(2) Priority under other provisions; multiple original debtors. The other provisions of this subchapter determine the priority among conflicting security interests in the same collateral perfected by filed financing statements that are effective solely under s. 409.508 described in sub. (1). However, if the security agreements to which a new debtor became bound as debtor were not entered into by the same original debtor, the conflicting security interests rank according to priority in time of the new debtor's having become bound.
206,14
Section
14. 409.406 (5) of the statutes is amended to read:
409.406 (5) Inapplicability of sub. (4) to certain sales. Subsection (4) does not apply to the sale of a payment intangible or promissory note, other than a sale pursuant to a disposition under s. 409.610 or an acceptance of collateral under s. 409.620.
206,15
Section
15. 409.408 (2) of the statutes is amended to read:
409.408 (2) Applicability of sub. (1) to sales of certain rights to payment. Subsection (1) applies to a security interest in a payment intangible or promissory note only if the security interest arises out of a sale of the payment intangible or promissory note, other than a sale pursuant to a disposition under s. 409.610 or an acceptance of collateral under s. 409.620.
206,16
Section
16. 409.502 (3) (c) of the statutes is renumbered 409.502 (3) (c) (intro.) and amended to read:
409.502 (3) (c) (intro.) The record satisfies the requirements for a financing statement in this section other than an indication, but:
1. The record need not indicate that it is to be filed in the real property records; and
206,17
Section
17. 409.502 (3) (c) 2. of the statutes is created to read:
409.502 (3) (c) 2. The record sufficiently provides the name of a debtor who is an individual if it provides the individual name of the debtor or the surname and first personal name of the debtor, even if the debtor is an individual to whom s. 409.503 (1) (dm) applies; and
206,18
Section
18. 409.503 (1) (a) of the statutes is amended to read:
409.503 (1) (a) If Except as otherwise provided in par. (c), if the debtor is a registered organization or the collateral is held in a trust that is a registered organization, only if the financing statement provides the name of the debtor indicated that is stated to be the registered organization's name on the public organic record
of the debtor's most recently filed with or issued or enacted by the registered organization's jurisdiction of organization which shows the debtor to have been organized purports to state, amend, or restate the registered organization's name;
206,19
Section
19. 409.503 (1) (b) of the statutes is amended to read:
409.503 (1) (b) If the debtor is a decedent's estate Subject to sub. (6), if the collateral is being administered by the personal representative of a decedent, only if the financing statement provides, as the name of the debtor, the name of the decedent and, in a separate part of the financing statement, indicates that the debtor is an estate collateral is being administered by a personal representative;
206,20
Section
20. 409.503 (1) (c) (intro.) of the statutes is amended to read:
409.503 (1) (c) (intro.) If the debtor is a trust or a trustee acting with respect to property held in trust, only if the financing statement collateral is held in a trust that is not a registered organization, only if the financing statement:
206,21
Section
21. 409.503 (1) (c) 1. and 2. of the statutes are repealed.
206,22
Section
22. 409.503 (1) (c) 1m. and 2m. of the statutes are created to read:
409.503 (1) (c) 1m. Provides, as the name of the debtor:
a. If the organic record of the trust specifies a name for the trust, the name specified; or
b. If the organic record of the trust does not specify a name for the trust, the name of the settlor or testator; and
2m. In a separate part of the financing statement:
a. If the name is provided in accordance with subd. 1m. a., indicates that the collateral is held in a trust; or
b. If the name is provided in accordance with subd. 1m. b., provides additional information sufficient to distinguish the trust from other trusts having one or more of the same settlors or the same testator and indicates that the collateral is held in a trust, unless the additional information so indicates;
206,23
Section
23. 409.503 (1) (d) of the statutes is renumbered 409.503 (1) (f), and 409.503 (1) (f) 1. and 2., as renumbered, are amended to read:
409.503 (1) (f) 1. If the debtor has a name, only if it the financing statement provides the individual or organizational name of the debtor; and
2. If the debtor does not have a name, only if it
the financing statement provides the names of the partners, members, associates, or other persons comprising the debtor, in a manner that each name provided would be sufficient if the person named were the debtor.
