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(a) A trade name or other name of the debtor; or
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(b) Unless required under sub. (1) (d) 2., names of partners, members,
17associates, or other persons comprising the debtor.
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18(3) Debtor's trade name insufficient. A financing statement that provides
19only the debtor's trade name does not sufficiently provide the name of the debtor.
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20(4) Representative capacity. Failure to indicate the representative capacity
21of a secured party or representative of a secured party does not affect the sufficiency
22of a financing statement.
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23(5) Multiple debtors and secured parties. A financing statement may provide
24the name of more than one debtor and the name of more than one secured party.
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1409.504 Indication of collateral. A financing statement sufficiently
2indicates the collateral that it covers if the financing statement provides:
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3(1) A description of the collateral pursuant to s. 409.108; or
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4(2) An indication that the financing statement covers all assets or all personal
5property.
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6409.505 Filing and compliance with other statutes and treaties for
7consignments, leases, other bailments, and other transactions. (1) Use of
8terms other than debtor and secured party. A consignor, lessor, or other bailor of
9goods, a licensor, or a buyer of a payment intangible or promissory note may file a
10financing statement, or may comply with a statute or treaty described in s. 409.311
11(1), using the terms "consignor", "consignee", "lessor", "lessee", "bailor", "bailee",
12"licensor", "licensee", "owner", "registered owner", "buyer", "seller", or words of
13similar import, instead of the terms "secured party" and "debtor".
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14(2) Effect of financing statement under sub. (1). This subchapter applies to
15the filing of a financing statement under sub. (1) and, as appropriate, to compliance
16that is equivalent to filing a financing statement under s. 409.311 (2), but the filing
17or compliance is not of itself a factor in determining whether the collateral secures
18an obligation. If it is determined for another reason that the collateral secures an
19obligation, a security interest held by the consignor, lessor, bailor, licensor, owner, or
20buyer which attaches to the collateral is perfected by the filing or compliance
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21409.506 Effect of errors or omissions. (1) Minor errors and omissions. 22A financing statement substantially satisfying the requirements of this subchapter
23is effective, even if it has minor errors or omissions, unless the errors or omissions
24make the financing statement seriously misleading.
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1(2) Financing statement seriously misleading. Except as otherwise provided
2in sub. (3), a financing statement that fails sufficiently to provide the name of the
3debtor in accordance with s. 409.503 (1) is seriously misleading.
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4(3) Financing statement not seriously misleading. If a search of the records
5of the filing office under the debtor's correct name, using the filing office's standard
6search logic, if any, would disclose a financing statement that fails sufficiently to
7provide the name of the debtor in accordance with s. 409.503 (1), the name provided
8does not make the financing statement seriously misleading.
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9(4) Debtor's correct name. For purposes of s. 409.508 (2), the "debtor's correct
10name" in sub. (3) means the correct name of the new debtor.
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11409.507 Effect of certain events on effectiveness of financing
12statement. (1) Disposition. A filed financing statement remains effective with
13respect to collateral that is sold, exchanged, leased, licensed, or otherwise disposed
14of and in which a security interest or agricultural lien continues, even if the secured
15party knows of or consents to the disposition.
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16(2) Information becoming seriously misleading. Except as otherwise provided
17in sub. (3) and s. 409.508, a financing statement is not rendered ineffective if, after
18the financing statement is filed, the information provided in the financing statement
19becomes seriously misleading under s. 409.506.
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20(3) Change in debtor's name. If a debtor so changes its name that a filed
21financing statement becomes seriously misleading under s. 409.506:
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(a) The financing statement is effective to perfect a security interest in
23collateral acquired by the debtor before, or within 4 months after, the change; and
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(b) The financing statement is not effective to perfect a security interest in
25collateral acquired by the debtor more than 4 months after the change, unless an
1amendment to the financing statement which renders the financing statement not
2seriously misleading is filed within 4 months after the change.
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3409.508 Effectiveness of financing statement if new debtor becomes
4bound by security agreement. (1) Financing statement naming original debtor.
