CHAPTER 409
UNIFORM COMMERCIAL CODE — SECURED TRANSACTIONS
SHORT TITLE, APPLICABILITY AND DEFINITIONS
409.102 Policy and subject matter of chapter.
409.103 Perfection of security interests in multiple state transactions.
409.104 Transactions excluded from chapter.
409.105 Definitions and index of definitions.
409.106 Definitions: "account"; "general intangibles".
409.107 Definitions: "purchase money security interest".
409.108 When after-acquired collateral not security for antecedent debt.
409.109 Classification of goods; "consumer goods"; "equipment"; "farm products"; "inventory".
409.110 Sufficiency of description.
409.111 Applicability of bulk transfer laws.
409.112 Where collateral is not owned by debtor.
409.113 Security interests arising under ch.
402 or
411.
409.115 Investment property.
409.116 Security interest arising in purchase or delivery of financial asset.
VALIDITY OF SECURITY AGREEMENT
AND RIGHTS OF PARTIES THERETO
409.201 General validity of security interest.
409.202 Title to collateral immaterial.
409.203 Attachment and enforceability of security interest; proceeds; formal requisites.
409.204 After-acquired property; future advances.
409.205 Use or disposition of collateral without accounting permissible.
409.206 Agreement not to assert defenses against assignee; modification of sales warranties where security agreement exists.
409.207 Rights and duties when collateral is in secured party's possession.
409.208 Request for statement of account or list of collateral.
RIGHTS OF THIRD PARTIES; PERFECTED AND UNPERFECTED SECURITY INTERESTS; RULES OF PRIORITY
409.301 Persons who take priority over unperfected security interests; rights of "lien creditor".
409.302 When filing is required to perfect security interest; security interests to which filing provisions of this chapter do not apply.
409.303 When security interest is perfected; continuity of perfection.
409.304 Perfection of security interest in instruments, documents and goods covered by documents; perfection by permissive filing; temporary perfection without filing or transfer of possession.
409.305 When possession by secured party perfects security interest without filing.
409.306 "Proceeds"; secured party's rights on disposition of collateral.
409.307 Protection of buyers of goods.
409.308 Purchase of chattel paper and instruments.
409.309 Protection of purchasers of instruments, documents and securities.
409.310 Priority of certain liens arising by operation of law.
409.311 Alienability of debtor's rights: judicial process.
409.312 Priorities among conflicting security interests in the same collateral.
409.313 Priority of security interests in fixtures.
409.315 Priority when goods are commingled or processed.
409.316 Priority subject to subordination.
409.317 Secured party not obligated on contract of debtor.
409.318 Defenses against assignee; modification of contract after notification of assignment; term prohibiting assignment ineffective; identification and proof of assignment.
FILING
409.401 Place of filing; erroneous filing; removal of collateral.
409.402 Formal requisites of financing statement; amendments; mortgage as financing statement.
409.403 What constitutes filing; duration of filing; effect of lapsed filing; duties of filing officer.
409.404 Termination statement.
409.405 Assignment of security interest; duties of filing officer; fees.
409.406 Release of collateral; duties of filing officer; fees.
409.407 Duties and liability of filing officer.
409.408 Financing statements covering consigned or leased goods.
409.409 Storage of records.
409.410 Statewide lien system.
DEFAULT
409.501 Default; procedure when security agreement covers both real and personal property.
409.502 Collection rights of secured party.
409.503 Secured party's right to take possession after default.
409.504 Secured party's right to dispose of collateral after default; effect of disposition.
409.505 Compulsory disposition of collateral; acceptance of the collateral as discharge of obligation.
409.506 Debtor's right to redeem collateral.
409.507 Secured party's liability for failure to comply with default provisions.
Ch. 409 Cross-reference
Cross-reference: See definitions in s.
401.201.
SHORT TITLE, APPLICABILITY AND DEFINITIONS
409.101
409.101
Short title. This chapter shall be known and may be cited as uniform commercial code—secured transactions.
409.101 Annotation
When does a debtor have rights in the collateral under article 9 of the uniform commercial code? Anzivino. 61 MLR 23.
409.102
409.102
Policy and subject matter of chapter. 409.102(1)(1) Except as otherwise provided in
s. 409.104 on excluded transactions, this chapter applies:
409.102(1)(a)
(a) To any transaction (regardless of its form) which is intended to create a security interest in personal property or fixtures including goods, documents, instruments, general intangibles, chattel paper or accounts.
409.102(2)
(2) This chapter applies to security interests created by contract including pledge, assignment, chattel mortgage, chattel trust, trust deed, factor's lien, equipment trust, conditional sale, trust receipt, other lien or title retention contract and lease or consignment intended as security. This chapter does not apply to statutory liens except as provided in
s. 409.310.
409.102(3)
(3) The application of this chapter to a security interest in a secured obligation is not affected by the fact that the obligation is itself secured by a transaction or interest to which this chapter does not apply.
409.102 History
History: 1973 c. 215.
409.102 Annotation
A lease requiring a security deposit may operate to create a security interest in the deposit subject to this chapter. Demotropoulous v. Bank One Milwaukee,
924 F. Supp. 894 (1996).
409.102 Annotation
Secured transactions under the uniform commercial code: changes in Wisconsin filing provisions. 1974 WLR 864.
409.103
409.103
Perfection of security interests in multiple state transactions. 409.103(1)(1)
Documents, instruments and ordinary goods.
