409.513 History
History: 2001 a. 10.
409.514
409.514
Assignment of powers of secured party of record. 409.514(1)(1)
Assignment reflected on initial financing statement. Except as otherwise provided in
sub. (3), an initial financing statement may reflect an assignment of all of the secured party's power to authorize an amendment to the financing statement by providing the name and mailing address of the assignee as the name and address of the secured party.
409.514(2)
(2) Assignment of filed financing statement. Except as otherwise provided in
sub. (3), a secured party of record may assign of record all or part of its power to authorize an amendment to a financing statement by filing in the filing office an amendment of the financing statement which:
409.514(2)(a)
(a) Identifies, by its file number, the initial financing statement to which it relates;
409.514(2)(c)
(c) Provides the name and mailing address of the assignee.
409.514(3)
(3) Assignment of record of mortgage. An assignment of record of a security interest in a fixture covered by a record of a mortgage which is effective as a financing statement filed as a fixture filing under
s. 409.502 (3) may be made only by an assignment of record of the mortgage in the manner provided by law of this state other than
chs. 401 to
411.
409.514 History
History: 2001 a. 10.
409.515
409.515
Duration and effectiveness of financing statement; effect of lapsed financing statement. 409.515(1)
(1)
Five-year effectiveness. Except as otherwise provided in
subs. (2),
(5),
(6), and
(7), a filed financing statement is effective for a period of 5 years after the date of filing.
409.515(2)
(2) Public-finance or manufactured-home transaction. Except as otherwise provided in
subs. (5),
(6), and
(7), an initial financing statement filed in connection with a public-finance transaction or manufactured-home transaction is effective for a period of 30 years after the date of filing if it indicates that it is filed in connection with a public-finance transaction or manufactured-home transaction.
409.515(3)
(3) Lapse and continuation of financing statement. The effectiveness of a filed financing statement lapses on the expiration of the period of its effectiveness unless before the lapse a continuation statement is filed pursuant to
sub. (4). Upon lapse, a financing statement ceases to be effective and any security interest or agricultural lien that was perfected by the financing statement becomes unperfected, unless the security interest is perfected otherwise. If the security interest or agricultural lien becomes unperfected upon lapse, it is deemed never to have been perfected as against a purchaser of the collateral for value.
409.515(4)
(4) When continuation statement may be filed. A continuation statement may be filed only within 6 months before the expiration of the 5-year period specified in
sub. (1) or the 30-year period specified in
sub. (2), whichever is applicable.
409.515(5)
(5) Effect of filing continuation statement. Except as otherwise provided in
s. 409.510, upon timely filing of a continuation statement, the effectiveness of the initial financing statement continues for a period of 5 years commencing on the day on which the financing statement would have become ineffective in the absence of the filing. Upon the expiration of the 5-year period, the financing statement lapses in the same manner as provided in
sub. (3), unless, before the lapse, another continuation statement is filed pursuant to
sub. (4). Succeeding continuation statements may be filed in the same manner to continue the effectiveness of the initial financing statement.
409.515(6)
(6) Transmitting utility financing statement. If a debtor is a transmitting utility and a filed financing statement so indicates, the financing statement is effective until a termination statement is filed.
409.515(7)
(7) Record of mortgage as financing statement. A record of a mortgage that is effective as a financing statement filed as a fixture filing under
s. 409.502 (3) remains effective as a financing statement filed as a fixture filing until the mortgage is released or satisfied of record or its effectiveness otherwise terminates as to the real property.
409.515 History
History: 2001 a. 10.
409.515 Annotation
When a creditor fails to file a continuation statement, perfection lapses and the creditor may assume status of an unperfected secured creditor as against prelapse purchaser. Hanley Implement v. Riesterer Equipment Inc.
150 Wis. 2d 161,
441 N.W.2d 304 (Ct. App. 1989).
409.515 Annotation
The filing of a 2nd financing statement that does not refer to the original filing does not bring the creditor into substantial compliance with [former] sub. (3). Bostwick-Braun Co. v. Owens,
634 F. Supp. 839 (1986).
409.515 Note
NOTE: The above annotated materials cite to the pre-
2001 Wis. Act 10 version of ch. 409.
409.516
409.516
What constitutes filing; effectiveness of filing. 409.516(1)(1)
What constitutes filing. Except as otherwise provided in
sub. (2), communication of a record to a filing office and tender of the filing fee or acceptance of the record by the filing office constitutes filing.
