AB111,72,23 22(4) Supporting obligation. Perfection of a security interest in collateral also
23perfects a security interest in a supporting obligation for the collateral.
AB111,73,3
1(5) Lien securing right to payment. Perfection of a security interest in a right
2to payment or performance also perfects a security interest in a security interest,
3mortgage, or other lien on personal or real property securing the right.
AB111,73,6 4(6) Security entitlement carried in securities account. Perfection of a
5security interest in a securities account also perfects a security interest in the
6security entitlements carried in the securities account.
AB111,73,9 7(7) Commodity contract carried in commodity account. Perfection of a
8security interest in a commodity account also perfects a security interest in the
9commodity contracts carried in the commodity account.
AB111,73,11 10409.309 Security interest perfected upon attachment. The following
11security interests are perfected when they attach:
AB111,73,14 12(1) A purchase-money security interest in consumer goods, except as otherwise
13provided in s. 409.311 (2) with respect to consumer goods that are subject to a statute
14or treaty described in s. 409.311 (1);
AB111,73,17 15(2) An assignment of accounts or payment intangibles which does not by itself
16or in conjunction with other assignments to the same assignee transfer a significant
17part of the assignor's outstanding accounts or payment intangibles;
AB111,73,18 18(3) A sale of a payment intangible;
AB111,73,19 19(4) A sale of a promissory note;
AB111,73,21 20(5) A security interest created by the assignment of a health-care-insurance
21receivable to the provider of the health-care goods or services;
AB111,73,23 22(6) A security interest arising under s. 402.401, 402.505, 402.711 (3), or 411.508
23(5), until the debtor obtains possession of the collateral;
AB111,73,24 24(7) A security interest of a collecting bank arising under s. 404.210;
AB111,74,2
1(8) A security interest of an issuer or nominated person arising under s.
2405.118;
AB111,74,4 3(9) A security interest arising in the delivery of a financial asset under s.
4409.206 (3);
AB111,74,6 5(10) A security interest in investment property created by a broker or securities
6intermediary;
AB111,74,8 7(11) A security interest in a commodity contract or a commodity account
8created by a commodity intermediary;
AB111,74,10 9(12) An assignment for the benefit of all creditors of the transferor and
10subsequent transfers by the assignee thereunder; and
AB111,74,12 11(13) A security interest created by an assignment of a beneficial interest in a
12decedent's estate.
AB111,74,17 13409.310 When filing required to perfect security interest or
14agricultural lien; security interests and agricultural liens to which filing
15provisions do not apply. (1)
General rule: perfection by filing. Except as
16otherwise provided in sub. (2) and s. 409.312 (2), a financing statement must be filed
17to perfect all security interests and agricultural liens.
AB111,74,19 18(2) Exceptions: filing not necessary. The filing of a financing statement is
19not necessary to perfect a security interest:
AB111,74,2020 (a) That is perfected under s. 409.308 (4), (5), (6), or (7);
AB111,74,2121 (b) That is perfected under s. 409.309 when it attaches;
AB111,74,2322 (c) In property subject to a statute, regulation, or treaty described in s. 409.311
23(1);
AB111,74,2524 (d) In goods in possession of a bailee which is perfected under s. 409.312 (4) (a)
25or (b);
AB111,75,2
1(e) In certificated securities, documents, goods, or instruments which is
2perfected without filing or possession under s. 409.312 (5), (6), or (7);
AB111,75,33 (f) In collateral in the secured party's possession under s. 409.313;
AB111,75,54 (g) In a certificated security which is perfected by delivery of the security
5certificate to the secured party under s. 409.313;
AB111,75,76 (h) In deposit accounts, electronic chattel paper, investment property, or
7letter-of-credit rights which is perfected by control under s. 409.314;
AB111,75,88 (i) In proceeds which is perfected under s. 409.315; or
AB111,75,99 (j) That is perfected under s. 409.316.
AB111,75,13 10(3) Assignment of perfected security interest. If a secured party assigns a
11perfected security interest or agricultural lien, a filing under this chapter is not
12required to continue the perfected status of the security interest against creditors of
13and transferees from the original debtor.
AB111,75,17 14409.311 Perfection of security interests in property subject to certain
15statutes, regulations, and treaties
. (1) Security interest subject to other law.
16Except as otherwise provided in sub. (4), the filing of a financing statement is not
17necessary or effective to perfect a security interest in property subject to:
AB111,75,2018 (a) A statute, regulation, or treaty of the United States whose requirements for
19a security interest's obtaining priority over the rights of a lien creditor with respect
20to the property preempt s. 409.310 (1).
AB111,75,2121 (b) The following vehicle title statutes: ss. 342.19 and 342.20.
AB111,75,2222 (bm) The following boat title statutes: ss. 30.57, 30.572, and 30.573.
AB111,76,223 (c) A certificate-of-title statute of another jurisdiction which provides for a
24security interest to be indicated on the certificate as a condition or result of the

1security interest's obtaining priority over the rights of a lien creditor with respect to
2the property.
