409.501 Filing office. (1) Filing offices. Except as otherwise provided in sub. (2), if the local law of this state governs perfection of a security interest or agricultural lien, the office in which to file a financing statement to perfect the security interest or agricultural lien is: (a) The office designated for the filing or […]
409.502 Contents of financing statement; record of mortgage as financing statement; time of filing financing statement. (1) Sufficiency of financing statement. Subject to sub. (2), a financing statement is sufficient only if it: (a) Provides the name of the debtor; (b) Provides the name of the secured party or a representative of the secured party; […]
409.504 Indication of collateral. A financing statement sufficiently indicates the collateral that it covers if the financing statement provides: (1) A description of the collateral pursuant to s. 409.108; or (2) An indication that the financing statement covers all assets or all personal property. History: 2001 a. 10.
409.505 Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions. (1) Use of terms other than debtor and secured party. A consignor, lessor, or other bailor of goods, a licensor, or a buyer of a payment intangible or promissory note may file a financing statement, or may comply […]
409.506 Effect of errors or omissions. (1) Minor errors and omissions. A financing statement substantially satisfying the requirements of this subchapter is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading. (2) Financing statement seriously misleading. Except as otherwise provided in sub. (3), a […]
409.507 Effect of certain events on effectiveness of financing statement. (1) Disposition. A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed, or otherwise disposed of and in which a security interest or agricultural lien continues, even if the secured party knows of or consents to the disposition. (2) […]
409.508 Effectiveness of financing statement if new debtor becomes bound by security agreement. (1) Financing statement naming original debtor. Except as otherwise provided in this section, a filed financing statement naming an original debtor is effective to perfect a security interest in collateral in which a new debtor has or acquires rights to the extent […]
409.509 Persons entitled to file a record. (1) Person entitled to file record. A person may file an initial financing statement, amendment that adds collateral covered by a financing statement, or amendment that adds a debtor to a financing statement only if: (a) The debtor authorizes the filing in an authenticated record or pursuant to […]
409.510 Effectiveness of filed record. (1) Filed record effective if authorized. A filed record is effective only to the extent that it was filed by a person that may file it under s. 409.509. (2) Authorization by one secured party of record. A record authorized by one secured party of record does not affect the […]
409.511 Secured party of record. (1) Secured party of record. A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an initial financing […]
409.512 Amendment of financing statement. (1) Amendment of information in financing statement. Subject to s. 409.509, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to sub. (5), otherwise amend the information provided in, a financing statement by filing an amendment that: (a) Identifies, by its file […]
409.513 Termination statement. (1) Consumer goods. A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing statement if the financing statement covers consumer goods and: (a) There is no obligation secured by the collateral covered by the financing statement and no commitment to […]
409.514 Assignment of powers of secured party of record. (1) Assignment reflected on initial financing statement. Except as otherwise provided in sub. (3), an initial financing statement may reflect an assignment of all of the secured party’s power to authorize an amendment to the financing statement by providing the name and mailing address of the […]
409.515 Duration and effectiveness of financing statement; effect of lapsed financing statement. (1) Five-year effectiveness. Except as otherwise provided in subs. (2), (5), (6), and (7), a filed financing statement is effective for a period of 5 years after the date of filing. (2) Public-finance or manufactured-home transaction. Except as otherwise provided in subs. (5), […]
409.516 What constitutes filing; effectiveness of filing. (1) What constitutes filing. Except as otherwise provided in sub. (2), communication of a record to a filing office and tender of the filing fee or acceptance of the record by the filing office constitutes filing. (2) Refusal to accept record; filing does not occur. Filing does not […]
409.517 Effect of indexing errors. The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record. History: 2001 a. 10.
409.518 Claim concerning inaccurate or wrongfully filed record. (1) Statement with respect to record indexed under person’s name. A person may file in the filing office an information statement with respect to a record indexed there under the person’s name if the person believes that the record is inaccurate or was wrongfully filed. (2) Contents […]
409.519 Numbering, maintaining, and indexing records; communicating information provided in records. (1) Filing-office duties. For each record filed in a filing office, the filing office shall: (a) Assign a unique number to the filed record; (b) Create a record that bears the number assigned to the filed record and the date and time of filing; […]
409.520 Acceptance and refusal to accept record; social security numbers. (1) Mandatory refusal to accept record. A filing office shall refuse to accept a record for filing for a reason set forth in s. 409.516 (2) and may refuse to accept a record for filing only for a reason set forth in s. 409.516 (2). […]
409.521 Uniform form of written financing statement and amendment. (1) Tax identification number. In publishing instructions for the forms specified in subs. (2) and (3), the department of financial institutions shall include a statement, where applicable, that inclusion of an employer identification number is not required under Wisconsin law. (2) Initial financing statement form. A […]
