SB416, s. 17 18Section 17. 409.502 (3) (c) 2. of the statutes is created to read:
SB416,10,2219 409.502 (3) (c) 2. The record sufficiently provides the name of a debtor who is
20an individual if it provides the individual name of the debtor or the surname and first
21personal name of the debtor, even if the debtor is an individual to whom s. 409.503
22(1) (dm) applies; and
SB416, s. 18 23Section 18. 409.503 (1) (a) of the statutes is amended to read:
SB416,11,524 409.503 (1) (a) If Except as otherwise provided in par. (c), if the debtor is a
25registered organization or the collateral is held in a trust that is a registered

1organization
, only if the financing statement provides the name of the debtor
2indicated
that is stated to be the registered organization's name on the public organic
3record of the debtor's most recently filed with or issued or enacted by the registered
4organization's
jurisdiction of organization which shows the debtor to have been
5organized
purports to state, amend, or restate the registered organization's name;
SB416, s. 19 6Section 19. 409.503 (1) (b) of the statutes is amended to read:
SB416,11,117 409.503 (1) (b) If the debtor is a decedent's estate Subject to sub. (6), if the
8collateral is being administered by the personal representative of a decedent
, only
9if the financing statement provides, as the name of the debtor, the name of the
10decedent and, in a separate part of the financing statement, indicates that the debtor
11is an estate
collateral is being administered by a personal representative;
SB416, s. 20 12Section 20. 409.503 (1) (c) (intro.) of the statutes is amended to read:
SB416,11,1513 409.503 (1) (c) (intro.) If the debtor is a trust or a trustee acting with respect
14to property held in trust, only if the financing statement
collateral is held in a trust
15that is not a registered organization, only if the financing statement
:
SB416, s. 21 16Section 21. 409.503 (1) (c) 1. and 2. of the statutes are repealed.
SB416, s. 22 17Section 22. 409.503 (1) (c) 1m. and 2m. of the statutes are created to read:
SB416,11,1818 409.503 (1) (c) 1m. Provides, as the name of the debtor:
SB416,11,2019 a. If the organic record of the trust specifies a name for the trust, the name
20specified; or
SB416,11,2221 b. If the organic record of the trust does not specify a name for the trust, the
22name of the settlor or testator; and
SB416,11,2323 2m. In a separate part of the financing statement:
SB416,11,2524 a. If the name is provided in accordance with subd. 1m. a., indicates that the
25collateral is held in a trust; or
SB416,12,4
1b. If the name is provided in accordance with subd. 1m. b., provides additional
2information sufficient to distinguish the trust from other trusts having one or more
3of the same settlors or the same testator and indicates that the collateral is held in
4a trust, unless the additional information so indicates;
SB416, s. 23 5Section 23. 409.503 (1) (d) of the statutes is renumbered 409.503 (1) (f), and
6409.503 (1) (f) 1. and 2., as renumbered, are amended to read:
SB416,12,87 409.503 (1) (f) 1. If the debtor has a name, only if it the financing statement
8provides the individual or organizational name of the debtor; and
SB416,12,129 2. If the debtor does not have a name, only if it the financing statement provides
10the names of the partners, members, associates, or other persons comprising the
11debtor, in a manner that each name provided would be sufficient if the person named
12were the debtor
.
SB416, s. 24 13Section 24. 409.503 (1) (dm) and (e) of the statutes are created to read:
SB416,12,1714 409.503 (1) (dm) Subject to sub. (7), if the debtor is an individual to whom this
15state has issued an operator's license under ch. 343 or identification card under s.
16343.50 that has not expired, only if the financing statement provides the name of the
17individual which is indicated on the operator's license or identification card;
SB416,12,2018 (e) If the debtor is an individual to whom par. (dm) does not apply, only if the
19financing statement provides the individual name of the debtor or the surname and
20first personal name of the debtor; and
SB416, s. 25 21Section 25. 409.503 (2) (b) of the statutes is amended to read:
SB416,12,2322 409.503 (2) (b) Unless required under sub. (1) (d) (f) 2., names of partners,
23members, associates, or other persons comprising the debtor.
SB416, s. 26 24Section 26. 409.503 (6), (7) and (8) of the statutes are created to read:
SB416,13,4
1409.503 (6) Name of decedent. The name of the decedent indicated on the
2order appointing the personal representative of the decedent issued by the court
3having jurisdiction over the collateral is sufficient as the "name of the decedent"
4under sub. (1) (b).
SB416,13,8 5(7) Multiple licenses or identification cards. If this state has issued to an
6individual more than one operator's license under ch. 343 or identification card
7under s. 343.50 of a kind described in sub. (1) (dm), the one that was issued most
8recently is the one to which sub. (1) (dm) refers.
SB416,13,9 9(8) Definition. In this section, the "name of the settlor or testator" means:
SB416,13,1310 (a) If the settlor is a registered organization, the name that is stated to be the
11settlor's name on the public organic record most recently filed with or issued or
12enacted by the settlor's jurisdiction of organization which purports to state, amend,
13or restate the settlor's name;
SB416,13,1514 (b) In other cases, the name of the settlor or testator indicated in the trust's
15organic record.
SB416, s. 27 16Section 27. 409.507 (3) of the statutes is amended to read:
SB416,13,2017 409.507 (3) Change in debtor's name. If a debtor so changes its the name that
18a filed financing statement provides for a debtor becomes insufficient as the name
19of the debtor under s. 409.503 (1) so that the financing statement becomes
seriously
20misleading under s. 409.506:
SB416,13,2321 (a) The financing statement is effective to perfect a security interest in
22collateral acquired by the debtor before, or within 4 months after, the change filed
23financing statement becomes seriously misleading
; and
SB416,14,324 (b) The financing statement is not effective to perfect a security interest in
25collateral acquired by the debtor more than 4 months after the change filed financing