206,24
Section
24. 409.503 (1) (dm) and (e) of the statutes are created to read:
409.503 (1) (dm) Subject to sub. (7), if the debtor is an individual to whom this state has issued an operator's license under ch. 343 or identification card under s. 343.50 that has not expired, only if the financing statement provides the name of the individual which is indicated on the operator's license or identification card;
(e) If the debtor is an individual to whom par. (dm) does not apply, only if the financing statement provides the individual name of the debtor or the surname and first personal name of the debtor; and
206,25
Section
25. 409.503 (2) (b) of the statutes is amended to read:
409.503 (2) (b) Unless required under sub. (1) (d) (f) 2., names of partners, members, associates, or other persons comprising the debtor.
206,26
Section
26. 409.503 (6), (7) and (8) of the statutes are created to read:
409.503 (6) Name of decedent. The name of the decedent indicated on the order appointing the personal representative of the decedent issued by the court having jurisdiction over the collateral is sufficient as the "name of the decedent" under sub. (1) (b).
(7) Multiple licenses or identification cards. If this state has issued to an individual more than one operator's license under ch. 343 or identification card under s. 343.50 of a kind described in sub. (1) (dm), the one that was issued most recently is the one to which sub. (1) (dm) refers.
(8) Definition. In this section, the "name of the settlor or testator" means:
(a) If the settlor is a registered organization, the name that is stated to be the settlor's name on the public organic record most recently filed with or issued or enacted by the settlor's jurisdiction of organization which purports to state, amend, or restate the settlor's name;
(b) In other cases, the name of the settlor or testator indicated in the trust's organic record.
206,27
Section
27. 409.507 (3) of the statutes is amended to read:
409.507 (3) Change in debtor's name. If a debtor so changes its the name that a filed financing statement provides for a debtor becomes insufficient as the name of the debtor under s. 409.503 (1) so that the financing statement becomes seriously misleading under s. 409.506:
(a) The financing statement is effective to perfect a security interest in collateral acquired by the debtor before, or within 4 months after, the change filed financing statement becomes seriously misleading; and
(b) The financing statement is not effective to perfect a security interest in collateral acquired by the debtor more than 4 months after the change filed financing statement becomes seriously misleading, unless an amendment to the financing statement which renders the financing statement not seriously misleading is filed within 4 months after the change financing statement became seriously misleading.
206,28
Section
28. 409.515 (6) of the statutes is amended to read:
409.515 (6) Transmitting utility financing statement. If a debtor is a transmitting utility and a filed initial financing statement so indicates, the financing statement is effective until a termination statement is filed.
206,29
Section
29. 409.516 (2) (c) 2. (intro.) of the statutes is amended to read:
409.516 (2) (c) 2. (intro.) In the case of an amendment or correction information statement, the record:
206,30
Section
30. 409.516 (2) (c) 3. of the statutes is amended to read:
409.516 (2) (c) 3. In the case of an initial financing statement that provides the name of a debtor identified as an individual or an amendment that provides a name of a debtor identified as an individual which was not previously provided in the financing statement to which the record relates, the record does not identify the debtor's last name surname; or
206,31
Section
31. 409.516 (2) (e) 1. of the statutes is amended to read:
409.516 (2) (e) 1. Provide a mailing address for the debtor; or
206,32
Section
32. 409.516 (2) (e) 2. of the statutes is amended to read:
409.516 (2) (e) 2. Indicate whether the name provided as the name of the debtor is the name of an individual or an organization; or
206,33
Section
33. 409.516 (2) (e) 3. of the statutes is repealed.
206,34
Section
34. 409.518 (1) of the statutes is amended to read:
409.518 (1) Correction statement Statement with respect to record indexed under person's name. A person may file in the filing office a correction
an information statement with respect to a record indexed there under the person's name if the person believes that the record is inaccurate or was wrongfully filed.
206,35
Section
35. 409.518 (2) (intro.), (a) 2. and (b) of the statutes are amended to read:
409.518 (2) Sufficiency of correction Contents of statement under sub. (1). (intro.) A correction An information statement under sub. (1) must:
(a) 2. If the correction information statement relates to a record filed or recorded in a filing office described in s. 409.501 (1) (a), the date on which the initial financing statement was filed or recorded and the information specified in s. 409.502 (2);
(b) Indicate that it is a correction an information statement; and
206,36
Section
36. 409.518 (3) of the statutes is renumbered 409.518 (5) and amended to read:
409.518 (5) Record not affected by
correction information statement. The filing of a correction an information statement does not affect the effectiveness of an initial financing statement or other filed record.
206,37
Section
37. 409.518 (3m) and (4) of the statutes are created to read:
409.518 (3m) Statement by secured party of record. A person may file in the filing office an information statement with respect to a record filed there if the person is a secured party of record with respect to the financing statement to which the record relates and believes that the person that filed the record was not entitled to do so under s. 409.509 (4).
(4) Contents of statement under sub. (3m). An information statement under sub. (3m) must:
(a) Identify the record to which it relates by:
1. The file number assigned to the initial financing statement to which the record relates; and
2. If the information statement relates to a record filed or recorded in a filing office described in s. 409.501 (1) (a), the date that the initial financing statement was filed or recorded and the information specified in s. 409.502 (2);
(b) Indicate that it is an information statement; and
(c) Provide the basis for the person's belief that the person that filed the record was not entitled to do so under s. 409.509 (4).
206,38
Section
38. 409.521 (2) (form) of the statutes is repealed and recreated to read:
206,39
Section
39. 409.521 (3) (form) of the statutes is repealed and recreated to read:
206,40
Section
40. 409.607 (2) (b) 1. of the statutes is amended to read:
409.607 (2) (b) 1. A default has occurred with respect to the obligation secured by the mortgage; and
206,41
Section
41. 409.625 (3) (title) of the statutes is amended to read:
409.625 (3) (title) Persons entitled to recover damages; statutory damages in consumer-goods transaction if collateral is consumer goods.
206,42
Section
42. Subchapter VIII of chapter 409 [precedes 409.802] of the statutes is created to read:
CHAPTER 409
SUBCHAPTER VIII
TRANSITION PROVISIONS
FOR 2010 AMENDMENTS
409.802 Savings clause. (1) Preeffective-date transactions or liens. Except as otherwise provided in this subchapter, 2011 Wisconsin Act .... (this act) applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before the effective date of this subsection .... [LRB inserts date].
(2) Preeffective-date proceedings. 2011 Wisconsin Act .... (this act) does not affect an action, case, or proceeding commenced before the effective date of this subsection .... [LRB inserts date].
409.803 Security interest perfected before effective date. (1) Continuing perfection: perfection requirements satisfied. A security interest that is a perfected security interest immediately before the effective date of this subsection .... [LRB inserts date], is a perfected security interest under this chapter, as affected by 2011 Wisconsin Act .... (this act) if, on the effective date of this subsection .... [LRB inserts date], the applicable requirements for attachment and perfection under this chapter, as affected by 2011 Wisconsin Act .... (this act) are satisfied without further action.
(2) Continuing perfection: perfection requirements not satisfied. Except as otherwise provided in s. 409.805, if, immediately before the effective date of this subsection .... [LRB inserts date], a security interest is a perfected security interest, but the applicable requirements for perfection under this chapter, as affected by 2011 Wisconsin Act .... (this act) are not satisfied as of the effective date of this subsection .... [LRB inserts date], the security interest remains perfected thereafter only if the applicable requirements for perfection under this chapter, as affected by 2011 Wisconsin Act .... (this act), are satisfied within one year after the effective date of this subsection .... [LRB inserts date].
409.804 Security interest unperfected before effective date. A security interest that is an unperfected security interest immediately before the effective date of this section .... [LRB inserts date], becomes a perfected security interest:
(1) Without further action, on the effective date of this subsection .... [LRB inserts date], if the applicable requirements for perfection under this chapter, as affected by 2011 Wisconsin Act .... (this act), are satisfied before or at that time; or
(2) When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.