SB9-SSA1,125,107 (b) The financing statement is not effective to perfect a security interest in
8collateral acquired by the debtor more than 4 months after the change, unless an
9amendment to the financing statement which renders the financing statement not
10seriously misleading is filed within 4 months after the change.
SB9-SSA1,125,16 11409.508 Effectiveness of financing statement if new debtor becomes
12bound by security agreement. (1)
Financing statement naming original debtor.
13Except as otherwise provided in this section, a filed financing statement naming an
14original debtor is effective to perfect a security interest in collateral in which a new
15debtor has or acquires rights to the extent that the financing statement would have
16been effective had the original debtor acquired rights in the collateral.
SB9-SSA1,125,20 17(2) Financing statement becoming seriously misleading. If the difference
18between the name of the original debtor and that of the new debtor causes a filed
19financing statement that is effective under sub. (1) to be seriously misleading under
20s. 409.506:
SB9-SSA1,125,2321 (a) The financing statement is effective to perfect a security interest in
22collateral acquired by the new debtor before, and within 4 months after, the new
23debtor becomes bound under s. 409.203 (4); and
SB9-SSA1,126,224 (b) The financing statement is not effective to perfect a security interest in
25collateral acquired by the new debtor more than 4 months after the new debtor

1becomes bound under s. 409.203 (4) unless an initial financing statement providing
2the name of the new debtor is filed before the expiration of that time.
SB9-SSA1,126,5 3(3) When section not applicable. This section does not apply to collateral as
4to which a filed financing statement remains effective against the new debtor under
5s. 409.507 (1).
SB9-SSA1,126,9 6409.509 Persons entitled to file a record. (1) Person entitled to file
7record.
A person may file an initial financing statement, amendment that adds
8collateral covered by a financing statement, or amendment that adds a debtor to a
9financing statement only if:
SB9-SSA1,126,1110 (a) The debtor authorizes the filing in an authenticated record or pursuant to
11sub. (2) or (3); or
SB9-SSA1,126,1412 (b) The person holds an agricultural lien that has become effective at the time
13of filing and the financing statement covers only collateral in which the person holds
14an agricultural lien.
SB9-SSA1,126,17 15(2) Security agreement as authorization. By authenticating or becoming
16bound as debtor by a security agreement, a debtor or new debtor authorizes the filing
17of an initial financing statement, and an amendment, covering:
SB9-SSA1,126,1818 (a) The collateral described in the security agreement; and
SB9-SSA1,126,2019 (b) Property that becomes collateral under s. 409.315 (1) (b), whether or not the
20security agreement expressly covers proceeds.
SB9-SSA1,126,24 21(3) Acquisition of collateral as authorization. By acquiring collateral in
22which a security interest or agricultural lien continues under s. 409.315 (1) (a), a
23debtor authorizes the filing of an initial financing statement, and an amendment,
24covering the collateral and property that becomes collateral under s. 409.315 (1) (b).
SB9-SSA1,127,3
1(4) Person entitled to file certain amendments. A person may file an
2amendment other than an amendment that adds collateral covered by a financing
3statement or an amendment that adds a debtor to a financing statement only if:
SB9-SSA1,127,44 (a) The secured party of record authorizes the filing; or
SB9-SSA1,127,85 (b) The amendment is a termination statement for a financing statement as to
6which the secured party of record has failed to file or send a termination statement
7as required by s. 409.513 (1) or (3), the debtor authorizes the filing, and the
8termination statement indicates that the debtor authorized it to be filed.
SB9-SSA1,127,11 9(5) Multiple secured parties of record. If there is more than one secured
10party of record for a financing statement, each secured party of record may authorize
11the filing of an amendment under sub. (4).
SB9-SSA1,127,14 12409.510 Effectiveness of filed record. (1) Filed record effective if
13authorized.
A filed record is effective only to the extent that it was filed by a person
14that may file it under s. 409.509.
SB9-SSA1,127,17 15(2) Authorization by one secured party of record. A record authorized by one
16secured party of record does not affect the financing statement with respect to
17another secured party of record.
SB9-SSA1,127,19 18(3) Continuation statement not timely filed. A continuation statement that
19is not filed within the 6-month period prescribed by s. 409.515 (4) is ineffective.
SB9-SSA1,127,25 20409.511 Secured party of record. (1) Secured party of record. A secured
21party of record with respect to a financing statement is a person whose name is
22provided as the name of the secured party or a representative of the secured party
23in an initial financing statement that has been filed. If an initial financing statement
24is filed under s. 409.514 (1), the assignee named in the initial financing statement
25is the secured party of record with respect to the financing statement.
