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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;
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1(d) In the case of an initial financing statement or an amendment that adds a
2secured party of record, the record does not provide a name and mailing address for
3the secured party of record;
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(e) In the case of an initial financing statement or an amendment that provides
5a name of a debtor which was not previously provided in the financing statement to
6which the amendment relates, the record does not:
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1. Provide a mailing address for the debtor;
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2. Indicate whether the debtor is an individual or an organization; or
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3. If the financing statement indicates that the debtor is an organization,
10provide:
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a. A type of organization for the debtor;
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b. A jurisdiction of organization for the debtor; or
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c. An organizational identification number for the debtor or indicate that the
14debtor has none;
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(f) In the case of an assignment reflected in an initial financing statement
16under s. 409.514 (1) or an amendment filed under s. 409.514 (2), the record does not
17provide a name and mailing address for the assignee; or
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(g) In the case of a continuation statement, the record is not filed within the
196-month period prescribed by s. 409.515 (4).
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20(3) Rules applicable to sub. (2). For purposes of sub. (2):
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(a) A record does not provide information if the filing office is unable to read
22or decipher the information; and
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(b) A record that does not indicate that it is an amendment or identify an initial
24financing statement to which it relates, as required by s. 409.512, 409.514, or
25409.518, is an initial financing statement.
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1(4) Refusal to accept record; record effective as filed record. A record that
2is communicated to the filing office with tender of the filing fee, but which the filing
3office refuses to accept for a reason other than one set forth in sub. (2), is effective as
4a filed record except as against a purchaser of the collateral which gives value in
5reasonable reliance upon the absence of the record from the files.
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6409.517 Effect of indexing errors. The failure of the filing office to index a
7record correctly does not affect the effectiveness of the filed record.
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8409.518 Claim concerning inaccurate or wrongfully filed record. (1)
9Correction statement. A person may file in the filing office a correction statement
10with respect to a record indexed there under the person's name if the person believes
11that the record is inaccurate or was wrongfully filed.
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12(2) Sufficiency of correction statement. A correction statement must:
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(a) Identify the record to which it relates by:
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1. The file number assigned to the initial financing statement to which the
15record relates; and
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2. If the correction statement relates to a record filed or recorded in a filing
17office described in s. 409.501 (1) (a), the date on which the initial financing statement
18was filed or recorded and the information specified in s. 409.502 (2);
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(b) Indicate that it is a correction statement; and
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(c) Provide the basis for the person's belief that the record is inaccurate and
21indicate the manner in which the person believes the record should be amended to
22cure any inaccuracy or provide the basis for the person's belief that the record was
23wrongfully filed.
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1(3) Record not affected by correction statement. The filing of a correction
2statement does not affect the effectiveness of an initial financing statement or other
3filed record.
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4409.519 Numbering, maintaining, and indexing records;
5communicating information provided in records. (1) Filing-office duties. 6For each record filed in a filing office, the filing office shall:
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(a) Assign a unique number to the filed record;
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(b) Create a record that bears the number assigned to the filed record and the
9date and time of filing;
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(c) Maintain the filed record for public inspection; and
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(d) Index the filed record in accordance with subs. (3), (4), and (5).
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12(2) File number. A file number assigned after January 1, 2002, must include
13a digit that:
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(a) Is mathematically derived from or related to the other digits of the file
15number; and
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(b) Aids the filing office in determining whether a number communicated as
17the file number includes a single-digit or transpositional error.
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18(3) Indexing: general. Except as otherwise provided in subs. (4) and (5), the
19filing office shall:
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(a) Index an initial financing statement according to the name of the debtor and
21index all filed records relating to the initial financing statement in a manner that
22associates with one another an initial financing statement and all filed records
23relating to the initial financing statement; and
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1(b) Index a record that provides a name of a debtor which was not previously
2provided in the financing statement to which the record relates also according to the
3name that was not previously provided.
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4(4) Indexing: real-property-related financing statement. If a financing
5statement is filed as a fixture filing or covers as-extracted collateral or timber to be
6cut, it must be filed for record and the filing office shall index it:
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(a) Under the names of the debtor and of each owner of record shown on the
8financing statement as if they were the mortgagors under a mortgage of the real
9property described; and
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(b) To the extent that the law of this state provides for indexing of records of
11mortgages under the name of the mortgagee, under the name of the secured party
12as if the secured party were the mortgagee thereunder, or, if indexing is by
13description, as if the financing statement were a record of a mortgage of the real
14property described.
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15(5) Indexing: real-property-related assignment. If a financing statement is
16filed as a fixture filing or covers as-extracted collateral or timber to be cut, the filing
17office shall index an assignment filed under s. 409.514 (1) or an amendment filed
18under s. 409.514 (2):
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(a) Under the name of the assignor as grantor; and
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(b) To the extent that the law of this state provides for indexing a record of the
21assignment of a mortgage under the name of the assignee, under the name of the
22assignee.
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23(6) Retrieval and association capability. The filing office shall maintain a
24capability:
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(a) To retrieve a record by the name of the debtor and:
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11. If the filing office is described in s. 409.501 (1) (a), by the file number assigned
2to the initial financing statement to which the record relates and the date on which
3the record was filed or recorded; or
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2. If the filing office is described in s. 409.501 (1) (b), by the file number assigned
5to the initial financing statement to which the record relates; and
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(b) To associate and retrieve with one another an initial financing statement
7and each filed record relating to the initial financing statement.
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8(7) Removal of debtor's name. The filing office may not remove a debtor's name
9from the index until one year after the effectiveness of a financing statement naming
10the debtor lapses under s. 409.515 with respect to all secured parties of record.
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11(8) Timeliness of filing-office performance. The filing office shall perform
12the acts required by subs. (1) to (5) at the time and in the manner prescribed by
13filing-office rule, but not later than:
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(a) Five business days after the filing office receives the record in question for
15acts performed before July 1, 2003; and
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(b) Two business days after the filing office receives the record in question for
17acts performed on or after July 1, 2003.
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18409.520 Acceptance and refusal to accept record. (1) Mandatory refusal
19to accept record. A filing office shall refuse to accept a record for filing for a reason
20set forth in s. 409.516 (2) and may refuse to accept a record for filing only for a reason
21set forth in s. 409.516 (2).
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22(2) Communication concerning refusal. If a filing office refuses to accept a
23record for filing, the filing office shall communicate to the person that presented the
24record the fact of and reason for the refusal and the date and time the record would
25have been filed had the filing office accepted the record. The communication must
1be made at the time and in the manner prescribed by filing-office rule but, in no event
2more than: