SB9-SSA1,184,1310 (b) Remains enforceable on and after one year after the effective date of this
11paragraph .... [revisor inserts date], only if the security interest becomes enforceable
12under s. 409.203 before one year after the effective date of this paragraph .... [revisor
13inserts date]; and
SB9-SSA1,184,1714 (c) Remains perfected on and after one year after the effective date of this
15paragraph .... [revisor inserts date], only if the applicable requirements for perfection
16under 2001 Wisconsin Act .... (this act) are satisfied before one year after the effective
17date of this paragraph .... [revisor inserts date].
SB9-SSA1,184,21 18409.704 Security interest unperfected before effective date. A security
19interest that is enforceable immediately before the effective date of this section ....
20[revisor inserts date], but which would be subordinate to the rights of a person that
21becomes a lien creditor at that time:
SB9-SSA1,184,23 22(1) Remains an enforceable security interest for one year after the effective
23date of this subsection .... [revisor inserts date];
SB9-SSA1,185,2 24(2) Remains enforceable on and after one year after the effective date of this
25subsection .... [revisor inserts date], if the security interest becomes enforceable

1under s. 409.203 on the effective date of this subsection .... [revisor inserts date], or
2within one year thereafter; and
SB9-SSA1,185,3 3(3) Becomes perfected:
SB9-SSA1,185,64 1. Without further action, on the effective date of this subdivision .... [revisor
5inserts date], if the applicable requirements for perfection under 2001 Wisconsin Act
6.... (this act) are satisfied before or at that time; or
SB9-SSA1,185,87 2. When the applicable requirements for perfection are satisfied if the
8requirements are satisfied after that time.
SB9-SSA1,185,21 9409.705 Effectiveness of action taken before effective date. (1)
10Preeffective-date action; one-year perfection period unless reperfected. If
11action, other than the filing of a financing statement, is taken before the effective
12date of this subsection .... [revisor inserts date], and the action would have resulted
13in priority of a security interest over the rights of a person that becomes a lien
14creditor had the security interest become enforceable before the effective date of this
15subsection .... [revisor inserts date], the action is effective to perfect a security
16interest that attaches under 2001 Wisconsin Act .... (this act) before the effective date
17of this subsection .... [revisor inserts date]. An attached security interest becomes
18unperfected one year after the effective date of this subsection .... [revisor inserts
19date], unless the security interest becomes a perfected security interest under 2001
20Wisconsin Act .... (this act) before one year after the effective date of this subsection
21.... [revisor inserts date].
SB9-SSA1,185,25 22(2) Preeffective-date filing. The filing of a financing statement before the
23effective date of this subsection .... [revisor inserts date], is effective to perfect a
24security interest to the extent that the filing would satisfy the applicable
25requirements for perfection under 2001 Wisconsin Act .... (this act).
SB9-SSA1,186,7
1(3) Preeffective-date filing in jurisdiction formerly governing perfection.
22001 Wisconsin Act .... (this act) does not render ineffective an effective financing
3statement that, before the effective date of this subsection .... [revisor inserts date],
4is filed and satisfies the applicable requirements for perfection under the law of the
5jurisdiction governing perfection as provided in s. 409.103, 1999 stats. However,
6except as otherwise provided in subs. (4) and (5) and s. 409.706, the financing
7statement ceases to be effective at the earlier of:
SB9-SSA1,186,98 (a) The time the financing statement would have ceased to be effective under
9the law of the jurisdiction in which it is filed; or
SB9-SSA1,186,1010 (b) June 30, 2006.
SB9-SSA1,186,19 11(4) Continuation statement. The filing of a continuation statement on or after
12the effective date of this subsection .... [revisor inserts date], does not continue the
13effectiveness of the financing statement filed before the effective date of this
14subsection .... [revisor inserts date]. However, upon the timely filing of a
15continuation statement on or after the effective date of this subsection .... [revisor
16inserts date], and in accordance with the law of the jurisdiction governing perfection
17as provided in subch. III, the effectiveness of a financing statement filed in the same
18office in that jurisdiction before the effective date of this subsection .... [revisor
19inserts date], continues for the period provided by the law of that jurisdiction.
SB9-SSA1,187,2 20(5) Application of sub. (3) (b) to transmitting utility financing statement.
21Subsection (3) (b) applies to a financing statement that, before the effective date of
22this subsection .... [revisor inserts date], is filed against a transmitting utility and
23satisfies the applicable requirements for perfection under the law of the jurisdiction
24governing perfection as provided in s. 409.103, 1999 stats., only to the extent that
25subch. III provides that the law of a jurisdiction other than the jurisdiction in which

1the financing statement is filed governs perfection of a security interest in collateral
2covered by the financing statement.
SB9-SSA1,187,7 3(6) Application of subch. V. A financing statement that includes a financing
4statement filed before the effective date of this subsection .... [revisor inserts date],
5and a continuation statement filed on or after the effective date of this subsection ....
6[revisor inserts date], is effective only to the extent that it satisfies the requirements
7of subch. V for an initial financing statement.
SB9-SSA1,187,12 8409.706 When initial financing statement suffices to continue
9effectiveness of financing statement. (1)
Initial financing statement in lieu
10of continuation statement.
The filing of an initial financing statement in the office
11specified in s. 409.501 continues the effectiveness of a financing statement filed
12before the effective date of this subsection .... [revisor inserts date], if:
SB9-SSA1,187,1413 (a) The filing of an initial financing statement in that office would be effective
14to perfect a security interest under 2001 Wisconsin Act .... (this act);
SB9-SSA1,187,1615 (b) The preeffective-date financing statement was filed in an office in another
16state or another office in this state; and
SB9-SSA1,187,1717 (c) The initial financing statement satisfies sub. (3).
SB9-SSA1,187,20 18(2) Period of continued effectiveness. The filing of an initial financing
19statement under sub. (1) continues the effectiveness of the preeffective-date
20financing statement:
SB9-SSA1,187,2321 (a) If the initial financing statement is filed before the effective date of this
22paragraph .... [revisor inserts date], for the period provided in s. 409.403, 1999 stats.,
23with respect to a financing statement; and
SB9-SSA1,188,3
1(b) If the initial financing statement is filed on or after the effective date of this
2paragraph .... [revisor inserts date], for the period provided in s. 409.515 with respect
3to an initial financing statement.
SB9-SSA1,188,5 4(3) Requirements for initial financing statement under sub. (1). To be
5effective for purposes of sub. (1), an initial financing statement must:
SB9-SSA1,188,66 (a) Satisfy the requirements of subch. V for an initial financing statement;
SB9-SSA1,188,107 (b) Identify the preeffective-date financing statement by indicating the office
8in which the financing statement was filed and providing the dates of filing and file
9numbers, if any, of the financing statement and of the most recent continuation
10statement filed with respect to the financing statement; and
SB9-SSA1,188,1111 (c) Indicate that the preeffective-date financing statement remains effective.
SB9-SSA1,188,15 12409.707 Amendment of preeffective-date financing statement. (1)
13Preeffective-date financing statement. In this section, "preeffective-date
14financing statement" means a financing statement filed before the effective date of
15this subsection .... [revisor inserts date].
SB9-SSA1,188,22 16(2) Applicable law. On or after the effective date of this subsection .... [revisor
17inserts date], a person may add or delete collateral covered by, continue or terminate
18the effectiveness of, or otherwise amend the information provided in, a
19preeffective-date financing statement only in accordance with the law of the
20jurisdiction governing perfection as provided in subch. III. However, the
21effectiveness of a preeffective-date financing statement also may be terminated in
22accordance with the law of the jurisdiction in which the financing statement is filed.
SB9-SSA1,189,2 23(3) Method of amending: general rule. Except as otherwise provided in sub.