SB9-SSA1,128,5
1(2) Amendment naming secured party of record. If an amendment of a
2financing statement which provides the name of a person as a secured party or a
3representative of a secured party is filed, the person named in the amendment is a
4secured party of record. If an amendment is filed under s. 409.514 (2), the assignee
5named in the amendment is a secured party of record.
SB9-SSA1,128,8 6(3) Amendment deleting secured party of record. A person remains a secured
7party of record until the filing of an amendment of the financing statement which
8deletes the person.
SB9-SSA1,128,13 9409.512 Amendment of financing statement. (1) Amendment of
10information in financing statement.
Subject to s. 409.509, a person may add or
11delete collateral covered by, continue or terminate the effectiveness of, or, subject to
12sub. (5), otherwise amend the information provided in, a financing statement by
13filing an amendment that:
SB9-SSA1,128,1514 (a) Identifies, by its file number, the initial financing statement to which the
15amendment relates; and
SB9-SSA1,128,1916 (b) If the amendment relates to an initial financing statement filed or recorded
17in a filing office described in s. 409.501 (1) (a), provides the date on which the initial
18financing statement was filed or recorded and the information specified in s. 409.502
19(2).
SB9-SSA1,128,22 20(2) Period of effectiveness not affected. Except as otherwise provided in s.
21409.515, the filing of an amendment does not extend the period of effectiveness of the
22financing statement.
SB9-SSA1,128,25 23(3) Effectiveness of amendment adding collateral. A financing statement
24that is amended by an amendment that adds collateral is effective as to the added
25collateral only from the date of the filing of the amendment.
SB9-SSA1,129,3
1(4) Effectiveness of amendment adding debtor. A financing statement that
2is amended by an amendment that adds a debtor is effective as to the added debtor
3only from the date of the filing of the amendment.
SB9-SSA1,129,5 4(5) Certain amendments ineffective. An amendment is ineffective to the
5extent that it:
SB9-SSA1,129,76 (a) Purports to delete all debtors and fails to provide the name of a debtor to
7be covered by the financing statement; or
SB9-SSA1,129,98 (b) Purports to delete all secured parties of record and fails to provide the name
9of a new secured party of record.
SB9-SSA1,129,13 10409.513 Termination statement. (1) Consumer goods. A secured party
11shall cause the secured party of record for a financing statement to file a termination
12statement for the financing statement if the financing statement covers consumer
13goods and:
SB9-SSA1,129,1614 (a) There is no obligation secured by the collateral covered by the financing
15statement and no commitment to make an advance, incur an obligation, or otherwise
16give value; or
SB9-SSA1,129,1717 (b) The debtor did not authorize the filing of the initial financing statement.
SB9-SSA1,129,19 18(2) Time for compliance with sub. (1). To comply with sub. (1), a secured party
19shall cause the secured party of record to file the termination statement:
SB9-SSA1,129,2220 (a) Within one month after there is no obligation secured by the collateral
21covered by the financing statement and no commitment to make an advance, incur
22an obligation, or otherwise give value; or
SB9-SSA1,129,2423 (b) If earlier, within 20 days after the secured party receives an authenticated
24demand from a debtor.
SB9-SSA1,130,5
1(3) Other collateral. In cases not governed by sub. (1), within 20 days after
2a secured party receives an authenticated demand from a debtor, the secured party
3shall cause the secured party of record for a financing statement to send to the debtor
4a termination statement for the financing statement or file the termination
5statement in the filing office if:
SB9-SSA1,130,96 (a) Except in the case of a financing statement covering accounts or chattel
7paper that has been sold or goods that are the subject of a consignment, there is no
8obligation secured by the collateral covered by the financing statement and no
9commitment to make an advance, incur an obligation, or otherwise give value;
SB9-SSA1,130,1210 (b) The financing statement covers accounts or chattel paper that has been sold
11but as to which the account debtor or other person obligated has discharged its
12obligation;
SB9-SSA1,130,1413 (c) The financing statement covers goods that were the subject of a consignment
14to the debtor but are not in the debtor's possession; or
SB9-SSA1,130,1515 (d) The debtor did not authorize the filing of the initial financing statement.
