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(om) "Obligor" means a person that, with respect to an obligation secured by
13a security interest in or an agricultural lien on the collateral, owes payment or other
14performance of the obligation; has provided property other than the collateral to
15secure payment or other performance of the obligation; or is otherwise accountable
16in whole or in part for payment or other performance of the obligation. The term does
17not include issuers or nominated persons under a letter of credit.
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(os) "Original debtor", except as used in s. 409.310 (3), means a person that, as
19debtor, entered into a security agreement to which a new debtor has become bound
20under s. 409.203 (4).
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(p) "Payment intangible" means a general intangible under which the account
22debtor's principal obligation is a monetary obligation.
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(pg) "Person related to", with respect to an individual, means:
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1. The spouse of the individual;
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2. A brother, brother-in-law, sister, or sister-in-law of the individual;
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13. An ancestor or lineal descendant of the individual or the individual's spouse;
2or
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4. Any other relative, by blood or marriage, of the individual or the individual's
4spouse who shares the same home with the individual.
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(pm) "Person related to", with respect to an organization, means:
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1. A person directly or indirectly controlling, controlled by, or under common
7control with the organization;
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2. An officer or director of, or a person performing similar functions with respect
9to, the organization;
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3. An officer or director of, or a person performing similar functions with respect
11to, a person described in subd. 1.;
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4. The spouse of an individual described in subd. 1., 2., or 3.; or
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5. An individual who is related by blood or marriage to an individual described
14in subd. 1., 2., 3., or 4. and shares the same home with the individual.
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(ps) "Proceeds", except as used in s. 409.609 (2), means the following property:
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1. Whatever is acquired upon the sale, lease, license, exchange, or other
17disposition of collateral;
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2. Whatever is collected on, or distributed on account of, collateral;
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3. Rights arising out of collateral;
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4. To the extent of the value of collateral, claims arising out of the loss,
21nonconformity, or interference with the use of, defects or infringement of rights in,
22or damage to, the collateral; or
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5. To the extent of the value of collateral and to the extent payable to the debtor
24or the secured party, insurance payable by reason of the loss or nonconformity of,
25defects or infringement of rights in, or damage to, the collateral.
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1(ptm) "Proceeds of a letter of credit" means the cash, check, accepted draft, or
2other item of value paid or delivered upon honor or giving of value by the issuer or
3any nominated person under the letter of credit. The term does not include a
4beneficiary's drawing rights or documents presented by the beneficiary.
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(q) "Promissory note" means an instrument that evidences a promise to pay a
6monetary obligation, does not evidence an order to pay, and does not contain an
7acknowledgment by a bank that the bank has received for deposit a sum of money
8or funds.
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(qg) "Proposal" means a record authenticated by a secured party which
10includes the terms on which the secured party is willing to accept collateral in full
11or partial satisfaction of the obligation it secures pursuant to ss. 409.620, 409.621,
12and 409.622.
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(qm) "Public-finance transaction" means a secured transaction in connection
14with which:
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1. Debt securities are issued;
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2. All or a portion of the securities issued have an initial stated maturity of at
17least 20 years; and
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3. The debtor, obligor, secured party, account debtor or other person obligated
19on collateral, assignor or assignee of a secured obligation, or assignor or assignee of
20a security interest is a state or a governmental unit of a state.
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(qs) "Pursuant to commitment", with respect to an advance made or other value
22given by a secured party, means pursuant to the secured party's obligation, whether
23or not a subsequent event of default or other event not within the secured party's
24control has relieved or may relieve the secured party from its obligation.
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1(r) "Record", except as used in "for record", "of record", "record or legal title", and
2"record owner", means information that is inscribed on a tangible medium or which
3is stored in an electronic or other medium and is retrievable in perceivable form.
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(rg) "Registered organization" means an organization organized solely under
5the law of a single state or the United States and as to which the state or the United
6States must maintain a public record showing the organization to have been
7organized.
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(rm) "Secondary obligor" means an obligor to the extent that:
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1. The obligor's obligation is secondary; or
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2. The obligor has a right of recourse with respect to an obligation secured by
11collateral against the debtor, another obligor, or property of either.
