SB480,38,53 3. Take appropriate action to enable the debtor or its designated custodian to
4make copies of or revisions to the authoritative copy which add or change an
5identified assignee of the authoritative copy without the consent of the secured party.
SB480, s. 30 6Section 30. 409.301 (3) (intro.) of the statutes is amended to read:
SB480,38,97 409.301 (3) Location of property. (intro.) Except as otherwise provided in sub.
8(4), while tangible negotiable documents, goods, instruments, money, or tangible
9chattel paper is located in a jurisdiction, the local law of that jurisdiction governs:
SB480, s. 31 10Section 31. 409.310 (2) (e) of the statutes is amended to read:
SB480,38,1311 409.310 (2) (e) In certificated securities, documents, goods, or instruments
12which is perfected without filing, control, or possession under s. 409.312 (5), (6), or
13(7);
SB480, s. 32 14Section 32. 409.310 (2) (h) of the statutes is amended to read:
SB480,38,1715 409.310 (2) (h) In deposit accounts, electronic chattel paper, electronic
16documents,
investment property, or letter-of-credit rights which is perfected by
17control under s. 409.314;
SB480, s. 33 18Section 33. 409.312 (5) of the statutes is amended to read:
SB480,38,2319 409.312 (5) Temporary perfection: new value. A security interest in
20certificated securities, negotiable documents, or instruments is perfected without
21filing or the taking of possession or control for a period of 20 days from the time it
22attaches to the extent that it arises for new value given under an authenticated
23security agreement.
SB480, s. 34 24Section 34. 409.313 (1) of the statutes is amended to read:
SB480,39,6
1409.313 (1) Perfection by possession or delivery. Except as otherwise
2provided in sub. (2), a secured party may perfect a security interest in tangible
3negotiable documents, goods, instruments, money, or tangible chattel paper by
4taking possession of the collateral. A secured party may perfect a security interest
5in certificated securities by taking delivery of the certificated securities under s.
6408.301.
SB480, s. 35 7Section 35. 409.314 (1) of the statutes is amended to read:
SB480,39,118 409.314 (1) Perfection by control. A security interest in investment property,
9deposit accounts, letter-of-credit rights, or electronic chattel paper, or electronic
10documents
may be perfected by control of the collateral under s. 407.106, 409.104,
11409.105, 409.106, or 409.107.
SB480, s. 36 12Section 36. 409.314 (2) of the statutes is amended to read:
SB480,39,1813 409.314 (2) Specified collateral: time of perfection by control;
14continuation of perfection.
A security interest in deposit accounts, electronic
15chattel paper, or letter-of-credit rights, or electronic documents is perfected by
16control under s. 407.106, 409.104, 409.105, or 409.107 when the secured party
17obtains control and remains perfected by control only while the secured party retains
18control.
SB480, s. 37 19Section 37. 409.317 (2) of the statutes is amended to read:
SB480,39,2520 409.317 (2) Buyers that receive delivery. Except as otherwise provided in
21sub. (5), a buyer, other than a secured party, of tangible chattel paper, tangible
22documents, goods, instruments, or a security certificate takes free of a security
23interest or agricultural lien if the buyer gives value and receives delivery of the
24collateral without knowledge of the security interest or agricultural lien and before
25it is perfected.
SB480, s. 38
1Section 38. 409.317 (4) of the statutes is amended to read:
SB480,40,72 409.317 (4) Licensees and buyers of certain collateral. A licensee of a
3general intangible or a buyer, other than a secured party, of accounts, electronic
4chattel paper, electronic documents, general intangibles, or investment property
5other than a certificated security takes free of a security interest if the licensee or
6buyer gives value without knowledge of the security interest and before it is
7perfected.
SB480, s. 39 8Section 39. 409.338 (2) of the statutes is amended to read:
SB480,40,139 409.338 (2) A purchaser, other than a secured party, of the collateral takes free
10of the security interest or agricultural lien to the extent that, in reasonable reliance
11upon the incorrect information, the purchaser gives value and, in the case of tangible
12chattel paper, tangible documents, goods, instruments, or a security certificate,
13receives delivery of the collateral.