24(4), if the law of this state governs perfection of a security interest, the information

1in a preeffective-date financing statement may be amended on or after the effective
2date of this subsection .... [revisor inserts date], only if:
SB9-SSA1,189,43 (a) The preeffective-date financing statement and an amendment are filed in
4the office specified in s. 409.501;
SB9-SSA1,189,75 (b) An amendment is filed in the office specified in s. 409.501 concurrently with,
6or after the filing in that office of, an initial financing statement that satisfies s.
7409.706 (3); or
SB9-SSA1,189,98 (c) An initial financing statement that provides the information as amended
9and satisfies s. 409.706 (3) is filed in the office specified in s. 409.501.
SB9-SSA1,189,12 10(4) Method of amending: continuation. If the law of this state governs
11perfection of a security interest, the effectiveness of a preeffective-date financing
12statement may be continued only under s. 409.705 (4) and (6) or 409.706.
SB9-SSA1,189,20 13(5) Method of amending: additional termination rule. Whether or not the law
14of this state governs perfection of a security interest, the effectiveness of a
15preeffective-date financing statement filed in this state may be terminated on or
16after the effective date of this subsection .... [revisor inserts date], by filing a
17termination statement in the office in which the preeffective-date financing
18statement is filed, unless an initial financing statement that satisfies s. 409.706 (3)
19has been filed in the office specified by the law of the jurisdiction governing perfection
20as provided in subch. III as the office in which to file a financing statement.
SB9-SSA1,189,23 21409.708 Persons entitled to file initial financing statement or
22continuation statement.
A person may file an initial financing statement or a
23continuation statement under this subchapter if:
SB9-SSA1,189,24 24(1) The secured party of record authorizes the filing; and
SB9-SSA1,189,25 25(2) The filing is necessary under this subchapter:
SB9-SSA1,190,2
1(a) To continue the effectiveness of a financing statement filed before the
2effective date of this paragraph .... [revisor inserts date]; or
SB9-SSA1,190,33 (b) To perfect or continue the perfection of a security interest.
SB9-SSA1,190,7 4409.709 Priority. (1) Law governing priority. 2001 Wisconsin Act .... (this
5act) determines the priority of conflicting claims to collateral. However, if the
6relative priorities of the claims were established before the effective date of this
7subsection .... [revisor inserts date], ch. 409, 1999 stats., determines priority.
SB9-SSA1,190,16 8(2) Priority if security interest becomes enforceable under s. 409.203. For
9purposes of s. 409.322 (1), the priority of a security interest that becomes enforceable
10under s. 409.203 dates from the effective date of this subsection .... [revisor inserts
11date], if the security interest is perfected under 2001 Wisconsin Act .... (this act) by
12the filing of a financing statement before the effective date of this subsection ....
13[revisor inserts date], which would not have been effective to perfect the security
14interest under ch. 409, 1999 stats. This subsection does not apply to conflicting
15security interests each of which is perfected by the filing of such a financing
16statement.
SB9-SSA1,190,18 17409.710 Special transitional provision for maintaining and searching
18local filing office records. (1)
Definitions. In this section:
SB9-SSA1,190,1919 (a) "Former-ch.-409 records":
SB9-SSA1,190,2020 1. Means:
SB9-SSA1,190,2521 a. Financing statements and other records that have been filed in a local filing
22office before July 1, 2001, and that are, or upon processing and indexing will be,
23reflected in the index maintained, as of June 30, 2001, by the local filing office for
24financing statements and other records filed in the local filing office before July 1,
252001; and
SB9-SSA1,191,1
1b. The index as of June 30, 2001.
SB9-SSA1,191,42 2. Does not include records presented to a local filing office for filing after June
330, 2001, whether or not the records relate to financing statements filed in the local
4filing office before July 1, 2001.
SB9-SSA1,191,95 (b) "Local filing office" means a filing office, other than the department of
6financial institutions, that is designated as the proper place to file a financing
7statement under s. 409.401 (1), 1999 stats., with respect to a record that covers a type
8of collateral as to which the filing office is designated in that subsection as the proper
9place to file.
