2011 Wisconsin Act 206

(4) Application of sub. (2) (b) 2. to transmitting utility financing statement. Subsection (2) (b) 2. applies to a financing statement that, before the effective date of this subsection .... [LRB inserts date], is filed against a transmitting utility and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in ch. 409, 2009 stats., only to the extent that this chapter, as affected by 2011 Wisconsin Act .... (this act), provides that the law of a jurisdiction other than the jurisdiction in which the financing statement is filed governs perfection of a security interest in collateral covered by the financing statement.

(5) Application of subch. V. A financing statement that includes a financing statement filed before the effective date of this subsection .... [LRB inserts date], and a continuation statement filed on or after the effective date of this subsection .... [LRB inserts date], is effective only to the extent that it satisfies the requirements of subch. V, as affected by 2011 Wisconsin Act .... (this act), for an initial financing statement. A financing statement that indicates that the debtor is a decedent's estate indicates that the collateral is being administered by a personal representative within the meaning of s. 409.503 (1) (b), as affected by 2011 Wisconsin Act .... (this act). A financing statement that indicates that the debtor is a trust or is a trustee acting with respect to property held in trust indicates that the collateral is held in a trust within the meaning of s. 409.503 (1) (c), as affected by 2011 Wisconsin Act .... (this act).

409.806 When initial financing statement suffices to continue effectiveness of financing statement. (1) Initial financing statement in lieu of continuation statement. The filing of an initial financing statement in the office specified in s. 409.501 continues the effectiveness of a financing statement filed before the effective date of this subsection .... [LRB inserts date], if:

(a) The filing of an initial financing statement in that office would be effective to perfect a security interest under this chapter, as affected by 2011 Wisconsin Act .... (this act);

(b) The preeffective-date financing statement was filed in an office in another state; and

(c) The initial financing statement satisfies sub. (3).

(2) Period of continued effectiveness. The filing of an initial financing statement under sub. (1) continues the effectiveness of the preeffective-date financing statement:

(a) If the initial financing statement is filed before the effective date of this paragraph .... [LRB inserts date], for the period provided in s. 409.515, 2009 stats., with respect to an initial financing statement; and

(b) If the initial financing statement is filed on or after the effective date of this paragraph .... [LRB inserts date], for the period provided in s. 409.515, as affected by 2011 Wisconsin Act .... (this act), with respect to an initial financing statement.

(3) Requirements for initial financing statement under sub. (1). To be effective for purposes of sub. (1), an initial financing statement must:

(a) Satisfy the requirements of subch. V, as affected by 2011 Wisconsin Act .... (this act), for an initial financing statement;

(b) Identify the preeffective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and

(c) Indicate that the preeffective-date financing statement remains effective.

409.807 Amendment of preeffective-date financing statement. (1) Preeffective-date financing statement. In this section, "preeffective-date financing statement" means a financing statement filed before the effective date of this subsection .... [LRB inserts date].

(2) Applicable law. On or after the effective date of this subsection .... [LRB inserts date], a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a preeffective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in this chapter, as affected by 2011 Wisconsin Act .... (this act). However, the effectiveness of a preeffective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.

(3) Method of amending: general rule. Except as otherwise provided in sub. (4), if the law of this state governs perfection of a security interest, the information in a preeffective-date financing statement may be amended on or after the effective date of this subsection .... [LRB inserts date], only if:

(a) The preeffective-date financing statement and an amendment are filed in the office specified in s. 409.501;

(b) An amendment is filed in the office specified in s. 409.501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies s. 409.806 (3); or

(c) An initial financing statement that provides the information as amended and satisfies s. 409.806 (3) is filed in the office specified in s. 409.501.

(4) Method of amending: continuation. If the law of this state governs perfection of a security interest, the effectiveness of a preeffective-date financing statement may be continued only under s. 409.805 (3) and (5) or 409.806.

(5) Method of amending: additional termination rule. Whether or not the law of this state governs perfection of a security interest, the effectiveness of a preeffective-date financing statement filed in this state may be terminated on or after the effective date of this subsection .... [LRB inserts date], by filing a termination statement in the office in which the preeffective-date financing statement is filed, unless an initial financing statement that satisfies s. 409.806 (3) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in this chapter, as affected by 2011 Wisconsin Act .... (this act), as the office in which to file a financing statement.

409.808 Persons entitled to file initial financing statement or continuation statement. A person may file an initial financing statement or a continuation statement under this subchapter if:

(1) The secured party of record authorizes the filing; and

(2) The filing is necessary under this subchapter:

(a) To continue the effectiveness of a financing statement filed before the effective date of this paragraph .... [LRB inserts date]; or

(b) To perfect or continue the perfection of a security interest.

409.809 Priority. 2011 Wisconsin Act .... (this act) determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before the effective date of this section .... [LRB inserts date], ch. 409, 2009 stats., determines priority.

206,43 Section 43. Effective date.

(1) This act takes effect on July 1, 2013.