SB480, s. 40 14Section 40. 409.601 (2) of the statutes is amended to read:
SB480,40,1815 409.601 (2) Rights and duties of secured party in possession or control. A
16secured party in possession of collateral or control of collateral under s. 407.106,
17409.104, 409.105, 409.106, or 409.107 has the rights and duties provided in s.
18409.207.
SB480, s. 41 19Section 41. 411.103 (1) (a) of the statutes is amended to read:
SB480,41,220 411.103 (1) (a) "Buyer in ordinary course of business" means a person who, in
21good faith and without knowledge that the sale to him or her is in violation of the
22ownership rights or security interest or leasehold interest of a 3rd party in the goods,
23buys in ordinary course from a person in the business of selling goods of that kind
24but does not include a pawnbroker. "Buying" may be for cash or by exchange of other
25property or on secured or unsecured credit and includes receiving acquiring goods or

1documents of title under a preexisting contract for sale but does not include a
2transfer in bulk or as security for or in total or partial satisfaction of a money debt.
SB480, s. 42 3Section 42. 411.103 (1) (o) of the statutes is amended to read:
SB480,41,124 411.103 (1) (o) "Lessee in ordinary course of business" means a person who in
5good faith and without knowledge that the lease to him or her is in violation of the
6ownership rights or security interest or leasehold interest of a 3rd party in the goods
7leases in ordinary course from a person in the business of selling or leasing goods of
8that kind but does not include a pawnbroker. "Leasing" may be for cash or by
9exchange of other property or on secured or unsecured credit and includes receiving
10acquiring goods or documents of title under a preexisting lease contract but does not
11include a transfer in bulk or as security for or in total or partial satisfaction of a
12money debt.
SB480, s. 43 13Section 43. 411.514 (2) of the statutes is amended to read:
SB480,41,1614 411.514 (2) A lessee's failure to reserve rights when paying rent or other
15consideration against documents precludes recovery of the payment for defects
16apparent on the face of in the documents.
SB480, s. 44 17Section 44. 411.526 (2) (c) of the statutes is amended to read:
SB480,41,1918 411.526 (2) (c) Acknowledgment to the lessee by a carrier via reshipment or as
19a warehouse keeper that the carrier holds the goods for the lessee.
SB480, s. 45 20Section 45. 799.45 (3) (b) of the statutes is amended to read:
SB480,42,1221 799.45 (3) (b) Except as provided in pars. (am) and (c), the property removed
22from such premises shall be taken to some place of safekeeping within the county
23selected by the sheriff. Within 3 days of the removal of the goods, the sheriff shall
24mail a notice to the defendant as specified in sub. (4) stating the place where the
25goods are kept and, if the plaintiff had not removed the property under par. (am),

1shall deliver to the defendant any receipt or other document required to obtain
2possession of the goods. Warehouse or other similar receipts issued with respect to
3goods stored by the sheriff under this subsection shall be taken in the name of the
4defendant. All expenses incurred for storage and other like charges after delivery
5by the sheriff or by the plaintiff to a place of safekeeping shall be the responsibility
6of the defendant. Any person accepting goods from the sheriff or the plaintiff for
7storage under this subsection, or the plaintiff, if he or she stores the property in his
8or her premises, shall have all of the rights and remedies accorded by law against the
9defendant personally and against the property stored for the collection of such
10charges, including the lien of a warehouse keeper under s. 407.209. Risk of damages
11to or loss of such property shall be borne by the defendant after delivery by the sheriff
12to the place of safekeeping.
SB480, s. 46 13Section 46. Initial applicability.
SB480,42,1514 (1) This act first applies to a document of title that is issued or a bailment that
15arises on the effective date of this subsection.
SB480, s. 47 16Section 47. Effective date.
SB480,42,1817 (1) This act takes effect on the first day of the 3rd month beginning after
18publication.
SB480,42,1919 (End)
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