SB416,12,129 2. If the debtor does not have a name, only if it the financing statement provides
10the names of the partners, members, associates, or other persons comprising the
11debtor, in a manner that each name provided would be sufficient if the person named
12were the debtor
.
SB416, s. 24 13Section 24. 409.503 (1) (dm) and (e) of the statutes are created to read:
SB416,12,1714 409.503 (1) (dm) Subject to sub. (7), if the debtor is an individual to whom this
15state has issued an operator's license under ch. 343 or identification card under s.
16343.50 that has not expired, only if the financing statement provides the name of the
17individual which is indicated on the operator's license or identification card;
SB416,12,2018 (e) If the debtor is an individual to whom par. (dm) does not apply, only if the
19financing statement provides the individual name of the debtor or the surname and
20first personal name of the debtor; and
SB416, s. 25 21Section 25. 409.503 (2) (b) of the statutes is amended to read:
SB416,12,2322 409.503 (2) (b) Unless required under sub. (1) (d) (f) 2., names of partners,
23members, associates, or other persons comprising the debtor.
SB416, s. 26 24Section 26. 409.503 (6), (7) and (8) of the statutes are created to read:
SB416,13,4
1409.503 (6) Name of decedent. The name of the decedent indicated on the
2order appointing the personal representative of the decedent issued by the court
3having jurisdiction over the collateral is sufficient as the "name of the decedent"
4under sub. (1) (b).
SB416,13,8 5(7) Multiple licenses or identification cards. If this state has issued to an
6individual more than one operator's license under ch. 343 or identification card
7under s. 343.50 of a kind described in sub. (1) (dm), the one that was issued most
8recently is the one to which sub. (1) (dm) refers.
SB416,13,9 9(8) Definition. In this section, the "name of the settlor or testator" means:
SB416,13,1310 (a) If the settlor is a registered organization, the name that is stated to be the
11settlor's name on the public organic record most recently filed with or issued or
12enacted by the settlor's jurisdiction of organization which purports to state, amend,
13or restate the settlor's name;
SB416,13,1514 (b) In other cases, the name of the settlor or testator indicated in the trust's
15organic record.
SB416, s. 27 16Section 27. 409.507 (3) of the statutes is amended to read:
SB416,13,2017 409.507 (3) Change in debtor's name. If a debtor so changes its the name that
18a filed financing statement provides for a debtor becomes insufficient as the name
19of the debtor under s. 409.503 (1) so that the financing statement becomes
seriously
20misleading under s. 409.506:
SB416,13,2321 (a) The financing statement is effective to perfect a security interest in
22collateral acquired by the debtor before, or within 4 months after, the change filed
23financing statement becomes seriously misleading
; and
SB416,14,324 (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 filed financing

1statement becomes seriously misleading
, unless an amendment to the financing
2statement which renders the financing statement not seriously misleading is filed
3within 4 months after the change financing statement became seriously misleading.
SB416, s. 28 4Section 28. 409.515 (6) of the statutes is amended to read:
SB416,14,75 409.515 (6) Transmitting utility financing statement. If a debtor is a
6transmitting utility and a filed initial financing statement so indicates, the financing
7statement is effective until a termination statement is filed.
SB416, s. 29 8Section 29. 409.516 (2) (c) 2. (intro.) of the statutes is amended to read:
SB416,14,109 409.516 (2) (c) 2. (intro.) In the case of an amendment or correction information
10statement, the record:
SB416, s. 30 11Section 30. 409.516 (2) (c) 3. of the statutes is amended to read:
SB416,14,1612 409.516 (2) (c) 3. In the case of an initial financing statement that provides the
13name of a debtor identified as an individual or an amendment that provides a name
14of a debtor identified as an individual which was not previously provided in the
15financing statement to which the record relates, the record does not identify the
16debtor's last name surname; or
SB416, s. 31 17Section 31. 409.516 (2) (e) 1. of the statutes is amended to read:
SB416,14,1818 409.516 (2) (e) 1. Provide a mailing address for the debtor; or
SB416, s. 32 19Section 32. 409.516 (2) (e) 2. of the statutes is amended to read:
SB416,14,2120 409.516 (2) (e) 2. Indicate whether the name provided as the name of the debtor
21is the name of an individual or an organization; or
SB416, s. 33 22Section 33. 409.516 (2) (e) 3. of the statutes is repealed.
