242.06(1)(b)
(b) With respect to an asset that is not real property or that is a fixture, when the transfer is so far perfected that a creditor on a simple contract cannot acquire a judicial lien other than under this chapter that is superior to the interest of the transferee.
242.06(2)
(2) If applicable law permits the transfer to be perfected as provided in
sub. (1) and the transfer is not so perfected before the commencement of an action for relief under this chapter, the transfer is deemed made immediately before the commencement of the action.
242.06(3)
(3) If applicable law does not permit the transfer to be perfected as provided in
sub. (1), the transfer is made when it becomes effective between the debtor and the transferee.
242.06(4)
(4) A transfer is not made until the debtor has acquired rights in the asset transferred.
242.06(5)(a)
(a) If oral, when it becomes effective between the parties.
242.06(5)(b)
(b) If evidenced by a writing, when the writing executed by the obligor is delivered to or for the benefit of the obligee.
242.06 History
History: 1987 a. 192.
242.07
242.07
Remedies of creditors. 242.07(1)
(1) In an action for relief against a transfer or obligation under this chapter, a creditor, subject to the limitations in
s. 242.08, may obtain any of the following:
242.07(1)(a)
(a) Avoidance of the transfer or obligation to the extent necessary to satisfy the creditor's claim.
242.07(1)(b)
(b) An attachment or other provisional remedy against the asset transferred or other property of the transferee in accordance with
chs. 810 to
813.
242.07(1)(c)
(c) Subject to applicable principles of equity and in accordance with applicable rules of civil procedure:
242.07(1)(c)1.
1. An injunction against further disposition by the debtor or a transferee, or both, of the asset transferred or of other property;
242.07(1)(c)2.
2. Appointment of a receiver to take charge of the asset transferred or of other property of the transferee; or
242.07(2)
(2) If a creditor has obtained a judgment on a claim against the debtor, the creditor, if the court so orders, may levy execution on the asset transferred or its proceeds.
242.07 History
History: 1987 a. 192.
242.08
242.08
Defenses, liability and protection of transferee. 242.08(1)(1) A transfer or obligation is not voidable under
s. 242.04 (1) (a) against a person who took in good faith and for a reasonably equivalent value or against any subsequent transferee or obligee.
242.08(2)
(2) Except as otherwise provided in this section, to the extent a transfer is voidable in an action by a creditor under
s. 242.07 (1) (a), the creditor may recover judgment for the value of the asset transferred, as adjusted under
sub. (3), or the amount necessary to satisfy the creditor's claim, whichever is less. The judgment may be entered against any of the following:
242.08(2)(a)
(a) The first transferee of the asset or the person for whose benefit the transfer was made.
242.08(2)(b)
(b) Any subsequent transferee other than a good faith transferee who took for value or from any subsequent transferee.
242.08(3)
(3) If the judgment under
sub. (2) is based upon the value of the asset transferred, the judgment must be for an amount equal to the value of the asset at the time of the transfer, subject to adjustment as the equities may require.
242.08(4)
(4) Notwithstanding voidability of a transfer or an obligation under this chapter, a good-faith transferee or obligee is entitled, to the extent of the value given the debtor for the transfer or obligation, to any of the following:
242.08(4)(a)
(a) A lien on or a right to retain any interest in the asset transferred.
242.08(4)(c)
(c) A reduction in the amount of the liability on the judgment.
242.08(5)(a)
(a) Termination of a lease upon default by the debtor when the termination is pursuant to the lease and applicable law.
242.08(5)(b)
(b) Enforcement of a security interest in compliance with
ch. 409.
242.08(6)(a)
(a) To the extent that the insider gave new value to or for the benefit of the debtor after the transfer was made unless the new value was secured by a valid lien;
242.08(6)(b)
(b) If made in the ordinary course of business or financial affairs of the debtor and the insider; or
242.08(6)(c)
(c) If made pursuant to a good-faith effort to rehabilitate the debtor and the transfer secured present value given for that purpose as well as an antecedent debt of the debtor.
242.08 History
History: 1987 a. 192.
242.08 Annotation
The good-faith defense under sub.(1) applies only to claims made under s. 242.04 (1) (a), not claims under other sections. Badger State Bank v. Taylor, 2004 WI App 17,
268 Wis. 2d 774,
674 N.W.2d 872,
03-0750.
242.09
242.09
Statute of limitation. Actions under this chapter are barred as provided in
s. 893.425.
242.09 History
History: 1987 a. 192.
242.10
242.10
Supplementary provisions. Unless displaced by this chapter, the principles of law and equity, including the law merchant and the law relating to principal and agent, estoppel, laches, fraud, misrepresentation, duress, coercion, mistake, insolvency or other validating or invalidating cause, supplement this chapter.
242.10 History
History: 1987 a. 192.
242.11
242.11
Uniformity of application and construction. This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it.
242.11 History
History: 1987 a. 192.