SB9-SSA1,191,12 10(2) Prohibition of filing after June 30, 2001. A local filing office shall not accept
11for filing a record presented after June 30, 2001, whether or not the record relates
12to a financing statement filed in the local filing office before July 1, 2001.
SB9-SSA1,191,18 13(3) Maintenance of records. Until July 1, 2008, each local filing office must
14maintain all former-ch.-409 records in accordance with ch. 409, 1999 stats. A
15former-ch.-409 record that is not reflected on the index maintained at June 30, 2001,
16by the local filing office must be processed and indexed, and reflected on the index
17as of June 30, 2001, as soon as practicable but in any event no later than July 30,
182001.
SB9-SSA1,192,5 19(4) Information requests. Until at least June 30, 2008, each local filing office
20must respond to requests for information with respect to former-ch.-409 records
21relating to a debtor and issue certificates, in accordance with ch. 409, 1999 stats. The
22fees charged for responding to requests for information relating to a debtor and
23issuing certificates with respect to former-ch.-409 records must be the fees in effect
24under ch. 409, 1999 stats., on June 30, 2001, unless a different fee is later set by the
25local filing office. However, the different fee must not exceed the amount set by

1filing-office rule for responding to a request for information relating to a debtor or
2for issuing a certificate. This subsection does not require that a fee be charged for
3remote access searching of the filing-office data base. The rule promulgated
4pursuant to this subsection need not specify a fee for remote access searching of the
5filing-office data base.
SB9-SSA1,192,8 6(5) Destruction of records. After June 30, 2008, each local filing office may
7remove and destroy, in accordance with any then-applicable record retention law of
8this state, all former-ch.-409 records, including the related index.
SB9-SSA1,192,11 9(6) Exclusion. This section does not apply, with respect to financing
10statements and other records, to a filing office in which mortgages or records of
11mortgages on real property are required to be filed or recorded, if:
SB9-SSA1,192,1212 (a) The collateral is timber to be cut or as-extracted collateral; or
SB9-SSA1,192,1413 (b) The record is or relates to a financing statement filed as a fixture filing and
14the collateral is goods that are or are to become fixtures.
SB9-SSA1, s. 79 15Section 79. 411.103 (3) (a) of the statutes is amended to read:
SB9-SSA1,192,1616 411.103 (3) (a) "Account" — s. 409.106 409.102 (1) (ag).
SB9-SSA1, s. 80 17Section 80. 411.103 (3) (d) of the statutes is amended to read:
SB9-SSA1,192,1818 411.103 (3) (d) "Chattel paper" — s. 409.105 (1) (b) 409.102 (1) (cm).
SB9-SSA1, s. 81 19Section 81. 411.103 (3) (e) of the statutes is amended to read:
SB9-SSA1,192,2020 411.103 (3) (e) "Consumer goods" — s. 409.109 (1) 409.102 (1) (fm).
SB9-SSA1, s. 82 21Section 82. 411.103 (3) (f) of the statutes is amended to read:
SB9-SSA1,192,2222 411.103 (3) (f) "Document" — s. 409.105 (1) (f) 409.102 (1) (hg).
SB9-SSA1, s. 83 23Section 83. 411.103 (3) (h) of the statutes is amended to read:
SB9-SSA1,192,2424 411.103 (3) (h) "General intangibles intangible" — s. 409.106 409.102 (1) (kg).
SB9-SSA1, s. 84 25Section 84. 411.103 (3) (j) of the statutes is amended to read:
SB9-SSA1,193,1
1411.103 (3) (j) "Instrument" — s. 409.105 (1) (i) 409.102 (1) (Lm).
SB9-SSA1, s. 85 2Section 85. 411.103 (3) (L) of the statutes is amended to read:
SB9-SSA1,193,33 411.103 (3) (L) "Mortgage" — s. 409.105 (1) (j) 409.102 (1) (nm).