SB416, s. 34 23Section 34. 409.518 (1) of the statutes is amended to read:
SB416,15,224 409.518 (1) Correction statement Statement with respect to record indexed
25under person's name
. A person may file in the filing office a correction an information

1statement with respect to a record indexed there under the person's name if the
2person believes that the record is inaccurate or was wrongfully filed.
SB416, s. 35 3Section 35. 409.518 (2) (intro.), (a) 2. and (b) of the statutes are amended to
4read:
SB416,15,65 409.518 (2) Sufficiency of correction Contents of statement under sub. (1).
6(intro.) A correction An information statement under sub. (1) must:
SB416,15,107 (a) 2. If the correction information statement relates to a record filed or
8recorded in a filing office described in s. 409.501 (1) (a), the date on which the initial
9financing statement was filed or recorded and the information specified in s. 409.502
10(2);
SB416,15,1111 (b) Indicate that it is a correction an information statement; and
SB416, s. 36 12Section 36. 409.518 (3) of the statutes is renumbered 409.518 (5) and amended
13to read:
SB416,15,1614 409.518 (5) Record not affected by correction information statement. The
15filing of a correction an information statement does not affect the effectiveness of an
16initial financing statement or other filed record.
SB416, s. 37 17Section 37. 409.518 (3m) and (4) of the statutes are created to read:
SB416,15,2218 409.518 (3m) Statement by secured party of record. A person may file in the
19filing office an information statement with respect to a record filed there if the person
20is a secured party of record with respect to the financing statement to which the
21record relates and believes that the person that filed the record was not entitled to
22do so under s. 409.509 (4).
SB416,15,24 23(4) Contents of statement under sub. (3m). An information statement under
24sub. (3m) must:
SB416,15,2525 (a) Identify the record to which it relates by:
SB416,16,2
11. The file number assigned to the initial financing statement to which the
2record relates; and
SB416,16,53 2. If the information statement relates to a record filed or recorded in a filing
4office described in s. 409.501 (1) (a), the date that the initial financing statement was
5filed or recorded and the information specified in s. 409.502 (2);
SB416,16,66 (b) Indicate that it is an information statement; and
SB416,16,87 (c) Provide the basis for the person's belief that the person that filed the record
8was not entitled to do so under s. 409.509 (4).
SB416, s. 38 9Section 38. 409.521 (2) (form) of the statutes is repealed and recreated to read:


SB416, s. 39
1Section 39. 409.521 (3) (form) of the statutes is repealed and recreated to read:


SB416, s. 40
1Section 40. 409.607 (2) (b) 1. of the statutes is amended to read:
SB416,22,32 409.607 (2) (b) 1. A default has occurred with respect to the obligation secured
3by the mortgage
; and
SB416, s. 41 4Section 41. 409.625 (3) (title) of the statutes is amended to read:
SB416,22,65 409.625 (3) (title) Persons entitled to recover damages; statutory damages
6in consumer-goods transaction if collateral is consumer goods.
SB416, s. 42 7Section 42. Subchapter VIII of chapter 409 [precedes 409.802] of the statutes
8is created to read:
SB416,22,99 CHAPTER 409
SB416,22,1010 SUBCHAPTER VIII
SB416,22,1211 TRANSITION PROVISIONS
12 FOR 2010 AMENDMENTS
SB416,22,17 13409.802 Savings clause. (1) Preeffective-date transactions or liens.
14Except as otherwise provided in this subchapter, 2011 Wisconsin Act .... (this act)
15applies to a transaction or lien within its scope, even if the transaction or lien was
16entered into or created before the effective date of this subsection .... [LRB inserts
17date].
SB416,22,20 18(2) Preeffective-date proceedings. 2011 Wisconsin Act .... (this act) does not
19affect an action, case, or proceeding commenced before the effective date of this
20subsection .... [LRB inserts date].
SB416,23,3 21409.803 Security interest perfected before effective date. (1)
22Continuing perfection: perfection requirements satisfied.
