AB111: Bill Text

AB111,134,15 b. Identifies an initial financing statement whose effectiveness has lapsed under s. 409.515;

AB111,134,20 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; or

AB111,134,23 4. In the case of a record filed or recorded in the filing office described in s. 409.501 (1) (a), the record does not provide a sufficient description of the real property to which it relates;

AB111,135,3 (d) In the case of an initial financing statement or an amendment that adds a secured party of record, the record does not provide a name and mailing address for the secured party of record;

AB111,135,6 (e) In the case of an initial financing statement or an amendment that provides a name of a debtor which was not previously provided in the financing statement to which the amendment relates, the record does not:

AB111,135,7 1. Provide a mailing address for the debtor;

AB111,135,8 2. Indicate whether the debtor is an individual or an organization; or

AB111,135,10 3. If the financing statement indicates that the debtor is an organization, provide:

AB111,135,11 a. A type of organization for the debtor;

AB111,135,12 b. A jurisdiction of organization for the debtor; or

AB111,135,14 c. An organizational identification number for the debtor or indicate that the debtor has none;

AB111,135,17 (f) In the case of an assignment reflected in an initial financing statement under s. 409.514 (1) or an amendment filed under s. 409.514 (2), the record does not provide a name and mailing address for the assignee; or

AB111,135,19 (g) In the case of a continuation statement, the record is not filed within the 6-month period prescribed by s. 409.515 (4).

AB111,135,20 (3) Rules applicable to sub. (2). For purposes of sub. (2):

AB111,135,22 (a) A record does not provide information if the filing office is unable to read or decipher the information; and

AB111,135,25 (b) A record that does not indicate that it is an amendment or identify an initial financing statement to which it relates, as required by s. 409.512, 409.514, or 409.518, is an initial financing statement.

AB111,136,5 (4) Refusal to accept record; record effective as filed record. A record that is communicated to the filing office with tender of the filing fee, but which the filing office refuses to accept for a reason other than one set forth in sub. (2), is effective as a filed record except as against a purchaser of the collateral which gives value in reasonable reliance upon the absence of the record from the files.

AB111,136,7 409.517 Effect of indexing errors. The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record.

AB111,136,11 409.518 Claim concerning inaccurate or wrongfully filed record. (1) Correction statement. A person may file in the filing office a correction 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.

AB111,136,12 (2) Sufficiency of correction statement. A correction statement must:

AB111,136,13 (a) Identify the record to which it relates by:

AB111,136,15 1. The file number assigned to the initial financing statement to which the record relates; and

AB111,136,18 2. If the correction 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);

AB111,136,19 (b) Indicate that it is a correction statement; and

AB111,136,23 (c) Provide the basis for the person's belief that the record is inaccurate and indicate the manner in which the person believes the record should be amended to cure any inaccuracy or provide the basis for the person's belief that the record was wrongfully filed.

AB111,137,3 (3) Record not affected by correction statement. The filing of a correction statement does not affect the effectiveness of an initial financing statement or other filed record.

AB111,137,6 409.519 Numbering, maintaining, and indexing records; communicating information provided in records. (1) Filing-office duties. For each record filed in a filing office, the filing office shall:

AB111,137,7 (a) Assign a unique number to the filed record;

AB111,137,9 (b) Create a record that bears the number assigned to the filed record and the date and time of filing;

AB111,137,10 (c) Maintain the filed record for public inspection; and

AB111,137,11 (d) Index the filed record in accordance with subs. (3), (4), and (5).

AB111,137,13 (2) File number. A file number assigned after January 1, 2002, must include a digit that:

AB111,137,15 (a) Is mathematically derived from or related to the other digits of the file number; and

AB111,137,17 (b) Aids the filing office in determining whether a number communicated as the file number includes a single-digit or transpositional error.

AB111,137,19 (3) Indexing: general. Except as otherwise provided in subs. (4) and (5), the filing office shall:

AB111,137,23 (a) Index an initial financing statement according to the name of the debtor and index all filed records relating to the initial financing statement in a manner that associates with one another an initial financing statement and all filed records relating to the initial financing statement; and

AB111,138,3 (b) Index a record that provides a name of a debtor which was not previously provided in the financing statement to which the record relates also according to the name that was not previously provided.

AB111,138,6 (4) Indexing: real-property-related financing statement. If a financing statement is filed as a fixture filing or covers as-extracted collateral or timber to be cut, it must be filed for record and the filing office shall index it:

AB111,138,9 (a) Under the names of the debtor and of each owner of record shown on the financing statement as if they were the mortgagors under a mortgage of the real property described; and

AB111,138,14 (b) To the extent that the law of this state provides for indexing of records of mortgages under the name of the mortgagee, under the name of the secured party as if the secured party were the mortgagee thereunder, or, if indexing is by description, as if the financing statement were a record of a mortgage of the real property described.

