AB481, s. 41 16Section 41. 409.310 (2) (e) of the statutes is amended to read:
AB481,41,1917 409.310 (2) (e) In certificated securities, documents, goods, or instruments
18which is perfected without filing, control, or possession under s. 409.312 (5), (6), or
19(7);
AB481, s. 42 20Section 42. 409.310 (2) (h) of the statutes is amended to read:
AB481,41,2321 409.310 (2) (h) In deposit accounts, electronic chattel paper, electronic
22documents,
investment property, or letter-of-credit rights which is perfected by
23control under s. 409.314;
AB481, s. 43 24Section 43. 409.312 (5) of the statutes is amended to read:
AB481,42,5
1409.312 (5) Temporary perfection: new value. A security interest in
2certificated securities, negotiable documents, or instruments is perfected without
3filing or the taking of possession or control for a period of 20 days from the time it
4attaches to the extent that it arises for new value given under an authenticated
5security agreement.
AB481, s. 44 6Section 44. 409.313 (1) of the statutes is amended to read:
AB481,42,127 409.313 (1) Perfection by possession or delivery. Except as otherwise
8provided in sub. (2), a secured party may perfect a security interest in tangible
9negotiable documents, goods, instruments, money, or tangible chattel paper by
10taking possession of the collateral. A secured party may perfect a security interest
11in certificated securities by taking delivery of the certificated securities under s.
12408.301.
AB481, s. 45 13Section 45. 409.314 (1) of the statutes is amended to read:
AB481,42,1714 409.314 (1) Perfection by control. A security interest in investment property,
15deposit accounts, letter-of-credit rights, or electronic chattel paper, or electronic
16documents
may be perfected by control of the collateral under s. 407.106, 409.104,
17409.105, 409.106, or 409.107.
AB481, s. 46 18Section 46. 409.314 (2) of the statutes is amended to read:
AB481,42,2419 409.314 (2) Specified collateral: time of perfection by control;
20continuation of perfection.
A security interest in deposit accounts, electronic
21chattel paper, or letter-of-credit rights, or electronic documents is perfected by
22control under s. 407.106, 409.104, 409.105, or 409.107 when the secured party
23obtains control and remains perfected by control only while the secured party retains
24control.
AB481, s. 47 25Section 47. 409.317 (2) of the statutes is amended to read:
AB481,43,6
1409.317 (2) Buyers that receive delivery. Except as otherwise provided in
2sub. (5), a buyer, other than a secured party, of tangible chattel paper, tangible
3documents, goods, instruments, or a security certificate takes free of a security
4interest or agricultural lien if the buyer gives value and receives delivery of the
5collateral without knowledge of the security interest or agricultural lien and before
6it is perfected.
AB481, s. 48 7Section 48. 409.317 (4) of the statutes is amended to read:
AB481,43,138 409.317 (4) Licensees and buyers of certain collateral. A licensee of a
9general intangible or a buyer, other than a secured party, of accounts, electronic
10chattel paper, electronic documents, general intangibles, or investment property
11other than a certificated security takes free of a security interest if the licensee or
12buyer gives value without knowledge of the security interest and before it is
13perfected.
AB481, s. 49 14Section 49. 409.338 (2) of the statutes is amended to read:
AB481,43,1915 409.338 (2) A purchaser, other than a secured party, of the collateral takes free
16of the security interest or agricultural lien to the extent that, in reasonable reliance
17upon the incorrect information, the purchaser gives value and, in the case of tangible
18chattel paper, tangible documents, goods, instruments, or a security certificate,
19receives delivery of the collateral.
AB481, s. 50 20Section 50. 409.601 (2) of the statutes is amended to read:
AB481,43,2421 409.601 (2) Rights and duties of secured party in possession or control. A
22secured party in possession of collateral or control of collateral under s. 407.106,
23409.104, 409.105, 409.106, or 409.107 has the rights and duties provided in s.
24409.207.
AB481, s. 51 25Section 51. 411.103 (1) (a) of the statutes is amended to read:
AB481,44,8
1411.103 (1) (a) "Buyer in ordinary course of business" means a person who, in
2good faith and without knowledge that the sale to him or her is in violation of the
3ownership rights or security interest or leasehold interest of a 3rd party in the goods,
4buys in ordinary course from a person in the business of selling goods of that kind
5but does not include a pawnbroker. "Buying" may be for cash or by exchange of other
6property or on secured or unsecured credit and includes receiving acquiring goods or
7documents of title under a preexisting contract for sale but does not include a
8transfer in bulk or as security for or in total or partial satisfaction of a money debt.
AB481, s. 52 9Section 52. 411.103 (1) (o) of the statutes is amended to read:
AB481,44,1810 411.103 (1) (o) "Lessee in ordinary course of business" means a person who in
11good faith and without knowledge that the lease to him or her is in violation of the
12ownership rights or security interest or leasehold interest of a 3rd party in the goods
13leases in ordinary course from a person in the business of selling or leasing goods of
14that kind but does not include a pawnbroker. "Leasing" may be for cash or by
15exchange of other property or on secured or unsecured credit and includes receiving
16acquiring goods or documents of title under a preexisting lease contract but does not
17include a transfer in bulk or as security for or in total or partial satisfaction of a
18money debt.
AB481, s. 53 19Section 53. 411.514 (2) of the statutes is amended to read:
AB481,44,2220 411.514 (2) A lessee's failure to reserve rights when paying rent or other
21consideration against documents precludes recovery of the payment for defects
22apparent on the face of in the documents.
AB481, s. 54 23Section 54. 411.526 (2) (c) of the statutes is amended to read:
AB481,44,2524 411.526 (2) (c) Acknowledgment to the lessee by a carrier via reshipment or as
25a warehouse keeper that the carrier holds the goods for the lessee.
AB481, s. 55
1Section 55. Initial applicability.
AB481,45,32 (1) This act first applies to a document of title that is issued or a bailment that
3arises on the effective date of this subsection.
AB481, s. 56 4Section 56. Effective date.
AB481,45,65 (1) This act takes effect on the first day of the 3rd month beginning after
6publication.
AB481,45,77 (End)
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