AB111,76,33 (d) Sections 182.025 and 190.11 and other statutes providing for central filing.
AB111,76,44 (e) A master lease entered into by the state under s. 16.76 (4).
AB111,76,65 (f) The manufactured home security interest provisions under subch. V of ch.
6101.
AB111,76,15 7(2) Compliance with other law. Compliance with the requirements of a
8statute, regulation, or treaty described in sub. (1) for obtaining priority over the
9rights of a lien creditor is equivalent to the filing of a financing statement under this
10chapter. Except as otherwise provided in sub. (4) and ss. 409.313 and 409.316 (4) and
11(5) for goods covered by a certificate of title, a security interest in property subject
12to a statute, regulation, or treaty described in sub. (1) may be perfected only by
13compliance with those requirements, and a security interest so perfected remains
14perfected notwithstanding a change in the use or transfer of possession of the
15collateral.
AB111,76,20 16(3) Duration and renewal of perfection. Except as otherwise provided in sub.
17(4) and s. 409.316 (4) and (5), duration and renewal of perfection of a security interest
18perfected by compliance with the requirements prescribed by a statute, regulation,
19or treaty described in sub. (1) are governed by the statute, regulation, or treaty. In
20other respects, the security interest is subject to this chapter.
AB111,76,25 21(4) Inapplicability to certain inventory. During any period in which collateral
22subject to a statute specified in sub. (1) (b), (bm), or (f) is inventory held for sale or
23lease by a person or leased by that person as lessor and that person is in the business
24of selling goods of that kind, this section does not apply to a security interest in that
25collateral created by that person.
AB111,77,7
1409.312 Perfection of security interests in chattel paper, deposit
2accounts, documents, goods covered by documents, instruments,
3investment property, letter-of-credit rights, and money; perfection by
4permissive filing; temporary perfection without filing or transfer of
5possession. (1)
Perfection by filing permitted. A security interest in chattel
6paper, negotiable documents, instruments, or investment property may be perfected
7by filing.
AB111,77,9 8(2) Control or possession of certain collateral. Except as otherwise
9provided in s. 409.315 (3) and (4) for proceeds:
AB111,77,1110 (a) A security interest in a deposit account may be perfected only by control
11under s. 409.314;
AB111,77,1312 (b) And except as otherwise provided in s. 409.308 (4), a security interest in a
13letter-of-credit right may be perfected only by control under s. 409.314; and
AB111,77,1514 (c) A security interest in money may be perfected only by the secured party's
15taking possession under s. 409.313.
AB111,77,17 16(3) Goods covered by negotiable document. While goods are in the possession
17of a bailee that has issued a negotiable document covering the goods:
AB111,77,1918 (a) A security interest in the goods may be perfected by perfecting a security
19interest in the document; and
AB111,77,2120 (b) A security interest perfected in the document has priority over any security
21interest that becomes perfected in the goods by another method during that time.
AB111,77,24 22(4) Goods covered by nonnegotiable document. While goods are in the
23possession of a bailee that has issued a nonnegotiable document covering the goods,
24a security interest in the goods may be perfected by:
AB111,77,2525 (a) Issuance of a document in the name of the secured party;
AB111,78,1
1(b) The bailee's receipt of notification of the secured party's interest; or
AB111,78,22 (c) Filing as to the goods.
AB111,78,6 3(5) Temporary perfection: new value. A security interest in certificated
4securities, negotiable documents, or instruments is perfected without filing or the
5taking of possession for a period of 20 days from the time it attaches to the extent that
6it arises for new value given under an authenticated security agreement.
AB111,78,11 7(6) Temporary perfection: goods or documents made available to debtor. A
8perfected security interest in a negotiable document or goods in possession of a
9bailee, other than one that has issued a negotiable document for the goods, remains
10perfected for 20 days without filing if the secured party makes available to the debtor
11the goods or documents representing the goods for the purpose of:
AB111,78,1212 (a) Ultimate sale or exchange; or
AB111,78,1513 (b) Loading, unloading, storing, shipping, transshipping, manufacturing,
14processing, or otherwise dealing with them in a manner preliminary to their sale or
15exchange.
AB111,78,19 16(7) Temporary perfection: delivery of security certificate or instrument to
17debtor.
A perfected security interest in a certificated security or instrument remains
18perfected for 20 days without filing if the secured party delivers the security
19certificate or instrument to the debtor for the purpose of:
AB111,78,2020 (a) Ultimate sale or exchange; or
AB111,78,2121 (b) Presentation, collection, enforcement, renewal, or registration of transfer.
AB111,78,23 22(8) Expiration of temporary perfection. After the 20-day period specified in
23sub. (5), (6), or (7) expires, perfection depends upon compliance with this chapter.
AB111,79,5 24409.313 When possession by or delivery to secured party perfects
25security interest without filing. (1)
Perfection by possession or delivery.

