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409.601 – Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes.

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 otherwise provided in s. 409.602, those provided by agreement of the parties. A secured party: […]

409.602 – Waiver and variance of rights and duties.

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 sections: (1) Section 409.207 (2) […]

409.603 – Agreement on standards concerning rights and duties.

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 standards are not manifestly unreasonable. (2) Agreed standards inapplicable […]

409.604 – Procedure if security agreement covers real property or fixtures.

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 prejudicing any rights with respect to the real property; or (b) As to both […]

409.605 – Unknown debtor or secondary obligor.

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) How to […]

409.606 – Time of default for agricultural lien.

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. 10.

409.607 – Collection and enforcement by secured party.

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 to or for the benefit of the secured party; (b) May take […]

409.609 – Secured party’s right to take possession after default.

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 dispose of collateral on a debtor’s premises under s. 409.610. (2) Judicial and nonjudicial process. A […]

409.610 – Disposition of collateral after default.

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 processing. (2) Commercially reasonable disposition. Every aspect of a disposition of collateral, including the method, […]

409.611 – Notification before disposition of collateral.

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 debtor and any secondary obligor waive the right to notification. (2) Notification of […]

409.612 – Timeliness of notification before disposition of collateral.

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 transaction. In a transaction other than a consumer transaction, a notification of disposition […]

409.613 – Contents and form of notification before disposition of collateral: general.

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) Describes the debtor and the secured party; (b) Describes the collateral that is the subject of the intended […]

409.614 – Contents and form of notification before disposition of collateral: consumer-goods transaction.

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 information specified in s. 409.613 (1); (b) A description of any liability for a deficiency of the person to which […]

409.616 – Explanation of calculation of surplus or deficiency.

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 surplus or deficiency; 3. States, if applicable, that future debits, credits, […]

409.617 – Rights of transferee of collateral.

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 disposition is made; and (c) Discharges any subordinate security interest or other subordinate lien. […]

409.618 – Rights and duties of certain secondary obligors.

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 obligation from the secured party; (b) Receives a transfer of collateral from […]

409.619 – Transfer of record or legal title.

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 secured party has exercised its postdefault remedies with respect to the collateral; (c) […]