5Except as otherwise provided in this section, a filed financing statement naming an
6original debtor is effective to perfect a security interest in collateral in which a new
7debtor has or acquires rights to the extent that the financing statement would have
8been effective had the original debtor acquired rights in the collateral.
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9(2) Financing statement becoming seriously misleading. If the difference
10between the name of the original debtor and that of the new debtor causes a filed
11financing statement that is effective under sub. (1) to be seriously misleading under
12s. 409.506:
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(a) The financing statement is effective to perfect a security interest in
14collateral acquired by the new debtor before, and within 4 months after, the new
15debtor becomes bound under s. 409.203 (4); and
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(b) The financing statement is not effective to perfect a security interest in
17collateral acquired by the new debtor more than 4 months after the new debtor
18becomes bound under s. 409.203 (4) unless an initial financing statement providing
19the name of the new debtor is filed before the expiration of that time.
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20(3) When section not applicable. This section does not apply to collateral as
21to which a filed financing statement remains effective against the new debtor under
22s. 409.507 (1).
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23409.509 Persons entitled to file a record. (1) Person entitled to file
24record. A person may file an initial financing statement, amendment that adds
1collateral covered by a financing statement, or amendment that adds a debtor to a
2financing statement only if:
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(a) The debtor authorizes the filing in an authenticated record or pursuant to
4sub. (2) or (3); or
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(b) The person holds an agricultural lien that has become effective at the time
6of filing and the financing statement covers only collateral in which the person holds
7an agricultural lien.
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8(2) Security agreement as authorization. By authenticating or becoming
9bound as debtor by a security agreement, a debtor or new debtor authorizes the filing
10of an initial financing statement, and an amendment, covering:
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(a) The collateral described in the security agreement; and
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(b) Property that becomes collateral under s. 409.315 (1) (b), whether or not the
13security agreement expressly covers proceeds.
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14(3) Acquisition of collateral as authorization. By acquiring collateral in
15which a security interest or agricultural lien continues under s. 409.315 (1) (a), a
16debtor authorizes the filing of an initial financing statement, and an amendment,
17covering the collateral and property that becomes collateral under s. 409.315 (1) (b).
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18(4) Person entitled to file certain amendments. A person may file an
19amendment other than an amendment that adds collateral covered by a financing
20statement or an amendment that adds a debtor to a financing statement only if:
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(a) The secured party of record authorizes the filing; or
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(b) The amendment is a termination statement for a financing statement as to
23which the secured party of record has failed to file or send a termination statement
24as required by s. 409.513 (1) or (3), the debtor authorizes the filing, and the
25termination statement indicates that the debtor authorized it to be filed.
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1(5) Multiple secured parties of record. If there is more than one secured
2party of record for a financing statement, each secured party of record may authorize
3the filing of an amendment under sub. (4).
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4409.510 Effectiveness of filed record. (1) Filed record effective if
5authorized. A filed record is effective only to the extent that it was filed by a person
6that may file it under s. 409.509.
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7(2) Authorization by one secured party of record. A record authorized by one
8secured party of record does not affect the financing statement with respect to
9another secured party of record.
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10(3) Continuation statement not timely filed. A continuation statement that
11is not filed within the 6-month period prescribed by s. 409.515 (4) is ineffective.
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12409.511 Secured party of record. (1) Secured party of record. A secured
13party of record with respect to a financing statement is a person whose name is
14provided as the name of the secured party or a representative of the secured party
15in an initial financing statement that has been filed. If an initial financing statement
16is filed under s. 409.514 (1), the assignee named in the initial financing statement
17is the secured party of record with respect to the financing statement.
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18(2) Amendment naming secured party of record. If an amendment of a
19financing statement which provides the name of a person as a secured party or a
20representative of a secured party is filed, the person named in the amendment is a
21secured party of record. If an amendment is filed under s. 409.514 (2), the assignee
22named in the amendment is a secured party of record.
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23(3) Amendment deleting secured party of record. A person remains a secured
24party of record until the filing of an amendment of the financing statement which
25deletes the person.