A security interest
23that is a perfected security interest immediately before the effective date of this
24subsection .... [LRB inserts date], is a perfected security interest under this chapter,
25as affected by 2011 Wisconsin Act .... (this act) if, on the effective date of this

1subsection .... [LRB inserts date], the applicable requirements for attachment and
2perfection under this chapter, as affected by 2011 Wisconsin Act .... (this act) are
3satisfied without further action.
SB416,23,12 4(2) Continuing perfection: perfection requirements not satisfied. Except
5as otherwise provided in s. 409.805, if, immediately before the effective date of this
6subsection .... [LRB inserts date], a security interest is a perfected security interest,
7but the applicable requirements for perfection under this chapter, as affected by 2011
8Wisconsin Act .... (this act) are not satisfied as of the effective date of this subsection
9.... [LRB inserts date], the security interest remains perfected thereafter only if the
10applicable requirements for perfection under this chapter, as affected by 2011
11Wisconsin Act .... (this act), are satisfied within one year after the effective date of
12this subsection .... [LRB inserts date].
SB416,23,15 13409.804 Security interest unperfected before effective date. A security
14interest that is an unperfected security interest immediately before the effective date
15of this section .... [LRB inserts date], becomes a perfected security interest:
SB416,23,18 16(1) Without further action, on the effective date of this subsection .... [LRB
17inserts date], if the applicable requirements for perfection under this chapter, as
18affected by 2011 Wisconsin Act .... (this act), are satisfied before or at that time; or
SB416,23,20 19(2) When the applicable requirements for perfection are satisfied if the
20requirements are satisfied after that time.
SB416,23,25 21409.805 Effectiveness of action taken before effective date. (1)
22Preeffective-date filing effective. The filing of a financing statement before the
23effective date of this subsection .... [LRB inserts date], is effective to perfect a security
24interest to the extent the filing would satisfy the applicable requirements for
25perfection under this chapter, as affected by 2011 Wisconsin Act .... (this act).
SB416,24,6
1(2) When preeffective-date filing becomes ineffective. 2011 Wisconsin Act
2.... (this act) does not render ineffective an effective financing statement that, before
3the effective date of this subsection .... [LRB inserts date], is filed and satisfies the
4applicable requirements for perfection under the law of the jurisdiction governing
5perfection as provided in ch. 409, 2009 stats. However, except as otherwise provided
6in subs. (3) and (4) and s. 409.806, the financing statement ceases to be effective:
SB416,24,97 (a) If the financing statement is filed in this state, at the time the financing
8statement would have ceased to be effective had 2011 Wisconsin Act .... (this act) not
9taken effect; or
SB416,24,1010 (b) If the financing statement is filed in another jurisdiction, at the earlier of:
SB416,24,1211 1. The time the financing statement would have ceased to be effective under
12the law of that jurisdiction; or
SB416,24,1313 2. June 30, 2018.
SB416,24,23 14(3) Continuation statement. The filing of a continuation statement on or after
15the effective date of this subsection .... [LRB inserts date], does not continue the
16effectiveness of a financing statement filed before the effective date of this subsection
17.... [LRB inserts date]. However, upon the timely filing of a continuation statement
18on or after the effective date of this subsection .... [LRB inserts date], and in
19accordance with the law of the jurisdiction governing perfection as provided in this
20chapter, as affected by 2011 Wisconsin Act .... (this act), the effectiveness of a
21financing statement filed in the same office in that jurisdiction before the effective
22date of this subsection .... [LRB inserts date], continues for the period provided by the
23law of that jurisdiction.
SB416,25,7 24(4) Application of sub. (2) (b) 2. to transmitting utility financing statement.
25 Subsection (2) (b) 2. applies to a financing statement that, before the effective date

1of this subsection .... [LRB inserts date], is filed against a transmitting utility and
2satisfies the applicable requirements for perfection under the law of the jurisdiction
3governing perfection as provided in ch. 409, 2009 stats., only to the extent that this
4chapter, as affected by 2011 Wisconsin Act .... (this act), provides that the law of a
5jurisdiction other than the jurisdiction in which the financing statement is filed
6governs perfection of a security interest in collateral covered by the financing
7statement.
