2003 - 2004 LEGISLATURE
September 18, 2003 - Introduced by Representatives McCormick, Nischke,
Staskunas, Hahn, Honadel, Krawczyk, Gronemus, Weber
and Gielow,
cosponsored by Senators Kanavas, Stepp, Lassa, Reynolds and Roessler.
Referred to Committee on Economic Development.
AB521,1,3 1An Act to repeal 401.105 (2) (c) and chapter 406; and to amend 402.403 (4),
2452.09 (3) (a), 480.08 (2m) (intro.) and 480.14 (4) of the statutes; relating to:
3bulk transfers of inventory.
Analysis by the Legislative Reference Bureau
Under current law, the bulk transfer provisions of the Uniform Commercial
Code (UCC) generally require a business enterprise to give creditors notice before
any transfer of a major part of the value of the business' inventory or a substantial
part of the equipment of the business, if the equipment is included with a bulk
transfer of inventory. These provisions apply to all business enterprises whose
principal business is the sale of merchandise from stock, including retailers of
alcohol beverages. This bill repeals the bulk transfer provisions of the UCC.
The National Conference of Commissioners on Uniform State Laws and the
American Law Institute recommended repeal of the UCC bulk transfers law in 1989
and promulgated the official text. The American Bar Association approved the text
in 1990.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB521, s. 1 4Section 1. 401.105 (2) (c) of the statutes is repealed.
AB521, s. 2 5Section 2. 402.403 (4) of the statutes is amended to read:
1402.403 (4) The rights of other purchasers of goods and of lien creditors are
2governed by chs. 406, 407 and 409.
AB521, s. 3 3Section 3. Chapter 406 of the statutes is repealed.
AB521, s. 4 4Section 4. 452.09 (3) (a) of the statutes is amended to read:
AB521,2,145 452.09 (3) (a) In determining competency, the department shall require proof
6that the applicant for a broker's or salesperson's license has a fair knowledge of the
7English language, a fair understanding of the general purposes and general legal
8effect of deeds, mortgages, land contracts of sale, leases, bills of sale, chattel
9mortgages, and conditional sales contracts, the provisions of the bulk sales law and
10a general and fair understanding of the obligations between principal and agent, as
11well as of this chapter. An applicant receiving a failing grade, as established by rules
12of the department, on any examination given under this section shall be denied a
13license, but any applicant may review his or her examination results in a manner
14established by rules of the department.
AB521, s. 5 15Section 5. 480.08 (2m) (intro.) of the statutes is amended to read:
AB521,2,2316 480.08 (2m) Examination not required. (intro.) Notwithstanding sub. (2) (e),
17the department shall register as an auctioneer under sub. (2) an individual who, not
18later than December 1, 1997, satisfies the requirements under sub. (2) (intro.) and
19(a) to (d); submits to the department a statement, signed by the individual, verifying
20that he or she has knowledge of the requirements for auctioneers under ss. 29.501,
21and 402.328 and 406.108, subch. III of ch. 77, subch. VIII of ch. 218, this chapter, and
22all other state laws that include requirements for auctioneers; and submits evidence
23satisfactory to the department that he or she has done any of the following:
AB521, s. 6 24Section 6. 480.14 (4) of the statutes is amended to read:
1480.14 (4) An auctioneer shall comply with all requirements for auctioneers
2under ss. s. 402.328 and 406.108 and the rules promulgated under ss. s. 402.328 and
AB521,3,44 (End)