SB9-SSA1,130,22 16(4) Effect of filing termination statement. Except as otherwise provided in
17s. 409.510, upon the filing of a termination statement with the filing office, the
18financing statement to which the termination statement relates ceases to be
19effective. Except as otherwise provided in s. 409.510, for the purposes of ss. 409.519
20(7), 409.522 (1), and 409.523 (3), the filing with the filing office of a termination
21statement relating to a financing statement that indicates that the debtor is a
22transmitting utility also causes the effectiveness of the financing statement to lapse.
SB9-SSA1,131,3 23409.514 Assignment of powers of secured party of record. (1)
24Assignment reflected on initial financing statement. Except as otherwise
25provided in sub. (3), an initial financing statement may reflect an assignment of all

1of the secured party's power to authorize an amendment to the financing statement
2by providing the name and mailing address of the assignee as the name and address
3of the secured party.
SB9-SSA1,131,7 4(2) Assignment of filed financing statement. Except as otherwise provided
5in sub. (3), a secured party of record may assign of record all or part of its power to
6authorize an amendment to a financing statement by filing in the filing office an
7amendment of the financing statement which:
SB9-SSA1,131,98 (a) Identifies, by its file number, the initial financing statement to which it
9relates;
SB9-SSA1,131,1010 (b) Provides the name of the assignor; and
SB9-SSA1,131,1111 (c) Provides the name and mailing address of the assignee.
SB9-SSA1,131,16 12(3) Assignment of record of mortgage. An assignment of record of a security
13interest in a fixture covered by a record of a mortgage which is effective as a financing
14statement filed as a fixture filing under s. 409.502 (3) may be made only by an
15assignment of record of the mortgage in the manner provided by law of this state
16other than chs. 401 to 411.
SB9-SSA1,131,20 17409.515 Duration and effectiveness of financing statement; effect of
18lapsed financing statement. (1)
Five-year effectiveness. Except as otherwise
19provided in subs. (2), (5), (6), and (7), a filed financing statement is effective for a
20period of 5 years after the date of filing.
SB9-SSA1,131,25 21(2) Public-finance or manufactured-home transaction. Except as otherwise
22provided in subs. (5), (6), and (7), an initial financing statement filed in connection
23with a public-finance transaction or manufactured-home transaction is effective for
24a period of 30 years after the date of filing if it indicates that it is filed in connection
25with a public-finance transaction or manufactured-home transaction.
SB9-SSA1,132,8
1(3) Lapse and continuation of financing statement. The effectiveness of a filed
2financing statement lapses on the expiration of the period of its effectiveness unless
3before the lapse a continuation statement is filed pursuant to sub. (4). Upon lapse,
4a financing statement ceases to be effective and any security interest or agricultural
5lien that was perfected by the financing statement becomes unperfected, unless the
6security interest is perfected otherwise. If the security interest or agricultural lien
7becomes unperfected upon lapse, it is deemed never to have been perfected as against
8a purchaser of the collateral for value.
SB9-SSA1,132,11 9(4) When continuation statement may be filed. A continuation statement may
10be filed only within 6 months before the expiration of the 5-year period specified in
11sub. (1) or the 30-year period specified in sub. (2), whichever is applicable.
SB9-SSA1,132,20 12(5) Effect of filing continuation statement. Except as otherwise provided in
13s. 409.510, upon timely filing of a continuation statement, the effectiveness of the
14initial financing statement continues for a period of 5 years commencing on the day
15on which the financing statement would have become ineffective in the absence of
16the filing. Upon the expiration of the 5-year period, the financing statement lapses
17in the same manner as provided in sub. (3), unless, before the lapse, another
18continuation statement is filed pursuant to sub. (4). Succeeding continuation
19statements may be filed in the same manner to continue the effectiveness of the
20initial financing statement.
SB9-SSA1,132,23 21(6) Transmitting utility financing statement. If a debtor is a transmitting
22utility and a filed financing statement so indicates, the financing statement is
23effective until a termination statement is filed.
SB9-SSA1,133,3 24(7) Record of mortgage as financing statement. A record of a mortgage that
25is effective as a financing statement filed as a fixture filing under s. 409.502 (3)

1remains effective as a financing statement filed as a fixture filing until the mortgage
2is released or satisfied of record or its effectiveness otherwise terminates as to the
3real property.
SB9-SSA1,133,7 4409.516 What constitutes filing; effectiveness of filing. (1) What
5constitutes filing.
Except as otherwise provided in sub. (2), communication of a
6record to a filing office and tender of the filing fee or acceptance of the record by the
7filing office constitutes filing.