SB9-SSA1, s. 86 4Section 86. 411.103 (3) (m) of the statutes is amended to read:
SB9-SSA1,193,55 411.103 (3) (m) "Pursuant to commitment" — s. 409.105 (1) (k) 409.102 (1) (qs).
SB9-SSA1, s. 87 6Section 87. 411.303 (1) and (2) of the statutes are amended to read:
SB9-SSA1,193,87 411.303 (1) In this section, "creation of a security interest" includes the sale of
8a lease contract that is subject to ch. 409 under s. 409.102 (1) (b) 409.109 (1) (c).
SB9-SSA1,193,16 9(2) Except as provided in subs. sub. (3) and (4) s. 409.407, a provision in a lease
10agreement that prohibits the voluntary or involuntary transfer, including a transfer
11by sale, sublease, creation or enforcement of a security interest, or attachment, levy,
12or other judicial process, of an interest of a party under the lease contract or of the
13lessor's residual interest in the goods, or that makes such a transfer an event of
14default, gives rise to the rights and remedies provided in sub. (5) (4), but a transfer
15that is prohibited or is an event of default under the lease agreement is otherwise
16effective.
SB9-SSA1, s. 88 17Section 88. 411.303 (3) of the statutes is repealed.
SB9-SSA1, s. 89 18Section 89. 411.303 (4) of the statutes is renumbered 411.303 (3) and amended
19to read:
SB9-SSA1,194,220 411.303 (3) A provision in a lease agreement that prohibits a transfer of a right
21to damages for default with respect to the whole lease contract or of a right to
22payment arising out of the transferor's due performance of the transferor's entire
23obligation, or that makes such a transfer an event of default, is not enforceable, and
24such a transfer is not a transfer that materially impairs the prospect of obtaining
25return performance by, materially changes the duty of, or materially increases the

1burden or risk imposed on, the other party to the lease contract within the purview
2of sub. (5) (4).
SB9-SSA1, s. 90 3Section 90. 411.303 (5) of the statutes is renumbered 411.303 (4), and 411.303
4(4) (intro.), as renumbered, is amended to read:
SB9-SSA1,194,55 411.303 (4) (intro.) Subject to subs. sub. (3) and (4) s. 409.407:
SB9-SSA1, s. 91 6Section 91. 411.303 (6), (7) and (8) of the statutes are renumbered 411.303 (5),
7(6) and (7).
SB9-SSA1, s. 92 8Section 92. 411.307 (2) (intro.) and (a) of the statutes are consolidated,
9renumbered 411.307 (2) and amended to read:
SB9-SSA1,194,1310 411.307 (2) Except as provided in subs. sub. (3) and (4) and ss. 411.306 and
11411.308, a creditor of a lessor takes subject to the lease contract unless any of the
12following occurs: (a) The
the creditor holds a lien that attached to the goods before
13the lease contract became enforceable.
SB9-SSA1, s. 93 14Section 93. 411.307 (2) (b) and (c) of the statutes are repealed.
SB9-SSA1, s. 94 15Section 94. 411.307 (3) of the statutes is repealed and recreated to read:
SB9-SSA1,194,1816 411.307 (3) Except as otherwise provided in ss. 409.317, 409.321, and 409.323,
17a lessee takes a leasehold interest subject to a security interest held by a creditor of
18the lessor.
SB9-SSA1, s. 95 19Section 95. 411.307 (4) of the statutes is repealed.
SB9-SSA1, s. 96 20Section 96. 411.309 (1) (c) of the statutes is amended to read:
SB9-SSA1,194,2421 411.309 (1) (c) "Fixture filing" means a filing, in the office where a record of a
22mortgage on real estate would be filed or recorded, of a financing statement covering
23goods that are or are to become fixtures and conforming to the requirements of s.
24409.402 (5) 409.502 (1) and (2).
Loading...
Loading...