409.103(6)(b)
(b) Except as otherwise provided in
par. (f), during the time that a security certificate is located in a jurisdiction, perfection of a security interest, the effect of perfection or nonperfection, and the priority of a security interest in the certificated security represented thereby are governed by the local law of that jurisdiction.
409.103(6)(c)
(c) Except as otherwise provided in
par. (f), perfection of a security interest, the effect of perfection or nonperfection, and the priority of a security interest in an uncertificated security are governed by the local law of the issuer's jurisdiction as specified in
s. 408.110 (4).
409.103(6)(d)
(d) Except as otherwise provided in
par. (f), perfection of a security interest, the effect of perfection or nonperfection, and the priority of a security interest in a security entitlement or securities account are governed by the local law of the securities intermediary's jurisdiction as specified in
s. 408.110 (5).
409.103(6)(e)
(e) Except as otherwise provided in
par. (f), perfection of a security interest, the effect of perfection or nonperfection, and the priority of a security interest in a commodity contract or commodity account are governed by the local law of the commodity intermediary's jurisdiction. The following rules determine a "commodity intermediary's jurisdiction" for purposes of this paragraph:
409.103(6)(e)1.
1. If an agreement between the commodity intermediary and commodity customer specifies that it is governed by the law of a particular jurisdiction, that jurisdiction is the commodity intermediary's jurisdiction.
409.103(6)(e)2.
2. If an agreement between the commodity intermediary and commodity customer does not specify the governing law as provided in
subd. 1., but expressly specifies that the commodity account is maintained at an office in a particular jurisdiction, that jurisdiction is the commodity intermediary's jurisdiction.
409.103(6)(e)3.
3. If an agreement between the commodity intermediary and commodity customer does not specify a jurisdiction as provided in
subd. 1. or
2., the commodity intermediary's jurisdiction is the jurisdiction in which is located the office identified in an account statement as the office serving the commodity customer's account.
409.103(6)(e)4.
4. If an agreement between the commodity intermediary and commodity customer does not specify a jurisdiction as provided in
subd. 1. or
2. and an account statement does not identify an office serving the commodity customer's account as provided in
subd. 3., the commodity intermediary's jurisdiction is the jurisdiction in which is located the chief executive office of the commodity intermediary.
409.103(6)(f)
(f) Perfection of a security interest by filing, automatic perfection of a security interest in investment property granted by a broker or securities intermediary, and automatic perfection of a security interest in a commodity contract or commodity account granted by a commodity intermediary are governed by the local law of the jurisdiction in which the debtor is located.
409.104
409.104
Transactions excluded from chapter. This chapter does not apply:
409.104(1)
(1) To a security interest subject to any statute of the United States to the extent that such statute governs the rights of parties to and 3rd parties affected by transactions in particular types of property; or
409.104(2)
(2) To a nonconsensual landlord's lien; or
409.104(3)
(3) To a lien given by statute or other rule of law for services or materials except as provided in
s. 409.310 on priority of such liens; or
409.104(4)
(4) To a transfer of a claim for wages, salary or other compensation of an employee; or
409.104(6)
(6) To a sale of accounts or chattel paper as part of a sale of the business out of which they arose, or an assignment of accounts or chattel paper which is for the purpose of collection only, or a transfer of a right to payment under a contract to an assignee who is also to do the performance under the contract or a transfer of a single account to an assignee in whole or partial satisfaction of a preexisting indebtedness; or
409.104(7)
(7) To a transfer of an interest or claim in or under any policy of insurance, except as provided with respect to proceeds in
s. 409.306 and priorities in proceeds in
s. 409.312; or
409.104(8)
(8) To a right represented by a judgment (other than a judgment taken on a right to payment which was collateral); or
409.104(10)
(10) Except to the extent that provision is made for fixtures in
s. 409.313, to the creation or transfer of an interest in or lien on real estate, including a lease or rents thereunder and including an interest in or lien on real estate owned by a public utility even though for some purposes such real estate is deemed to be personal property; or
409.104(11)
(11) To a transfer in whole or in part of any claim arising out of tort; or
409.104(12)
(12) To a contract between a cooperative association and a member thereof, authorized by
s. 185.41; or
409.104(13)
(13) To a transfer of an interest in any deposit account as defined in
s. 409.105 (1), except as provided with respect to proceeds under
s. 409.306 and priorities in proceeds under
s. 409.312.
409.104 History
History: 1973 c. 215.
409.104 Note
Legislative Council Note, 1973: Sub. (2) is amended to make it clear that contractual landlord's liens are not exempt from coverage by ch. 409. Wisconsin has abolished the common law landlord's lien, distress for rent. See s. 704.11, Wis. Stats. (Bill 177-S)
409.105
409.105
Definitions and index of definitions. 409.105(1)
(1) In this chapter unless the context otherwise requires:
409.105(1)(a)
(a) "Account debtor" means the person who is obligated on an account, chattel paper or general intangible.