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1409.512 Amendment of financing statement. (1) Amendment of
2information in financing statement. Subject to s. 409.509, a person may add or
3delete collateral covered by, continue or terminate the effectiveness of, or, subject to
4sub. (5), otherwise amend the information provided in, a financing statement by
5filing an amendment that:
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(a) Identifies, by its file number, the initial financing statement to which the
7amendment relates; and
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(b) If the amendment relates to an initial financing statement filed or recorded
9in a filing office described in s. 409.501 (1) (a), provides the date on which
the initial
10financing statement was filed or recorded and the information specified in s. 409.502
11(2).
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12(2) Period of effectiveness not affected. Except as otherwise provided in s.
13409.515, the filing of an amendment does not extend the period of effectiveness of the
14financing statement.
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15(3) Effectiveness of amendment adding collateral. A financing statement
16that is amended by an amendment that adds collateral is effective as to the added
17collateral only from the date of the filing of the amendment.
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18(4) Effectiveness of amendment adding debtor. A financing statement that
19is amended by an amendment that adds a debtor is effective as to the added debtor
20only from the date of the filing of the amendment.
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21(5) Certain amendments ineffective. An amendment is ineffective to the
22extent that it:
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(a) Purports to delete all debtors and fails to provide the name of a debtor to
24be covered by the financing statement; or
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1(b) Purports to delete all secured parties of record and fails to provide the name
2of a new secured party of record.
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3409.513 Termination statement. (1) Consumer goods. A secured party
4shall cause the secured party of record for a financing statement to file a termination
5statement for the financing statement if the financing statement covers consumer
6goods and:
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(a) There is no obligation secured by the collateral covered by the financing
8statement and no commitment to make an advance, incur an obligation, or otherwise
9give value; or
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(b) The debtor did not authorize the filing of the initial financing statement.
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11(2) Time for compliance with sub. (1). To comply with sub. (1), a secured party
12shall cause the secured party of record to file the termination statement:
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(a) Within one month after there is no obligation secured by the collateral
14covered by the financing statement and no commitment to make an advance, incur
15an obligation, or otherwise give value; or
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(b) If earlier, within 20 days after the secured party receives an authenticated
17demand from a debtor.
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18(3) Other collateral. In cases not governed by sub. (1), within 20 days after
19a secured party receives an authenticated demand from a debtor, the secured party
20shall cause the secured party of record for a financing statement to send to the debtor
21a termination statement for the financing statement or file the termination
22statement in the filing office if:
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(a) Except in the case of a financing statement covering accounts or chattel
24paper that has been sold or goods that are the subject of a consignment, there is no
1obligation secured by the collateral covered by the financing statement and no
2commitment to make an advance, incur an obligation, or otherwise give value;
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(b) The financing statement covers accounts or chattel paper that has been sold
4but as to which the account debtor or other person obligated has discharged its
5obligation;
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(c) The financing statement covers goods that were the subject of a consignment
7to the debtor but are not in the debtor's possession; or
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(d) The debtor did not authorize the filing of the initial financing statement.
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9(4) Effect of filing termination statement. Except as otherwise provided in
10s. 409.510, upon the filing of a termination statement with the filing office, the
11financing statement to which the termination statement relates ceases to be
12effective. Except as otherwise provided in s. 409.510, for the purposes of ss. 409.519
13(7), 409.522 (1), and 409.523 (3), the filing with the filing office of a termination
14statement relating to a financing statement that indicates that the debtor is a
15transmitting utility also causes the effectiveness of the financing statement to lapse.
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16409.514 Assignment of powers of secured party of record. (1) 17Assignment reflected on initial financing statement. Except as otherwise
18provided in sub. (3), an initial financing statement may reflect an assignment of all
19of the secured party's power to authorize an amendment to the financing statement
20by providing the name and mailing address of the assignee as the name and address
21of the secured party.
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22(2) Assignment of filed financing statement. Except as otherwise provided
23in sub. (3), a secured party of record may assign of record all or part of its power to
24authorize an amendment to a financing statement by filing in the filing office an
25amendment of the financing statement which:
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1(a) Identifies, by its file number, the initial financing statement to which it
2relates;
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(b) Provides the name of the assignor; and
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(c) Provides the name and mailing address of the assignee.
