409.201 General effectiveness of security agreement. (1) General effectiveness. Except as otherwise provided in chs. 401 to 411, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors. (2) Applicable consumer laws and other law. A transaction subject to this chapter is subject to any […]
409.202 Title to collateral immaterial. Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this chapter with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor. History: 2001 a. 10. A person with […]
409.203 Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites. (1) Attachment. A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment. (2) Enforceability. Except as otherwise provided in subs. (3) to (9), a security interest […]
409.204 After-acquired property; future advances. (1) After-acquired collateral. Except as otherwise provided in sub. (2), a security agreement may create or provide for a security interest in after-acquired collateral. (2) When after-acquired property clause not effective. A security interest does not attach under a term constituting an after-acquired property clause to: (a) Consumer goods, other […]
409.205 Use or disposition of collateral permissible. (1) When security interest not invalid or fraudulent. A security interest is not invalid or fraudulent against creditors solely because: (a) The debtor has the right or ability to: 1. Use, commingle, or dispose of all or part of the collateral, including returned or repossessed goods; 2. Collect, […]
409.206 Security interest arising in purchase or delivery of financial asset. (1) Security interest when person buys through securities intermediary. A security interest in favor of a securities intermediary attaches to a person’s security entitlement if: (a) The person buys a financial asset through the securities intermediary in a transaction in which the person is […]
409.207 Rights and duties of secured party having possession or control of collateral. (1) Duty of care when secured party in possession. Except as otherwise provided in sub. (4), a secured party shall use reasonable care in the custody and preservation of collateral in the secured party’s possession. In the case of chattel paper or […]
409.208 Additional duties of secured party having control of collateral. (1) Applicability of section. This section applies to cases in which there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations, or otherwise give value. (2) Duties of secured party after receiving demand from debtor. Within 10 […]
409.209 Duties of secured party if account debtor has been notified of assignment. (1) Applicability of section. Except as otherwise provided in sub. (3), this section applies if: (a) There is no outstanding secured obligation; and (b) The secured party is not committed to make advances, incur obligations, or otherwise give value. (2) Duties of […]
409.210 Request for accounting; request regarding list of collateral or statement of account. (1) Definitions. In this section: (a) “Request” means a record of a type described in par. (b), (c), or (d). (b) “Request for an accounting” means a record authenticated by a debtor requesting that the recipient provide an accounting of the unpaid […]
