AB111: Bill Text

AB111, s. 106 Section 106. 779.89 of the statutes is amended to read:

AB111,200,6 779.89 Attachment and preservation. All prepaid maintenance liens attach at the time of the first prepayment and shall be preserved from the time the lien attaches. It is not necessary to file or record any notice of the lien in order to preserve or perfect the lien although a customer may file this lien in the manner prescribed for perfecting liens under subch. III of ch. 409 regarding debtors who are located in this state.

AB111, s. 107 Section 107. 779.91 (2) of the statutes is amended to read:

AB111,200,10 779.91 (2) Upon discharge of a prepaid maintenance lien, any customer who filed the lien as permitted in s. 779.89 is subject to the requirements of s. 409.404 409.513.

AB111, s. 108 Section 108. 779.97 (4) (a) 1. of the statutes is amended to read:

AB111,200,15 779.97 (4) (a) 1. With the department of financial institutions, the filing officer shall cause the notice to be marked, held and indexed dealt with in accordance with s. 409.403 (4) 409.519 as if the notice were a financing statement within the meaning of chs. 401 to 411; or

AB111, s. 109 Section 109. 779.97 (4) (b) 1. of the statutes is amended to read:

AB111,200,22 779.97 (4) (b) 1. If a refiling of a notice of lien is presented to the department of financial institutions for filing, the filing officer shall cause the refiled notice of federal lien to be marked, held and indexed dealt with in accordance with s. 409.403 409.519 as if the refiling were a continuation statement within the meaning of chs. 401 to 411, except that the time period in par. (d) shall apply instead of the time period in s. 409.403 (2) and (3) 409.515.

AB111, s. 110 Section 110. 779.97 (4) (b) 2. of the statutes is amended to read:

AB111,201,9 779.97 (4) (b) 2. If a certificate of release is presented to the department of financial institutions for filing, the filing officer shall cause the certificate to be marked, held and indexed dealt with in accordance with s. 409.404 409.513 as if the certificate were a termination statement within the meaning of chs. 401 to 411, and the filing officer may remove the notice of federal lien and any related refiling of a notice of lien, certificate of nonattachment, discharge or subordination from the files at any time after receipt of the certificate of release, but the department of financial institutions shall keep the certificate of release or a microfilm or other photographic record or optical disk or electronic record of the certificate of release in a file, separate from those containing currently effective notices of liens, for a period of 30 years after the date of filing of the certificate of release.

AB111, s. 111 Section 111. 779.97 (4) (b) 3. of the statutes is amended to read:

AB111,201,14 779.97 (4) (b) 3. If a certificate of discharge is presented to the department of financial institutions for filing, the filing officer shall cause the certificate to be marked, held and indexed dealt with as if the certificate were a release of collateral an amendment that deletes collateral within the meaning of chs. 401 to 411.

AB111, s. 112 Section 112. 779.97 (4) (b) 4. of the statutes is amended to read:

AB111,201,20 779.97 (4) (b) 4. If a certificate of nonattachment or subordination of any lien is presented to the department of financial institutions for filing, the filing officer shall cause the certificate to be marked, held and indexed dealt with as if the certificate were an amendment that deletes collateral within the meaning of chs. 401 to 411.

AB111, s. 113 Section 113. 779.97 (4) (d) of the statutes is amended to read:

AB111,202,4 779.97 (4) (d) Unless a refiling of a notice of lien is presented to a filing officer for filing within 11 years and 60 days after the date on which a notice of lien or the latest refiling of a notice of that lien is filed with that officer, the filing officer may remove the notice of federal lien and any related refiling of a notice of lien, certificate of nonattachment, discharge or subordination from the files. Any refiling of a notice of lien presented to a filing officer after such removal shall be marked, held and indexed dealt with as though the document were a notice of federal lien instead of a refiling of a notice of lien.

AB111, s. 114 Section 114. 779.97 (4) (e) of the statutes is amended to read:

AB111,202,18 779.97 (4) (e) Upon request of any person, the filing officer shall issue a certificate showing whether there is on file, on the date and hour stated therein, any notice of federal lien or any related refiling of a notice of lien, certificate of nonattachment, discharge or subordination filed on or after February 1, 1968, naming a particular person, and if a notice or certificate is on file, giving the date and hour of filing of each notice or certificate. The fee for a certificate is $2. Upon request the filing officer shall furnish a copy of any notice of federal lien or notice or certificate affecting a federal lien for a fee of 50 cents per page If the filing officer is the department of financial institutions, the filing officer shall include the information concerning the notice of federal lien, or notice or certificate affecting a federal lien, in the information communicated or otherwise made available in response to a request under s. 409.523 (3), and the fee charged shall be that charged in accordance with s. 409.525.

AB111, s. 115 Section 115. 815.18 (2) (i) of the statutes is amended to read:

AB111,202,21 815.18 (2) (i) "Farm products" has the meaning given under s. 409.109 (3) 409.102 (1) (im).

AB111, s. 116 Section 116. 815.18 (2) (j) of the statutes is amended to read:

AB111,202,24 815.18 (2) (j) "Inventory" has the meaning given under s. 409.109 (4) 409.102 (1) (Ls).

AB111, s. 117 Section 117. 818.02 (4) of the statutes is amended to read:

AB111,203,3 818.02 (4) Subsections (1) and (3) do not apply to any security agreement under which the plaintiff claims a purchase money security interest, as defined in ch. 409 s. 409.103.

AB111, s. 118 Section 118. 893.36 (3) (b) of the statutes is amended to read:

AB111,203,6 893.36 (3) (b) "Collateral" has the meaning provided by s. 409.105 (1) (c) 409.102 (1) (cs).

AB111, s. 119 Section 119. 893.36 (3) (c) of the statutes is amended to read:

AB111,203,9 893.36 (3) (c) "Debtor" has the meaning provided by s. 409.105 (1) (d) 409.102 (1) (gs).

AB111, s. 120 Section 120. 893.36 (3) (e) of the statutes is amended to read:

AB111,203,12 893.36 (3) (e) "Secured party" has the meaning provided by s. 409.105 (1) (L) 409.102 (1) (rs).

AB111, s. 121 Section 121. 893.36 (3) (f) of the statutes is amended to read:

AB111,203,15 893.36 (3) (f) "Security agreement" has the meaning provided by s. 409.105 (1) (m) 409.102 (1) (s).

AB111, s. 122 Section 122. Effective date.

AB111,203,18 (1) This act takes effect on July 1, 2001, or on the day after publication, whichever is later.

AB111,203,19 (End)