1Except as otherwise provided in sub. (2), a secured party may perfect a security
2interest in negotiable documents, goods, instruments, money, or tangible chattel
3paper by taking possession of the collateral. A secured party may perfect a security
4interest in certificated securities by taking delivery of the certificated securities
5under s. 408.301.
AB111,79,9 6(2) Goods covered by certificate of title. With respect to goods covered by
7a certificate of title issued by this state, a secured party may perfect a security
8interest in the goods by taking possession of the goods only in the circumstances
9described in s. 409.316 (4).
AB111,79,14 10(3) Collateral in possession of person other than debtor. With respect to
11collateral other than certificated securities and goods covered by a document, a
12secured party takes possession of collateral in the possession of a person other than
13the debtor, the secured party, or a lessee of the collateral from the debtor in the
14ordinary course of the debtor's business, when:
AB111,79,1615 (a) The person in possession authenticates a record acknowledging that the
16person holds possession of the collateral for the secured party's benefit; or
AB111,79,1917 (b) The person takes possession of the collateral after having authenticated a
18record acknowledging that the person will hold possession of collateral for the
19secured party's benefit.
AB111,79,23 20(4) Time of perfection by possession; continuation of perfection. If
21perfection of a security interest depends upon possession of the collateral by a
22secured party, perfection occurs no earlier than the time the secured party takes
23possession and continues only while the secured party retains possession.
AB111,80,2 24(5) Time of perfection by delivery; continuation of perfection. A security
25interest in a certificated security in registered form is perfected by delivery when

1delivery of the certificated security occurs under s. 408.301 and remains perfected
2by delivery until the debtor obtains possession of the security certificate.
AB111,80,4 3(6) Acknowledgment not required. A person in possession of collateral is not
4required to acknowledge that it holds possession for a secured party's benefit.
AB111,80,6 5(7) Effectiveness of acknowledgment; no duties or confirmation. If a person
6acknowledges that it holds possession for the secured party's benefit:
AB111,80,87 (a) The acknowledgment is effective under sub. (3) or s. 408.301 (1), even if the
8acknowledgment violates the rights of a debtor; and
AB111,80,119 (b) Unless the person otherwise agrees or law other than this chapter otherwise
10provides, the person does not owe any duty to the secured party and is not required
11to confirm the acknowledgment to another person.
AB111,80,16 12(8) Secured party's delivery to person other than debtor. A secured party
13having possession of collateral does not relinquish possession by delivering the
14collateral to a person other than the debtor or a lessee of the collateral from the debtor
15in the ordinary course of the debtor's business if the person was instructed before the
16delivery or is instructed contemporaneously with the delivery:
AB111,80,1717 (a) To hold possession of the collateral for the secured party's benefit; or
AB111,80,1818 (b) To redeliver the collateral to the secured party.
AB111,80,24 19(9) Effect of delivery under sub. (8); no duties or confirmation. A secured
20party does not relinquish possession, even if a delivery under sub. (8) violates the
21rights of a debtor. A person to which collateral is delivered under sub. (8) does not
22owe any duty to the secured party and is not required to confirm the delivery to
23another person unless the person otherwise agrees or law other than this chapter
24otherwise provides.
AB111,81,4
1409.314 Perfection by control. (1) Perfection by control. A security
2interest in investment property, deposit accounts, letter-of-credit rights, or
3electronic chattel paper may be perfected by control of the collateral under s. 409.104,
4409.105, 409.106, or 409.107.
AB111,81,9 5(2) Specified collateral: time of perfection by control; continuation of
6perfection.
A security interest in deposit accounts, electronic chattel paper, or
7letter-of-credit rights is perfected by control under s. 409.104, 409.105, or 409.107
8when the secured party obtains control and remains perfected by control only while
9the secured party retains control.
AB111,81,13 10(3) Investment property: time of perfection by control; continuation of
11perfection.
A security interest in investment property is perfected by control under
12s. 409.106 from the time the secured party obtains control and remains perfected by
13control until:
AB111,81,1414 (a) The secured party does not have control; and
AB111,81,1515 (b) One of the following occurs:
AB111,81,1716 1. If the collateral is a certificated security, the debtor has or acquires
17possession of the security certificate;
AB111,81,1918 2. If the collateral is an uncertificated security, the issuer has registered or
19registers the debtor as the registered owner; or
AB111,81,2120 3. If the collateral is a security entitlement, the debtor is or becomes the
21entitlement holder.
AB111,81,25 22409.315 Secured party's rights on disposition of collateral and in
23proceeds. (1)
Disposition of collateral: continuation of security interest or
24agricultural lien; proceeds.
Except as otherwise provided in this chapter and in s.
25402.403 (2):
AB111,82,4
1(a) A security interest or agricultural lien continues in collateral
2notwithstanding sale, lease, license, exchange, or other disposition thereof unless
3the secured party authorized the disposition free of the security interest or
4agricultural lien; and
AB111,82,55 (b) A security interest attaches to any identifiable proceeds of collateral.
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