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. 409.520(1)(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). The presence or absence of a social security number on a form of record providing for the insertion of a social security number as such shall not affect the decision of the filing office to accept or refuse the record for filing.
409.520(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:
409.520(2)(a)
(a) Five business days after the filing office receives the record for records received before July 1, 2003; and
409.520(2)(b)
(b) Two business days after the filing office receives the record for records received on or after July 1, 2003.
409.520(3)
(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.
409.520(4)
(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.
409.520 History
History: 2001 a. 10.
409.521
409.521
Uniform form of written financing statement and amendment. 409.521(1)(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):
409.521(2)
(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):
409.521 History
History: 2001 a. 10.
409.522
409.522
Maintenance and destruction of records. 409.522(1)(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:
409.522(1)(a)
(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
409.522(1)(b)
(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.
409.522(2)
(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).
409.522 History
History: 2001 a. 10.
409.523
409.523
Information from filing office; sale or license of records. 409.523(1)(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:
409.523(1)(a)
(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
409.523(2)
(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:
409.523(3)
(3) Communication of requested information. The filing office shall communicate or otherwise make available in a record the following information to any person that requests it:
409.523(3)(a)
(a) Whether there is on file on a date and time specified by the filing office, but not a date earlier than 3 business days before the filing office receives the request, any financing statement that:
409.523(3)(a)1.
1. Designates a particular debtor or, if the request so states, designates a particular debtor at the address specified in the request;
409.523(3)(b)
(b) The date and time of filing of each financing statement; and
409.523(3)(c)
(c) The information provided in each financing statement.
409.523(4)
(4) Medium for communicating information. In complying with its duty under
sub. (3), the filing office may communicate information in any medium. However, if requested, the filing office shall communicate information by issuing a record that can be admitted into evidence in the courts of this state without extrinsic evidence of its authenticity.
409.523(5)
(5) Timeliness of filing-office performance. The filing office shall perform the acts required by
subs. (1) to
(4) at the time and in the manner prescribed by filing-office rule, but not later than:
409.523(5)(a)
(a) Five business days after the filing office receives the request for requests received before July 1, 2003; and
409.523(5)(b)
(b) Two business days after the filing office receives the request for requests received on or after July 1, 2003.
409.523(6)
(6) Public availability of records. At least weekly, the department of financial institutions shall offer to sell or license to the public on a nonexclusive basis, in bulk, copies of all records filed in it under this subchapter, in every medium from time to time available to the department of financial institutions.
409.523(7)
(7) Liability of filing officer. No filing officer nor any of the filing officer's employees or agents shall be subject to personal liability by reason of any error or omission in the performance of any duty under this chapter except in case of misconduct as defined in
s. 946.12.
409.523 History
History: 2001 a. 10.
409.524
409.524
Delay by filing office. Delay by the filing office beyond a time limit prescribed by this subchapter is excused if:
409.524(1)
(1) The delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment, or other circumstances beyond the control of the filing office; and
409.524(2)
(2) The filing office exercises reasonable diligence under the circumstances.
409.524 History
History: 2001 a. 10.
409.525(1)(1)
Initial financing statement or other record. Except as otherwise provided in this section, the fee for filing and indexing a record under this subchapter and the portion of the fee that an office duly authorized by the department under
s. 409.501 (1) (b) may retain shall be prescribed by filing-office rule.
