409.101 Short title. This chapter may be cited as uniform commercial code — secured transactions. History: 2001 a. 10. Revised UCC Article 9: Compliance Tips for Creditors and Debtors. Farnam and Pleviak. Wis. Law. July/Aug 2013.
409.102 Definitions and index of definitions. (1) Chapter 409 definitions. In this chapter: (a) “Accession” means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. (ag) “Account,” except as used in “account for,” means a right to payment of a monetary obligation, […]
409.103 Purchase-money security interest; application of payments; burden of establishing. (1) Definitions. In this section: (a) “Purchase-money collateral” means goods or software that secures a purchase-money obligation incurred with respect to that collateral. (b) “Purchase-money obligation” means an obligation of an obligor incurred as all or part of the price of the collateral or for […]
409.1035 Production-money crops; production-money obligation; production-money security interest; burden of establishing. (1) A security interest in crops is a production-money security interest to the extent that the crops are production-money crops. (2) If the extent to which a security interest is a production-money security interest depends on the application of a payment to a particular […]
409.104 Control of deposit account. (1) Requirements for control. A secured party has control of a deposit account if: (a) The secured party is the bank with which the deposit account is maintained; (b) The debtor, secured party, and bank have agreed in an authenticated record that the bank will comply with instructions originated by […]
409.105 Control of electronic chattel paper. (1m) General rule: control of electronic chattel paper. A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned. (2m) Specific facts […]
409.106 Control of investment property. (1) Control under s. 408.106. A person has control of a certificated security, uncertificated security, or security entitlement as provided in s. 408.106. (2) Control of commodity contract. A secured party has control of a commodity contract if: (a) The secured party is the commodity intermediary with which the commodity […]
409.107 Control of letter-of-credit right. A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under ch. 405 or otherwise applicable […]
409.108 Sufficiency of description. (1) Sufficiency of description. Except as otherwise provided in subs. (3) to (5), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described. (2) Examples of reasonable identification. Except as otherwise provided in sub. (4), a description of collateral […]
409.109 Scope. (1) General scope of chapter. Except as otherwise provided in subs. (3) and (4), and s. 16.63 (4) on transactions involving tobacco settlement revenues, this chapter applies to: (a) A transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract; (b) An agricultural lien; (c) A […]
409.110 Security interests arising under ch. 402 or 411. A security interest arising under s. 402.401, 402.505, 402.711 (3), or 411.508 (5) is subject to this chapter. However, until the debtor obtains possession of the goods: (1) The security interest is enforceable, even if s. 409.203 (2) (c) has not been satisfied; (2) Filing is […]
