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.
SB416,25,7 24(4) Application of sub. (2) (b) 2. to transmitting utility financing statement.
25 Subsection (2) (b) 2. applies to a financing statement that, before the effective date

1of this subsection .... [LRB inserts date], is filed against a transmitting utility and
2satisfies the applicable requirements for perfection under the law of the jurisdiction
3governing perfection as provided in ch. 409, 2009 stats., only to the extent that this
4chapter, as affected by 2011 Wisconsin Act .... (this act), provides that the law of a
5jurisdiction other than the jurisdiction in which the financing statement is filed
6governs perfection of a security interest in collateral covered by the financing
7statement.
SB416,25,18 8(5) Application of subch. V. A financing statement that includes a financing
9statement filed before the effective date of this subsection .... [LRB inserts date], and
10a continuation statement filed on or after the effective date of this subsection .... [LRB
11inserts date], is effective only to the extent that it satisfies the requirements of subch.
12V, as affected by 2011 Wisconsin Act .... (this act), for an initial financing statement.
13A financing statement that indicates that the debtor is a decedent's estate indicates
14that the collateral is being administered by a personal representative within the
15meaning of s. 409.503 (1) (b), as affected by 2011 Wisconsin Act .... (this act). A
16financing statement that indicates that the debtor is a trust or is a trustee acting with
17respect to property held in trust indicates that the collateral is held in a trust within
18the meaning of s. 409.503 (1) (c), as affected by 2011 Wisconsin Act .... (this act).
SB416,25,23 19409.806 When initial financing statement suffices to continue
20effectiveness of financing statement. (1)
Initial financing statement in lieu
21of continuation statement.
The filing of an initial financing statement in the office
22specified in s. 409.501 continues the effectiveness of a financing statement filed
23before the effective date of this subsection .... [LRB inserts date], if:
SB416,26,3
1(a) The filing of an initial financing statement in that office would be effective
2to perfect a security interest under this chapter, as affected by 2011 Wisconsin Act
3.... (this act);
SB416,26,54 (b) The preeffective-date financing statement was filed in an office in another
5state; and
SB416,26,66 (c) The initial financing statement satisfies sub. (3).
SB416,26,9 7(2) Period of continued effectiveness. The filing of an initial financing
8statement under sub. (1) continues the effectiveness of the preeffective-date
9financing statement:
SB416,26,1210 (a) If the initial financing statement is filed before the effective date of this
11paragraph .... [LRB inserts date], for the period provided in s. 409.515, 2009 stats.,
12with respect to an initial financing statement; and
SB416,26,1513 (b) If the initial financing statement is filed on or after the effective date of this
14paragraph .... [LRB inserts date], for the period provided in s. 409.515, as affected
15by 2011 Wisconsin Act .... (this act), with respect to an initial financing statement.
SB416,26,17 16(3) Requirements for initial financing statement under sub. (1). To be
17effective for purposes of sub. (1), an initial financing statement must:
SB416,26,1918 (a) Satisfy the requirements of subch. V, as affected by 2011 Wisconsin Act ....
19(this act), for an initial financing statement;
SB416,26,2320 (b) Identify the preeffective-date financing statement by indicating the office
21in which the financing statement was filed and providing the dates of filing and file
22numbers, if any, of the financing statement and of the most recent continuation
23statement filed with respect to the financing statement; and
SB416,26,2424 (c) Indicate that the preeffective-date financing statement remains effective.
SB416,27,4
1409.807 Amendment of preeffective-date financing statement. (1)
2Preeffective-date financing statement. In this section, "preeffective-date
3financing statement" means a financing statement filed before the effective date of
4this subsection .... [LRB inserts date].
SB416,27,12 5(2) Applicable law. On or after the effective date of this subsection .... [LRB
6inserts date], a person may add or delete collateral covered by, continue or terminate
7the effectiveness of, or otherwise amend the information provided in, a
8preeffective-date financing statement only in accordance with the law of the
9jurisdiction governing perfection as provided in this chapter, as affected by 2011
10Wisconsin Act .... (this act). However, the effectiveness of a preeffective-date
11financing statement also may be terminated in accordance with the law of the
12jurisdiction in which the financing statement is filed.
SB416,27,16 13(3) Method of amending: general rule. Except as otherwise provided in sub.
14(4), if the law of this state governs perfection of a security interest, the information
15in a preeffective-date financing statement may be amended on or after the effective
16date of this subsection .... [LRB inserts date], only if:
SB416,27,1817 (a) The preeffective-date financing statement and an amendment are filed in
18the office specified in s. 409.501;
SB416,27,2119 (b) An amendment is filed in the office specified in s. 409.501 concurrently with,
20or after the filing in that office of, an initial financing statement that satisfies s.
21409.806 (3); or
SB416,27,2322 (c) An initial financing statement that provides the information as amended
23and satisfies s. 409.806 (3) is filed in the office specified in s. 409.501.
SB416,28,3
1(4) Method of amending: continuation. If the law of this state governs
2perfection of a security interest, the effectiveness of a preeffective-date financing
3statement may be continued only under s. 409.805 (3) and (5) or 409.806.
SB416,28,12 4(5) Method of amending: additional termination rule. Whether or not the law
5of this state governs perfection of a security interest, the effectiveness of a
6preeffective-date financing statement filed in this state may be terminated on or
7after the effective date of this subsection .... [LRB inserts date], by filing a
8termination statement in the office in which the preeffective-date financing
9statement is filed, unless an initial financing statement that satisfies s. 409.806 (3)
10has been filed in the office specified by the law of the jurisdiction governing perfection
11as provided in this chapter, as affected by 2011 Wisconsin Act .... (this act), as the
12office in which to file a financing statement.
SB416,28,15 13409.808 Persons entitled to file initial financing statement or
14continuation statement.
A person may file an initial financing statement or a
15continuation statement under this subchapter if:
SB416,28,16 16(1) The secured party of record authorizes the filing; and
SB416,28,17 17(2) The filing is necessary under this subchapter:
SB416,28,1918 (a) To continue the effectiveness of a financing statement filed before the
19effective date of this paragraph .... [LRB inserts date]; or
SB416,28,2020 (b) To perfect or continue the perfection of a security interest.
SB416,28,24 21409.809 Priority. 2011 Wisconsin Act .... (this act) determines the priority of
22conflicting claims to collateral. However, if the relative priorities of the claims were
23established before the effective date of this section .... [LRB inserts date], ch. 409,
242009 stats., determines priority.
SB416, s. 43 25Section 43. Effective date.
SB416,29,1
1(1) This act takes effect on July 1, 2013.
SB416,29,22 (End)
Loading...
Loading...