SB416,25,18 8(5) Application of subch. V. A financing statement that includes a financing
9statement filed before the effective date of this subsection .... [LRB inserts date], and
10a continuation statement filed on or after the effective date of this subsection .... [LRB
11inserts date], is effective only to the extent that it satisfies the requirements of subch.
12V, as affected by 2011 Wisconsin Act .... (this act), for an initial financing statement.
13A financing statement that indicates that the debtor is a decedent's estate indicates
14that the collateral is being administered by a personal representative within the
15meaning of s. 409.503 (1) (b), as affected by 2011 Wisconsin Act .... (this act). A
16financing statement that indicates that the debtor is a trust or is a trustee acting with
17respect to property held in trust indicates that the collateral is held in a trust within
18the meaning of s. 409.503 (1) (c), as affected by 2011 Wisconsin Act .... (this act).
SB416,25,23 19409.806 When initial financing statement suffices to continue
20effectiveness of financing statement. (1)
Initial financing statement in lieu
21of continuation statement.
The filing of an initial financing statement in the office
22specified in s. 409.501 continues the effectiveness of a financing statement filed
23before the effective date of this subsection .... [LRB inserts date], if:
SB416,26,3
1(a) The filing of an initial financing statement in that office would be effective
2to perfect a security interest under this chapter, as affected by 2011 Wisconsin Act
3.... (this act);
SB416,26,54 (b) The preeffective-date financing statement was filed in an office in another
5state; and
SB416,26,66 (c) The initial financing statement satisfies sub. (3).
SB416,26,9 7(2) Period of continued effectiveness. The filing of an initial financing
8statement under sub. (1) continues the effectiveness of the preeffective-date
9financing statement:
SB416,26,1210 (a) If the initial financing statement is filed before the effective date of this
11paragraph .... [LRB inserts date], for the period provided in s. 409.515, 2009 stats.,
12with respect to an initial financing statement; and
SB416,26,1513 (b) If the initial financing statement is filed on or after the effective date of this
14paragraph .... [LRB inserts date], for the period provided in s. 409.515, as affected
15by 2011 Wisconsin Act .... (this act), with respect to an initial financing statement.
SB416,26,17 16(3) Requirements for initial financing statement under sub. (1). To be
17effective for purposes of sub. (1), an initial financing statement must:
SB416,26,1918 (a) Satisfy the requirements of subch. V, as affected by 2011 Wisconsin Act ....
19(this act), for an initial financing statement;
SB416,26,2320 (b) Identify the preeffective-date financing statement by indicating the office
21in which the financing statement was filed and providing the dates of filing and file
22numbers, if any, of the financing statement and of the most recent continuation
23statement filed with respect to the financing statement; and
SB416,26,2424 (c) Indicate that the preeffective-date financing statement remains effective.
SB416,27,4
1409.807 Amendment of preeffective-date financing statement. (1)
2Preeffective-date financing statement. In this section, "preeffective-date
3financing statement" means a financing statement filed before the effective date of
4this subsection .... [LRB inserts date].
SB416,27,12 5(2) Applicable law. On or after the effective date of this subsection .... [LRB
6inserts date], a person may add or delete collateral covered by, continue or terminate
7the effectiveness of, or otherwise amend the information provided in, a
8preeffective-date financing statement only in accordance with the law of the
9jurisdiction governing perfection as provided in this chapter, as affected by 2011
10Wisconsin Act .... (this act). However, the effectiveness of a preeffective-date
11financing statement also may be terminated in accordance with the law of the
12jurisdiction in which the financing statement is filed.
SB416,27,16 13(3) Method of amending: general rule. Except as otherwise provided in sub.
14(4), if the law of this state governs perfection of a security interest, the information
15in a preeffective-date financing statement may be amended on or after the effective
16date of this subsection .... [LRB inserts date], only if:
SB416,27,1817 (a) The preeffective-date financing statement and an amendment are filed in
18the office specified in s. 409.501;
SB416,27,2119 (b) An amendment is filed in the office specified in s. 409.501 concurrently with,
20or after the filing in that office of, an initial financing statement that satisfies s.
21409.806 (3); or
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