401.201 General definitions. (1) Unless the context otherwise requires, words or phrases defined in this section, or in the additional definitions contained in chs. 402 to 411 that apply to particular chapters or subchapters thereof, have the meanings stated. (2) Subject to definitions contained in chs. 402 to 411 that apply to particular chapters or […]
401.202 Notice; knowledge. (1) Subject to sub. (6), a person has “notice” of a fact if the person satisfies any of the following: (a) Has actual knowledge of it. (b) Has received a notice or notification of it. (c) From all the facts and circumstances known to the person at the time in question, has […]
401.203 Lease distinguished from security interest. (1) Whether a transaction in the form of a lease creates a lease or security interest is determined by the facts of each case. (2) A transaction in the form of a lease creates a security interest if the consideration that the lessee is to pay the lessor for […]
401.204 Value. Except as otherwise provided in chs. 403, 404, and 405, a person gives value for rights if the person acquires them under any of the following circumstances: (1) In return for a binding commitment to extend credit or for the extension of immediately available credit, whether or not drawn upon and whether or […]
401.205 Reasonable time; seasonableness. (1) Whether a time for taking an action required by chs. 401 to 411 is reasonable depends on the nature, purpose, and circumstances of the action. (2) An action is taken seasonably if it is taken at or within the time agreed or, if no time is agreed, at or within […]