1statement becomes seriously misleading
, unless an amendment to the financing
2statement which renders the financing statement not seriously misleading is filed
3within 4 months after the change financing statement became seriously misleading.
SB416, s. 28 4Section 28. 409.515 (6) of the statutes is amended to read:
SB416,14,75 409.515 (6) Transmitting utility financing statement. If a debtor is a
6transmitting utility and a filed initial financing statement so indicates, the financing
7statement is effective until a termination statement is filed.
SB416, s. 29 8Section 29. 409.516 (2) (c) 2. (intro.) of the statutes is amended to read:
SB416,14,109 409.516 (2) (c) 2. (intro.) In the case of an amendment or correction information
10statement, the record:
SB416, s. 30 11Section 30. 409.516 (2) (c) 3. of the statutes is amended to read:
SB416,14,1612 409.516 (2) (c) 3. In the case of an initial financing statement that provides the
13name of a debtor identified as an individual or an amendment that provides a name
14of a debtor identified as an individual which was not previously provided in the
15financing statement to which the record relates, the record does not identify the
16debtor's last name surname; or
SB416, s. 31 17Section 31. 409.516 (2) (e) 1. of the statutes is amended to read:
SB416,14,1818 409.516 (2) (e) 1. Provide a mailing address for the debtor; or
SB416, s. 32 19Section 32. 409.516 (2) (e) 2. of the statutes is amended to read:
SB416,14,2120 409.516 (2) (e) 2. Indicate whether the name provided as the name of the debtor
21is the name of an individual or an organization; or
SB416, s. 33 22Section 33. 409.516 (2) (e) 3. of the statutes is repealed.
SB416, s. 34 23Section 34. 409.518 (1) of the statutes is amended to read:
SB416,15,224 409.518 (1) Correction statement Statement with respect to record indexed
25under person's name
. A person may file in the filing office a correction an information

1statement with respect to a record indexed there under the person's name if the
2person believes that the record is inaccurate or was wrongfully filed.
SB416, s. 35 3Section 35. 409.518 (2) (intro.), (a) 2. and (b) of the statutes are amended to
4read:
SB416,15,65 409.518 (2) Sufficiency of correction Contents of statement under sub. (1).
6(intro.) A correction An information statement under sub. (1) must:
SB416,15,107 (a) 2. If the correction information statement relates to a record filed or
8recorded in a filing office described in s. 409.501 (1) (a), the date on which the initial
9financing statement was filed or recorded and the information specified in s. 409.502
10(2);
SB416,15,1111 (b) Indicate that it is a correction an information statement; and
SB416, s. 36 12Section 36. 409.518 (3) of the statutes is renumbered 409.518 (5) and amended
13to read:
SB416,15,1614 409.518 (5) Record not affected by correction information statement. The
15filing of a correction an information statement does not affect the effectiveness of an
16initial financing statement or other filed record.
SB416, s. 37 17Section 37. 409.518 (3m) and (4) of the statutes are created to read:
SB416,15,2218 409.518 (3m) Statement by secured party of record. A person may file in the
19filing office an information statement with respect to a record filed there if the person
20is a secured party of record with respect to the financing statement to which the
21record relates and believes that the person that filed the record was not entitled to
22do so under s. 409.509 (4).
SB416,15,24 23(4) Contents of statement under sub. (3m). An information statement under
24sub. (3m) must:
SB416,15,2525 (a) Identify the record to which it relates by:
SB416,16,2
11. The file number assigned to the initial financing statement to which the
2record relates; and
SB416,16,53 2. If the information statement relates to a record filed or recorded in a filing
4office described in s. 409.501 (1) (a), the date that the initial financing statement was
5filed or recorded and the information specified in s. 409.502 (2);
SB416,16,66 (b) Indicate that it is an information statement; and
SB416,16,87 (c) Provide the basis for the person's belief that the person that filed the record
8was not entitled to do so under s. 409.509 (4).
SB416, s. 38 9Section 38. 409.521 (2) (form) of the statutes is repealed and recreated to read:


SB416, s. 39
1Section 39. 409.521 (3) (form) of the statutes is repealed and recreated to read:


