409.705 History
History: 2001 a. 10.
409.706
409.706
When initial financing statement suffices to continue effectiveness of financing statement. 409.706(1)
(1)
Initial financing statement in lieu of continuation statement. The filing of an initial financing statement in the office specified in
s. 409.501 continues the effectiveness of a financing statement filed before July 1, 2001, if:
409.706(1)(b)
(b) The preeffective-date financing statement was filed in an office in another state or another office in this state; and
409.706(2)
(2) Period of continued effectiveness. The filing of an initial financing statement under
sub. (1) continues the effectiveness of the preeffective-date financing statement:
409.706(2)(a)
(a) If the initial financing statement is filed before July 1, 2001, for the period provided in s.
409.403, 1999 stats., with respect to a financing statement; and
409.706(2)(b)
(b) If the initial financing statement is filed on or after July 1, 2001, for the period provided in
s. 409.515 with respect to an initial financing statement.
409.706(3)
(3) Requirements for initial financing statement under sub. (1). To be effective for purposes of
sub. (1), an initial financing statement must:
409.706(3)(a)
(a) Satisfy the requirements of
subch. V for an initial financing statement;
409.706(3)(b)
(b) Identify the preeffective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and
409.706(3)(c)
(c) Indicate that the preeffective-date financing statement remains effective.
409.706 History
History: 2001 a. 10.
409.707
409.707
Amendment of preeffective-date financing statement. 409.707(1)(1)
Preeffective-date financing statement. In this section, "preeffective-date financing statement" means a financing statement filed before July 1, 2001.
409.707(2)
(2) Applicable law. On or after July 1, 2001, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a preeffective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in
subch. III. However, the effectiveness of a preeffective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.
409.707(3)
(3) Method of amending: general rule. Except as otherwise provided in
sub. (4), if the law of this state governs perfection of a security interest, the information in a preeffective-date financing statement may be amended on or after July 1, 2001, only if:
409.707(3)(a)
(a) The preeffective-date financing statement and an amendment are filed in the office specified in
s. 409.501;
409.707(3)(b)
(b) An amendment is filed in the office specified in
s. 409.501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies
s. 409.706 (3); or
409.707(3)(c)
(c) An initial financing statement that provides the information as amended and satisfies
s. 409.706 (3) is filed in the office specified in
s. 409.501.
409.707(4)
(4) Method of amending: continuation. If the law of this state governs perfection of a security interest, the effectiveness of a preeffective-date financing statement may be continued only under
s. 409.705 (4) and
(6) or
409.706.
409.707(5)
(5) Method of amending: additional termination rule. Whether or not the law of this state governs perfection of a security interest, the effectiveness of a preeffective-date financing statement filed in this state may be terminated on or after July 1, 2001, by filing a termination statement in the office in which the preeffective-date financing statement is filed, unless an initial financing statement that satisfies
s. 409.706 (3) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in
subch. III as the office in which to file a financing statement.
409.707 History
History: 2001 a. 10.
409.708
409.708
Persons entitled to file initial financing statement or continuation statement. A person may file an initial financing statement or a continuation statement under this subchapter if:
409.708(1)
(1) The secured party of record authorizes the filing; and
409.708(2)
(2) The filing is necessary under this subchapter:
409.708(2)(a)
(a) To continue the effectiveness of a financing statement filed before July 1, 2001; or
409.708(2)(b)
(b) To perfect or continue the perfection of a security interest.
409.708 History
History: 2001 a. 10.
409.709(1)(1)
Law governing priority. 2001 Wisconsin Act 10 determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before July 1, 2001, ch.
409, 1999 stats., determines priority.
409.709(2)
(2) Priority if security interest becomes enforceable under s. 409.203. For purposes of
s. 409.322 (1), the priority of a security interest that becomes enforceable under
s. 409.203 dates from July 1, 2001, if the security interest is perfected under
2001 Wisconsin Act 10 by the filing of a financing statement before July 1, 2001, which would not have been effective to perfect the security interest under ch.
409, 1999 stats. This subsection does not apply to conflicting security interests each of which is perfected by the filing of such a financing statement.
409.709 History
History: 2001 a. 10.
409.710
409.710
Special transitional provision for maintaining and searching local filing office records. 409.710(1)(a)1.a.
a. Financing statements and other records that have been filed in a local filing office before July 1, 2001, and that are, or upon processing and indexing will be, reflected in the index maintained, as of June 30, 2001, by the local filing office for financing statements and other records filed in the local filing office before July 1, 2001; and
409.710(1)(a)2.
2. Does not include records presented to a local filing office for filing after June 30, 2001, whether or not the records relate to financing statements filed in the local filing office before July 1, 2001.
409.710(1)(b)
(b) "Local filing office" means a filing office, other than the department of financial institutions, that is designated as the proper place to file a financing statement under s.
409.401 (1), 1999 stats., with respect to a record that covers a type of collateral as to which the filing office is designated in that subsection as the proper place to file.
409.710(2)
(2) Prohibition of filing after June 30, 2001. A local filing office shall not accept for filing a record presented after June 30, 2001, whether or not the record relates to a financing statement filed in the local filing office before July 1, 2001.
409.710(3)
(3) Maintenance of records. Until July 1, 2008, each local filing office must maintain all former-ch.-
409 records in accordance with ch.
409, 1999 stats. A former-ch.-
409 record that is not reflected on the index maintained at June 30, 2001, by the local filing office must be processed and indexed, and reflected on the index as of June 30, 2001, as soon as practicable but in any event no later than July 30, 2001.
409.710(4)
(4) Information requests. Until at least June 30,
2008, each local filing office must respond to requests for information with respect to former-ch.-
409 records relating to a debtor and issue certificates, in accordance with ch.
409, 1999 stats. The fees charged for responding to requests for information relating to a debtor and issuing certificates with respect to former-ch.-
409 records must be the fees in effect under ch.
409, 1999 stats., on June 30, 2001, unless a different fee is later set by the local filing office. However, the different fee must not exceed the amount set by filing-office rule for responding to a request for information relating to a debtor or for issuing a certificate. This subsection does not require that a fee be charged for remote access searching of the filing-office data base. The rule promulgated pursuant to this subsection need not specify a fee for remote access searching of the filing-office data base.
409.710(5)
(5) Destruction of records. After June 30, 2008, each local filing office may remove and destroy, in accordance with any then-applicable record retention law of this state, all former-ch.-
409 records, including the related index.
409.710(6)
(6) Exclusion. This section does not apply, with respect to financing statements and other records, to a filing office in which mortgages or records of mortgages on real property are required to be filed or recorded, if:
409.710(6)(a)
(a) The collateral is timber to be cut or as-extracted collateral; or
409.710(6)(b)
(b) The record is or relates to a financing statement filed as a fixture filing and the collateral is goods that are or are to become fixtures.
409.710 History
History: 2001 a. 10.