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(rs) "Secured party" means:
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1. A person in whose favor a security interest is created or provided for under
14a security agreement, whether or not any obligation to be secured is outstanding;
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2. A person that holds an agricultural lien;
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3. A consignor;
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4. A person to which accounts, chattel paper, payment intangibles, or
18promissory notes have been sold;
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5. A trustee, indenture trustee, agent, collateral agent, or other representative
20in whose favor a security interest or agricultural lien is created or provided for; or
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6. A person that holds a security interest arising under s. 402.401, 402.505,
22402.711 (3), 404.210, 405.118, or 411.508 (5).
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(s) "Security agreement" means an agreement that creates or provides for a
24security interest.
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(sg) "Send", in connection with a record or notification, means:
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11. To deposit in the mail, deliver for transmission, or transmit by any other
2usual means of communication, with postage or cost of transmission provided for,
3addressed to any address reasonable under the circumstances; or
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2. To cause the record or notification to be received within the time that it would
5have been received if properly sent under subd. 1.
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(sm) "Software" means a computer program and any supporting information
7provided in connection with a transaction relating to the program. The term does not
8include a computer program that is included in the definition of goods.
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(ss) "State" means a state of the United States, the District of Columbia, Puerto
10Rico, the United States Virgin Islands, or any territory or insular possession subject
11to the jurisdiction of the United States.
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(t) "Supporting obligation" means a letter-of-credit right or secondary
13obligation that supports the payment or performance of an account, chattel paper,
14a document, a general intangible, an instrument, or investment property.
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(tg) "Tangible chattel paper" means chattel paper evidenced by a record or
16records consisting of information that is inscribed on a tangible medium.
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(tm) "Termination statement" means an amendment of a financing statement
18which:
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1. Identifies, by its file number, the initial financing statement to which it
20relates; and
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2. Indicates either that it is a termination statement or that the identified
22financing statement is no longer effective.
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(ts) "Transmitting utility" means a person primarily engaged in the business
24of:
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1. Operating a railroad, subway, street railway, or trolley bus;
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12. Transmitting communications electrically, electromagnetically, or by light;
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3. Transmitting goods by pipeline or sewer; or
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4. Transmitting or producing and transmitting electricity, steam, gas, or water.
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4(2) Definitions in other chapters. The following definitions in other chapters
5apply to this chapter:
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(b) "Broker" — s. 408.102.
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(bm) "Certificated security" — s. 408.102.
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(c) "Check" — s. 403.104.
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(cm) "Clearing corporation" — s. 408.102.
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(d) "Contract for sale" — s. 402.106.
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(dm) "Customer" — s. 404.104.
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(e) "Entitlement holder" — s. 408.102.
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(em) "Financial asset" — s. 408.102.
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(f) "Holder in due course" — s. 403.302.
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(g) "Issuer" (with respect to a security) — s. 408.201.
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(gm) "Lease" — s. 411.103.
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(h) "Lease agreement" — s. 411.103.
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(hm) "Lease contract" — s. 411.103.
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(i) "Leasehold interest" — s. 411.103.
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(im) "Lessee" — s. 411.103.
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(j) "Lessee in ordinary course of business" — s. 411.103.
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(jm) "Lessor" — s. 411.103.
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(k) "Lessor's residual interest" — s. 411.103.
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(L) "Merchant" — s. 402.104.
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(Lm) "Negotiable instrument" — s. 403.104.
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1(mm) "Note" — s. 403.104.
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(nm) "Prove" — s. 403.103.
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(o) "Sale" — s. 402.106.
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(om) "Securities account" — s. 408.501.
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(p) "Securities intermediary" — s. 408.102.
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(pm) "Security" — s. 408.102.
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(q) "Security certificate" — s. 408.102.
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(qm) "Security entitlement" — s. 408.102.
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(r) "Uncertificated security" — s. 408.102.
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10(3) Chapter 401 definitions and principles. Chapter 401 contains general
11definitions and principles of construction and interpretation applicable throughout
12this chapter.
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13409.103 Purchase-money security interest; application of payments;
14burden of establishing. (1) Definitions. In this section:
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(a) "Purchase-money collateral" means goods or software that secures a
16purchase-money obligation incurred with respect to that collateral.