SB9-SSA1,133,9 8(2) Refusal to accept record; filing does not occur. Filing does not occur
9with respect to a record that a filing office refuses to accept because:
SB9-SSA1,133,1110 (a) The record is not communicated by a method or medium of communication
11authorized by the filing office;
SB9-SSA1,133,1212 (b) An amount equal to or greater than the applicable filing fee is not tendered;
SB9-SSA1,133,1313 (c) The filing office is unable to index the record because:
SB9-SSA1,133,1514 1. In the case of an initial financing statement, the record does not provide a
15name for the debtor;
SB9-SSA1,133,1616 2. In the case of an amendment or correction statement, the record:
SB9-SSA1,133,1817 a. Does not identify the initial financing statement as required by s. 409.512
18or 409.518, as applicable; or
SB9-SSA1,133,2019 b. Identifies an initial financing statement whose effectiveness has lapsed
20under s. 409.515;
SB9-SSA1,133,2521 3. In the case of an initial financing statement that provides the name of a
22debtor identified as an individual or an amendment that provides a name of a debtor
23identified as an individual which was not previously provided in the financing
24statement to which the record relates, the record does not identify the debtor's last
25name; or
SB9-SSA1,134,3
14. In the case of a record filed or recorded in the filing office described in s.
2409.501 (1) (a), the record does not provide a sufficient description of the real
3property to which it relates;
SB9-SSA1,134,64 (d) In the case of an initial financing statement or an amendment that adds a
5secured party of record, the record does not provide a name and mailing address for
6the secured party of record;
SB9-SSA1,134,97 (e) In the case of an initial financing statement or an amendment that provides
8a name of a debtor which was not previously provided in the financing statement to
9which the amendment relates, the record does not:
SB9-SSA1,134,1010 1. Provide a mailing address for the debtor;
SB9-SSA1,134,1111 2. Indicate whether the debtor is an individual or an organization; or
SB9-SSA1,134,1312 3. If the financing statement indicates that the debtor is an organization,
13provide:
SB9-SSA1,134,1414 a. A type of organization for the debtor;
SB9-SSA1,134,1515 b. A jurisdiction of organization for the debtor; or
SB9-SSA1,134,1716 c. An organizational identification number for the debtor or indicate that the
17debtor has none;
SB9-SSA1,134,2018 (f) In the case of an assignment reflected in an initial financing statement
19under s. 409.514 (1) or an amendment filed under s. 409.514 (2), the record does not
20provide a name and mailing address for the assignee; or
SB9-SSA1,134,2221 (g) In the case of a continuation statement, the record is not filed within the
226-month period prescribed by s. 409.515 (4).
SB9-SSA1,134,23 23(3) Rules applicable to sub. (2). For purposes of sub. (2):
SB9-SSA1,134,2524 (a) A record does not provide information if the filing office is unable to read
25or decipher the information; and
SB9-SSA1,135,3
1(b) A record that does not indicate that it is an amendment or identify an initial
2financing statement to which it relates, as required by s. 409.512, 409.514, or
3409.518, is an initial financing statement.
SB9-SSA1,135,8 4(4) Refusal to accept record; record effective as filed record. A record that
5is communicated to the filing office with tender of the filing fee, but which the filing
6office refuses to accept for a reason other than one set forth in sub. (2), is effective as
7a filed record except as against a purchaser of the collateral which gives value in
8reasonable reliance upon the absence of the record from the files.
SB9-SSA1,135,10 9409.517 Effect of indexing errors. The failure of the filing office to index a
10record correctly does not affect the effectiveness of the filed record.
SB9-SSA1,135,14 11409.518 Claim concerning inaccurate or wrongfully filed record. (1)
12Correction statement. A person may file in the filing office a correction statement
13with respect to a record indexed there under the person's name if the person believes
14that the record is inaccurate or was wrongfully filed.
SB9-SSA1,135,15 15(2) Sufficiency of correction statement. A correction statement must:
SB9-SSA1,135,1616 (a) Identify the record to which it relates by:
SB9-SSA1,135,1817 1. The file number assigned to the initial financing statement to which the
18record relates; and
SB9-SSA1,135,2119 2. If the correction statement relates to a record filed or recorded in a filing
20office described in s. 409.501 (1) (a), the date on which the initial financing statement
21was filed or recorded and the information specified in s. 409.502 (2);
SB9-SSA1,135,2222 (b) Indicate that it is a correction statement; and
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