFICATION: WHEN SUFFICIENT. The contents of a notification of disposition are sufficient if the notification: (a) Describ…

409.614 Contents and form of notification before disposition of collateral: consumer-goods transaction. In a consumer-goods transaction, the following rules apply: (1) NOTIFICATION OF DISPOSITION. A notification of disposition must provide the following information: (a) The infor…

409.615 Application of proceeds of disposition; liability for deficiency and right to surplus. (1) APPLICATION OF PROCEEDS. A secured party shall apply or pay over for application the cash proceeds of disposition under s. 409.610 in the following order to: (a) The reasonable expe…

409.616 Explanation of calculation of surplus or deficiency. (1) DEFINITIONS. In this section: (a) “Explanation” means a writing that: 1. States the amount of the surplus or deficiency; 2. Provides an explanation in accordance with sub. (3) of how the secured party calculated the…

409.617 Rights of transferee of collateral. (1) EFFECTS OF DISPOSITION. A secured party’s disposition of collateral after default: (a) Transfers to a transferee for value all of the debtor’s rights in the collateral; (b) Discharges the security interest under which the dispositio…

409.618 Rights and duties of certain secondary obligors. (1) RIGHTS AND DUTIES OF SECONDARY OBLIGOR. A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (a) Receives an assignment of a secured oblig…

409.619 Transfer of record or legal title. (1) TRANSFER STATEMENT. In this section, “transfer statement” means a record authenticated by a secured party stating: (a) That the debtor has defaulted in connection with an obligation secured by specified collateral; (b) That the secur…

409.620 Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral. (1) CONDITIONS TO ACCEPTANCE IN SATISFACTION. Except as otherwise provided in sub. (7), a secured party may accept collateral in full or partial satisfaction of t…

409.621 Notification of proposal to accept collateral. (1) PERSONS TO WHICH PROPOSAL TO BE SENT. A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: (a) Any person from which the secured party …

409.622 Effect of acceptance of collateral. (1) EFFECT OF ACCEPTANCE. A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures: (a) Discharges the obligation to the extent consented to by the debtor; (b) Transfers to the secured part…

409.623 Right to redeem collateral. (1) PERSONS THAT MAY REDEEM. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (2) REQUIREMENTS FOR REDEMPTION. To redeem collateral, a person shall tender: (a) Fulfillment of all obligations secur…

409.624 Waiver. (1) WAIVER OF DISPOSITION NOTIFICATION. A debtor or secondary obligor may waive the right to notification of disposition of collateral under s. 409.611 only by an agreement to that effect entered into and authenticated after default. (2) WAIVER OF MANDATORY DISPOS…

409.625 Remedies for secured party’s failure to comply with chapter. (1) JUDICIAL ORDERS CONCERNING NONCOMPLIANCE. If it is established that a secured party is not proceeding in accordance with this chapter, a court may order or restrain collection, enforcement, or disposition of…

409.626 Action in which deficiency or surplus is in issue. (1) APPLICABLE RULES IF AMOUNT OF DEFICIENCY OR SURPLUS IN ISSUE. In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules…

409.627 Determination of whether conduct was commercially reasonable. (1) GREATER AMOUNT OBTAINABLE UNDER OTHER CIRCUMSTANCES; NO PRECLUSION OF COMMERCIAL REASONABLENESS. The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or accepta…

409.628 Nonliability and limitation on liability of secured party; liability of secondary obligor. (1) LIMITATION OF LIABILITY OF SECURED PARTY FOR NONCOMPLIANCE WITH CHAPTER. Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and…

409.702 Savings clause. (1) PREEFFECTIVE-DATE TRANSACTIONS OR LIENS. Except as otherwise provided in this subchapter, 2001 Wisconsin Act 10 applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before July 1, 2001. (2) CONT…

409.703 Security interest perfected before effective date. (1) CONTINUING PRIORITY OVER LIEN CREDITOR: PERFECTION REQUIREMENTS SATISFIED. A security interest that is enforceable immediately before July 1, 2001, and would have priority over the rights of a person that becomes a li…

409.704 Security interest unperfected before effective date. A security interest that is enforceable immediately before July 1, 2001, but which would be subordinate to the rights of a person that becomes a lien creditor at that time: (1) Remains an enforceable security interest f…

409.705 Effectiveness of action taken before effective date. (1) PREEFFECTIVE-DATE ACTION; ONE-YEAR PERFECTION PERIOD UNLESS REPERFECTED. If action, other than the filing of a financing statement, is taken before July 1, 2001, and the action would have resulted in priority of a s…

409.706 When initial financing statement suffices to continue effectiveness of financing statement. (1) INITIAL FINANCING STATEMENT IN LIEU OF CONTINUATION STATEMENT. The filing of an initial financing statement in the office UCC — SECURED TRANSACTIONS 409.707 specified in s. 409…

409.707 Amendment of preeffective-date financing statement. (1) PREEFFECTIVE-DATE FINANCING STATEMENT. In this section, “preeffective-date financing statement” means a financing statement filed before July 1, 2001. (2) APPLICABLE LAW. On or after July 1, 2001, a person may add or…

409.708 Persons entitled to file initial financing statement or continuation statement. A person may file an initial financing statement or a continuation statement under this subchapter if: (1) The secured party of record authorizes the filing; and (2) The filing is necessary un…

409.709 Priority. (1) LAW GOVERNING PRIORITY. 2001 Wisconsin Act 10 determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before July 1, 2001, ch. 409, 1999 stats., determines priority. (2) PRIORITY IF SECU…

409.710 Special transitional provision for maintaining and searching local filing office records. (1) DEFINITIONS. In this section: (a) “Former-ch.-409 records”: 1. Means: a. Financing statements and other records that have been filed in a local filing office before July 1, 2001,…

409.802 Savings clause. (1) PREEFFECTIVE-DATE TRANSACTIONS OR LIENS. Except as otherwise provided in this subchapter, 2011 Wisconsin Act 206 applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before July 1, 2013. (2) PRE…

409.803 Security interest perfected before effective date. (1) CONTINUING PERFECTION: PERFECTION REQUIREMENTS SATISFIED. A security interest that is a perfected security interest immediately before July 1, 2013, is a perfected security interest under this chapter, as affected by …

409.804 Security interest unperfected before effective date. A security interest that is an unperfected security interest immediately before July 1, 2013, becomes a perfected security interest: (1) Without further action, on July 1, 2013, if the applicable requirements for perfec…

409.805 Effectiveness of action taken before effective date. (1) PREEFFECTIVE-DATE FILING EFFECTIVE. The filing of a financing statement before July 1, 2013, is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfect…

409.806 When initial financing statement suffices to continue effectiveness of financing statement. (1) INITIAL FINANCING STATEMENT IN LIEU OF CONTINUATION STATEMENT. The filing of an initial financing statement in the office specified in s. 409.501 continues the effectiveness of…

409.807 Amendment of preeffective-date financing statement. (1) PREEFFECTIVE-DATE FINANCING STATEMENT. In this section, “preeffective-date financing statement” means a financing statement filed before July 1, 2013. (2) APPLICABLE LAW. On or after July 1, 2013, a person may add or…

409.808 Persons entitled to file initial financing statement or continuation statement. A person may file an initial financing statement or a continuation statement under this subchapter if: (1) The secured party of record authorizes the filing; and (2) The filing is necessary un…

409.809 Priority. 2011 Wisconsin Act 206 determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before July 1, 2013, ch. 409, 2009 stats., determines priority. History: 2011 a. 206.