409.516(2)
(2) Refusal to accept record; filing does not occur. Filing does not occur with respect to a record that a filing office refuses to accept because:
409.516(2)(a)
(a) The record is not communicated by a method or medium of communication authorized by the filing office;
409.516(2)(b)
(b) An amount equal to or greater than the applicable filing fee is not tendered;
409.516(2)(c)
(c) The filing office is unable to index the record because:
409.516(2)(c)1.
1. In the case of an initial financing statement, the record does not provide a name for the debtor;
409.516(2)(c)2.
2. In the case of an amendment or correction statement, the record:
409.516(2)(c)3.
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
409.516(2)(c)4.
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;
409.516(2)(d)
(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;
409.516(2)(e)
(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:
409.516(2)(e)2.
2. Indicate whether the debtor is an individual or an organization; or
409.516(2)(e)3.
3. If the financing statement indicates that the debtor is an organization, provide:
409.516(2)(e)3.c.
c. An organizational identification number for the debtor or indicate that the debtor has none;
409.516(2)(f)
(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
409.516(2)(g)
(g) In the case of a continuation statement, the record is not filed within the 6-month period prescribed by
s. 409.515 (4).
409.516(3)
(3) Rules applicable to sub. (2). For purposes of
sub. (2):
409.516(3)(a)
(a) A record does not provide information if the filing office is unable to read or decipher the information; and
409.516(3)(b)
(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.
409.516(4)
(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.
409.516 History
History: 2001 a. 10.
409.517
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.
409.517 History
History: 2001 a. 10.
409.518
409.518
Claim concerning inaccurate or wrongfully filed record. 409.518(1)(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.
409.518(2)
(2) Sufficiency of correction statement. A correction statement must:
409.518(2)(a)1.
1. The file number assigned to the initial financing statement to which the record relates; and
409.518(2)(a)2.
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);
409.518(2)(b)
(b) Indicate that it is a correction statement; and
409.518(2)(c)
(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.
409.518(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.
409.518 History
History: 2001 a. 10.
409.519
409.519
Numbering, maintaining, and indexing records; communicating information provided in records. 409.519(1)(1)
Filing-office duties. For each record filed in a filing office, the filing office shall:
409.519(1)(b)
(b) Create a record that bears the number assigned to the filed record and the date and time of filing;
409.519(1)(c)
(c) Maintain the filed record for public inspection; and
409.519(2)
(2) File number. A file number assigned after January 1, 2002, must include a digit that:
409.519(2)(a)
(a) Is mathematically derived from or related to the other digits of the file number; and
409.519(2)(b)
(b) Aids the filing office in determining whether a number communicated as the file number includes a single-digit or transpositional error.
409.519(3)
(3) Indexing: general. Except as otherwise provided in
subs. (4) and
(5), the filing office shall:
409.519(3)(a)
(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
409.519(3)(b)
(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.
409.519(4)
(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:
409.519(4)(a)
(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
409.519(4)(b)
(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.
409.519(5)
(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):
409.519(5)(b)
(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.
409.519(6)
(6) Retrieval and association capability. The filing office shall maintain a capability:
409.519(6)(a)
(a) To retrieve a record by the name of the debtor and:
409.519(6)(a)1.
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
409.519(6)(a)2.
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
409.519(6)(b)
(b) To associate and retrieve with one another an initial financing statement and each filed record relating to the initial financing statement.
409.519(7)
(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.
409.519(8)
(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:
409.519(8)(a)
(a) Five business days after the filing office receives the record in question for acts performed before July 1, 2003; and
409.519(8)(b)
(b) Two business days after the filing office receives the record in question for acts performed on or after July 1, 2003.
409.519 History
History: 2001 a. 10.
409.520
409.520
Acceptance and refusal to accept record.