AB111,138,18 (5) Indexing: real-property-related assignment. If a financing statement is filed as a fixture filing or covers as-extracted collateral or timber to be cut, the filing office shall index an assignment filed under s. 409.514 (1) or an amendment filed under s. 409.514 (2):

AB111,138,19 (a) Under the name of the assignor as grantor; and

AB111,138,22 (b) To the extent that the law of this state provides for indexing a record of the assignment of a mortgage under the name of the assignee, under the name of the assignee.

AB111,138,24 (6) Retrieval and association capability. The filing office shall maintain a capability:

AB111,138,25 (a) To retrieve a record by the name of the debtor and:

AB111,139,3 1. If the filing office is described in s. 409.501 (1) (a), by the file number assigned to the initial financing statement to which the record relates and the date on which the record was filed or recorded; or

AB111,139,5 2. If the filing office is described in s. 409.501 (1) (b), by the file number assigned to the initial financing statement to which the record relates; and

AB111,139,7 (b) To associate and retrieve with one another an initial financing statement and each filed record relating to the initial financing statement.

AB111,139,10 (7) Removal of debtor's name. The filing office may not remove a debtor's name from the index until one year after the effectiveness of a financing statement naming the debtor lapses under s. 409.515 with respect to all secured parties of record.

AB111,139,13 (8) Timeliness of filing-office performance. The filing office shall perform the acts required by subs. (1) to (5) at the time and in the manner prescribed by filing-office rule, but not later than:

AB111,139,15 (a) Five business days after the filing office receives the record in question for acts performed before July 1, 2003; and

AB111,139,17 (b) Two business days after the filing office receives the record in question for acts performed on or after July 1, 2003.

AB111,139,21 409.520 Acceptance and refusal to accept record. (1) Mandatory refusal to accept record. A filing office shall refuse to accept a record for filing for a reason set forth in s. 409.516 (2) and may refuse to accept a record for filing only for a reason set forth in s. 409.516 (2).

AB111,140,2 (2) Communication concerning refusal. If a filing office refuses to accept a record for filing, the filing office shall communicate to the person that presented the record the fact of and reason for the refusal and the date and time the record would have been filed had the filing office accepted the record. The communication must be made at the time and in the manner prescribed by filing-office rule but, in no event more than:

AB111,140,4 (a) Five business days after the filing office receives the record for records received before July 1, 2003; and

AB111,140,6 (b) Two business days after the filing office receives the record for records received on or after July 1, 2003.

AB111,140,11 (3) When filed financing statement effective. A filed financing statement satisfying s. 409.502 (1) and (2) is effective, even if the filing office is required to refuse to accept it for filing under sub. (1). However, s. 409.338 applies to a filed financing statement providing information described in s. 409.516 (2) (e) which is incorrect at the time the financing statement is filed.

AB111,140,14 (4) Separate application to multiple debtors. If a record communicated to a filing office provides information that relates to more than one debtor, this subchapter applies as to each debtor separately.

AB111,140,18 409.521 Uniform form of written financing statement and amendment. (1) Initial financing statement form. A filing office that accepts written records may not refuse to accept a written initial financing statement in the following form and format except for a reason set forth in s. 409.516 (2):

AB111,143,3 (2) Amendment form. A filing office that accepts written records may not refuse to accept a written record in the following form and format except for a reason set forth in s. 409.516 (2):

AB111,146,6 409.522 Maintenance and destruction of records. (1) Postlapse maintenance and retrieval of information. The filing office shall maintain a record of the information provided in a filed financing statement for at least one year after the effectiveness of the financing statement has lapsed under s. 409.515 with respect to all secured parties of record. The record must be retrievable by using the name of the debtor and:

AB111,146,9 (a) If the record was filed or recorded in the filing office described in s. 409.501 (1) (a), by using the file number assigned to the initial financing statement to which the record relates and the date on which the record was filed or recorded; or

AB111,146,12 (b) If the record was filed in the filing office described in s. 409.501 (1) (b), by using the file number assigned to the initial financing statement to which the record relates.

AB111,146,17 (2) Destruction of written records. Except to the extent that a statute governing disposition of public records provides otherwise, the filing office may destroy immediately any written record evidencing a financing statement. However, if the filing office destroys a written record, it shall maintain another record of the financing statement which complies with sub. (1).

AB111,146,23 409.523 Information from filing office; sale or license of records. (1) Acknowledgment of filing written record. If a person that files a written record requests an acknowledgment of the filing, the filing office shall send to the person an image of the record showing the number assigned to the record pursuant to s. 409.519 (1) (a) and the date and time of the filing of the record. However, if the person furnishes a copy of the record to the filing office, the filing office may instead:

AB111,146,25 (a) Note upon the copy the number assigned to the record pursuant to s. 409.519 (1) (a) and the date and time of the filing of the record; and

AB111,147,1 (b) Send the copy to the person.

AB111,147,4 (2) Acknowledgment of filing other record. If a person files a record other than a written record, the filing office shall communicate to the person an acknowledgment that provides:

AB111,147,5 (a) The information in the record;