409.105(1)(b)
(b) "Chattel paper" means a writing or writings which evidence both a monetary obligation and a security interest in or a lease of specific goods, but a charter or other contract involving the use or hire of a vessel is not chattel paper. When a transaction is evidenced both by such a security agreement or a lease and by an instrument or a series of instruments, the group of writings taken together constitutes chattel paper.
409.105(1)(c)
(c) "Collateral" means the property subject to a security interest, and includes accounts and chattel paper which have been sold.
409.105(1)(d)
(d) "Debtor" means the person who owes payment or other performance of the obligation secured, whether or not that person owns or has rights in the collateral, and includes the seller of accounts or chattel paper. Where the debtor and the owner of the collateral are not the same person, the term "debtor" means the owner of the collateral in any provision of the chapter dealing with the collateral, the obligor in any provision dealing with the obligation, and may include both where the context so requires.
409.105(1)(dm)
(dm) "Department" means the department of financial institutions.
409.105(1)(e)
(e) "Deposit account" means a demand, time, savings, passbook or like account maintained with a bank, savings bank, savings and loan association, credit union or like organization, other than an account evidenced by a certificate of deposit.
409.105(1)(g)
(g) "Encumbrance" includes real estate mortgages and other liens on real estate and all other rights in real estate that are not ownership interests.
409.105(1)(h)
(h) "Goods" includes all things which are movable at the time the security interest attaches or which are fixtures (
s. 409.313), but does not include money, documents, instruments, investment property, accounts, chattel paper, general intangibles or minerals or the like (including oil and gas) before extraction. "Goods" also includes standing timber which is to be cut and removed under a conveyance or contract for sale, the unborn young of animals and growing crops.
409.105(1)(i)
(i) "Instrument" means a negotiable instrument as defined in
s. 403.104 or any other writing which evidences a right to the payment of money and is not itself a security agreement or lease and is of a type which is in ordinary course of business transferred by delivery with any necessary endorsement or assignment.
409.105(1)(j)
(j) "Mortgage" means a consensual interest created by a real estate mortgage, a trust deed on real estate, or the like.
409.105(1)(k)
(k) An advance is made "pursuant to commitment" if the secured party has bound himself or herself to make it, whether or not a subsequent event of default or other event not within the secured party's control has relieved or may relieve the secured party from the secured party's obligation.
409.105(1)(L)
(L) "Secured party" means a lender, seller or other person in whose favor there is a security interest, including a person to whom accounts or chattel paper have been sold. When the holders of obligations issued under an indenture of trust, equipment trust agreement or the like are represented by a trustee or other person, the representative is the secured party.
409.105(1)(m)
(m) "Security agreement" means an agreement which creates or provides for a security interest.
409.105(1)(n)
(n) "Transmitting utility" means any person primarily engaged in the railroad business, the electric or electronics communications transmission business, the transmission of goods by pipeline, or the transmission or the production and transmission of electricity, steam, gas or water, or the provision of sewer service.
409.105(2)
(2) Other definitions applying to this chapter and the sections in which they appear are:
409.105(3)
(3) The following definitions in other chapters apply to this chapter:
409.105(4)
(4) In addition
ch. 401 contains general definitions and principles of construction and interpretation applicable throughout this chapter.
409.106
409.106
Definitions: "account"; "general intangibles". "Account" means any right to payment for goods sold or leased or for services rendered which is not evidenced by an instrument or chattel paper, whether or not it has been earned by performance. "General intangibles" means any personal property (including things in action) other than goods, accounts, chattel paper, documents, instruments, investment property and money. All rights to payment earned or unearned under a charter or other contract involving the use or hire of a vessel and all rights incident to the charter or contract are accounts.
409.106 History
History: 1973 c. 215;
1997 a. 297.
409.107
409.107
Definitions: "purchase money security interest". A security interest is a "purchase money security interest" to the extent that it is:
409.107(1)
(1) Taken or retained by the seller of the collateral to secure all or part of its price; or
409.107(2)
(2) Taken by a person who by making advances or incurring an obligation gives value to enable the debtor to acquire rights in or the use of collateral if such value is in fact so used.
409.108
409.108
When after-acquired collateral not security for antecedent debt. Where a secured party makes an advance, incurs an obligation, releases a perfected security interest, or otherwise gives new value which is to be secured in whole or in part by after-acquired property the secured party's security interest in the after-acquired collateral shall be deemed to be taken for new value and not as security for an antecedent debt if the debtor acquires the debtor's rights in such collateral either in the ordinary course of the debtor's business or under a contract of purchase made pursuant to the security agreement within a reasonable time after new value is given.
409.108 History
History: 1991 a. 316.
409.108 Annotation
Security interests in after-acquired property under the uniform commercial code. Skilton, 1974 WLR 925.