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5(3) Assignment of record of mortgage. An assignment of record of a security
6interest in a fixture covered by a record of a mortgage which is effective as a financing
7statement filed as a fixture filing under s. 409.502 (3) may be made only by an
8assignment of record of the mortgage in the manner provided by law of this state
9other than chs. 401 to 411.
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10409.515 Duration and effectiveness of financing statement; effect of
11lapsed financing statement. (1) Five-year effectiveness. Except as otherwise
12provided in subs. (2), (5), (6), and (7), a filed financing statement is effective for a
13period of 5 years after the date of filing.
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14(2) Public-finance or manufactured-home transaction. Except as otherwise
15provided in subs. (5), (6), and (7), an initial financing statement filed in connection
16with a public-finance transaction or manufactured-home transaction is effective for
17a period of 30 years after the date of filing if it indicates that it is filed in connection
18with a public-finance transaction or manufactured-home transaction.
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19(3) Lapse and continuation of financing statement. The effectiveness of a filed
20financing statement lapses on the expiration of the period of its effectiveness unless
21before the lapse a continuation statement is filed pursuant to sub. (4). Upon lapse,
22a financing statement ceases to be effective and any security interest or agricultural
23lien that was perfected by the financing statement becomes unperfected, unless the
24security interest is perfected otherwise. If the security interest or agricultural lien
1becomes unperfected upon lapse, it is deemed never to have been perfected as against
2a purchaser of the collateral for value.
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3(4) When continuation statement may be filed. A continuation statement may
4be filed only within 6 months before the expiration of the 5-year period specified in
5sub. (1) or the 30-year period specified in sub. (2), whichever is applicable.
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6(5) Effect of filing continuation statement. Except as otherwise provided in
7s. 409.510, upon timely filing of a continuation statement, the effectiveness of the
8initial financing statement continues for a period of 5 years commencing on the day
9on which the financing statement would have become ineffective in the absence of
10the filing. Upon the expiration of the 5-year period, the financing statement lapses
11in the same manner as provided in sub. (3), unless, before the lapse, another
12continuation statement is filed pursuant to sub. (4). Succeeding continuation
13statements may be filed in the same manner to continue the effectiveness of the
14initial financing statement.
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15(6) Transmitting utility financing statement. If a debtor is a transmitting
16utility and a filed financing statement so indicates, the financing statement is
17effective until a termination statement is filed.
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18(7) Record of mortgage as financing statement. A record of a mortgage that
19is effective as a financing statement filed as a fixture filing under s. 409.502 (3)
20remains effective as a financing statement filed as a fixture filing until the mortgage
21is released or satisfied of record or its effectiveness otherwise terminates as to the
22real property.
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23409.516 What constitutes filing; effectiveness of filing. (1) What
24constitutes filing. Except as otherwise provided in sub. (2), communication of a
1record to a filing office and tender of the filing fee or acceptance of the record by the
2filing office constitutes filing.
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3(2) Refusal to accept record; filing does not occur. Filing does not occur
4with respect to a record that a filing office refuses to accept because:
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(a) The record is not communicated by a method or medium of communication
6authorized by the filing office;
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(b) An amount equal to or greater than the applicable filing fee is not tendered;
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(c) The filing office is unable to index the record because:
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1. In the case of an initial financing statement, the record does not provide a
10name for the debtor;
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2. In the case of an amendment or correction statement, the record:
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a. Does not identify the initial financing statement as required by s. 409.512
13or 409.518, as applicable; or
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b. Identifies an initial financing statement whose effectiveness has lapsed
15under s. 409.515;
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3. In the case of an initial financing statement that provides the name of a
17debtor identified as an individual or an amendment that provides a name of a debtor
18identified as an individual which was not previously provided in the financing
19statement to which the record relates, the record does not identify the debtor's last
20name; or
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4. In the case of a record filed or recorded in the filing office described in s.
22409.501 (1) (a), the record does not provide a sufficient description of the real
23property to which it relates;