SB416, s. 40
1Section 40. 409.607 (2) (b) 1. of the statutes is amended to read:
SB416,22,32 409.607 (2) (b) 1. A default has occurred with respect to the obligation secured
3by the mortgage
; and
SB416, s. 41 4Section 41. 409.625 (3) (title) of the statutes is amended to read:
SB416,22,65 409.625 (3) (title) Persons entitled to recover damages; statutory damages
6in consumer-goods transaction if collateral is consumer goods.
SB416, s. 42 7Section 42. Subchapter VIII of chapter 409 [precedes 409.802] of the statutes
8is created to read:
SB416,22,99 CHAPTER 409
SB416,22,1010 SUBCHAPTER VIII
SB416,22,1211 TRANSITION PROVISIONS
12 FOR 2010 AMENDMENTS
SB416,22,17 13409.802 Savings clause. (1) Preeffective-date transactions or liens.
14Except as otherwise provided in this subchapter, 2011 Wisconsin Act .... (this act)
15applies to a transaction or lien within its scope, even if the transaction or lien was
16entered into or created before the effective date of this subsection .... [LRB inserts
17date].
SB416,22,20 18(2) Preeffective-date proceedings. 2011 Wisconsin Act .... (this act) does not
19affect an action, case, or proceeding commenced before the effective date of this
20subsection .... [LRB inserts date].
SB416,23,3 21409.803 Security interest perfected before effective date. (1)
22Continuing perfection: perfection requirements satisfied.
A security interest
23that is a perfected security interest immediately before the effective date of this
24subsection .... [LRB inserts date], is a perfected security interest under this chapter,
25as affected by 2011 Wisconsin Act .... (this act) if, on the effective date of this

1subsection .... [LRB inserts date], the applicable requirements for attachment and
2perfection under this chapter, as affected by 2011 Wisconsin Act .... (this act) are
3satisfied without further action.
SB416,23,12 4(2) Continuing perfection: perfection requirements not satisfied. Except
5as otherwise provided in s. 409.805, if, immediately before the effective date of this
6subsection .... [LRB inserts date], a security interest is a perfected security interest,
7but the applicable requirements for perfection under this chapter, as affected by 2011
8Wisconsin Act .... (this act) are not satisfied as of the effective date of this subsection
9.... [LRB inserts date], the security interest remains perfected thereafter only if the
10applicable requirements for perfection under this chapter, as affected by 2011
11Wisconsin Act .... (this act), are satisfied within one year after the effective date of
12this subsection .... [LRB inserts date].
SB416,23,15 13409.804 Security interest unperfected before effective date. A security
14interest that is an unperfected security interest immediately before the effective date
15of this section .... [LRB inserts date], becomes a perfected security interest:
SB416,23,18 16(1) Without further action, on the effective date of this subsection .... [LRB
17inserts date], if the applicable requirements for perfection under this chapter, as
18affected by 2011 Wisconsin Act .... (this act), are satisfied before or at that time; or
SB416,23,20 19(2) When the applicable requirements for perfection are satisfied if the
20requirements are satisfied after that time.
SB416,23,25 21409.805 Effectiveness of action taken before effective date. (1)
22Preeffective-date filing effective. The filing of a financing statement before the
23effective date of this subsection .... [LRB inserts date], is effective to perfect a security
24interest to the extent the filing would satisfy the applicable requirements for
25perfection under this chapter, as affected by 2011 Wisconsin Act .... (this act).
SB416,24,6
1(2) When preeffective-date filing becomes ineffective. 2011 Wisconsin Act
2.... (this act) does not render ineffective an effective financing statement that, before
3the effective date of this subsection .... [LRB inserts date], is filed and satisfies the
4applicable requirements for perfection under the law of the jurisdiction governing
5perfection as provided in ch. 409, 2009 stats. However, except as otherwise provided
6in subs. (3) and (4) and s. 409.806, the financing statement ceases to be effective:
SB416,24,97 (a) If the financing statement is filed in this state, at the time the financing
8statement would have ceased to be effective had 2011 Wisconsin Act .... (this act) not
9taken effect; or
SB416,24,1010 (b) If the financing statement is filed in another jurisdiction, at the earlier of:
SB416,24,1211 1. The time the financing statement would have ceased to be effective under
12the law of that jurisdiction; or
SB416,24,1313 2. June 30, 2018.
SB416,24,23 14(3) Continuation statement. The filing of a continuation statement on or after
15the effective date of this subsection .... [LRB inserts date], does not continue the
16effectiveness of a financing statement filed before the effective date of this subsection
17.... [LRB inserts date]. However, upon the timely filing of a continuation statement
18on or after the effective date of this subsection .... [LRB inserts date], and in
19accordance with the law of the jurisdiction governing perfection as provided in this
20chapter, as affected by 2011 Wisconsin Act .... (this act), the effectiveness of a
21financing statement filed in the same office in that jurisdiction before the effective
22date of this subsection .... [LRB inserts date], continues for the period provided by the
23law of that jurisdiction.
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