Effective date text
(a) Except as otherwise provided in par. (c), if the debtor is a registered organization or the collateral is held in a trust that is a registered organization, only if the financing statement provides the name that is stated to be the registered organization's name on the public organic record most recently filed with or issued or enacted by the registered organization's jurisdiction of organization which purports to state, amend, or restate the registered organization's name;
409.503(1)(b)
(b) If the debtor is a decedent's estate, only if the financing statement provides the name of the decedent and indicates that the debtor is an estate;
Effective date note
NOTE: Par. (b) is amended eff. 7-1-13 by
2011 Wis. Act 206 to read:
Effective date text
(b) Subject to sub. (6), if the collateral is being administered by the personal representative of a decedent, only if the financing statement provides, as the name of the debtor, the name of the decedent and, in a separate part of the financing statement, indicates that the collateral is being administered by a personal representative;
409.503(1)(c)
(c) If the debtor is a trust or a trustee acting with respect to property held in trust, only if the financing statement:
409.503(1)(c)1.
1. Provides the name specified for the trust in its organic documents or, if no name is specified, provides the name of the settlor and additional information sufficient to distinguish the debtor from other trusts having one or more of the same settlors; and
409.503(1)(c)2.
2. Indicates, in the debtor's name or otherwise, that the debtor is a trust or is a trustee acting with respect to property held in trust; and
Effective date note
NOTE: Par. (c) is affected eff. 7-1-13 by
2011 Wis. Act 206 to read:
Effective date text
(c) If the collateral is held in a trust that is not a registered organization, only if the financing statement:
Effective date text
1m. Provides, as the name of the debtor:
409.503 Note
a. If the organic record of the trust specifies a name for the trust, the name specified; or
409.503 Note
b. If the organic record of the trust does not specify a name for the trust, the name of the settlor or testator; and
Effective date text
2m. In a separate part of the financing statement:
409.503 Note
a. If the name is provided in accordance with subd. 1m. a., indicates that the collateral is held in a trust; or
409.503 Note
b. If the name is provided in accordance with subd. 1m. b., provides additional information sufficient to distinguish the trust from other trusts having one or more of the same settlors or the same testator and indicates that the collateral is held in a trust, unless the additional information so indicates;
409.503(1)(d)1.
1. If the debtor has a name, only if it provides the individual or organizational name of the debtor; and
409.503(1)(d)2.
2. If the debtor does not have a name, only if it provides the names of the partners, members, associates, or other persons comprising the debtor.
Effective date note
NOTE: Par. (d) is renumbered par. (f) and amended eff. 7-1-13 by
2011 Wis. Act 206.
409.503(1)(dm)
(dm) Subject to
sub. (7), if the debtor is an individual to whom this state has issued an operator's license under
ch. 343 or identification card under
s. 343.50 that has not expired, only if the financing statement provides the name of the individual which is indicated on the operator's license or identification card;
409.503(1)(e)
(e) If the debtor is an individual to whom
par. (dm) does not apply, only if the financing statement provides the individual name of the debtor or the surname and first personal name of the debtor; and
409.503(1)(f)1.
1. If the debtor has a name, only if the financing statement provides the organizational name of the debtor; and
409.503(1)(f)2.
2. If the debtor does not have a name, only if the financing statement provides the names of the partners, members, associates, or other persons comprising the debtor, in a manner that each name provided would be sufficient if the person named were the debtor.
Effective date note
NOTE: Par. (f) is shown as renumbered from par. (d) and amended eff. 7-1-13 by
2011 Wis. Act 206.
409.503(2)
(2) Additional debtor-related information. A financing statement that provides the name of the debtor in accordance with
sub. (1) is not rendered ineffective by the absence of:
409.503(2)(b)
(b) Unless required under
sub. (1) (d) 2., names of partners, members, associates, or other persons comprising the debtor.
Effective date note
NOTE: Par. (b) is amended eff. 7-1-13 by
2011 Wis. Act 206 to read:
Effective date text
(b) Unless required under sub. (1) (f) 2., names of partners, members, associates, or other persons comprising the debtor.
409.503(3)
(3) Debtor's trade name insufficient. A financing statement that provides only the debtor's trade name does not sufficiently provide the name of the debtor.
409.503(4)
(4) Representative capacity. Failure to indicate the representative capacity of a secured party or representative of a secured party does not affect the sufficiency of a financing statement.
409.503(5)
(5) Multiple debtors and secured parties. A financing statement may provide the name of more than one debtor and the name of more than one secured party.
409.503(6)
(6) Name of decedent. The name of the decedent indicated on the order appointing the personal representative of the decedent issued by the court having jurisdiction over the collateral is sufficient as the "name of the decedent" under
sub. (1) (b).
409.503(7)
(7) Multiple licenses or identification cards. If this state has issued to an individual more than one operator's license under
ch. 343 or identification card under
s. 343.50 of a kind described in
sub. (1) (dm), the one that was issued most recently is the one to which
sub. (1) (dm) refers.
409.503(8)
(8) Definition. In this section, the "name of the settlor or testator" means:
409.503(8)(a)
(a) If the settlor is a registered organization, the name that is stated to be the settlor's name on the public organic record most recently filed with or issued or enacted by the settlor's jurisdiction of organization which purports to state, amend, or restate the settlor's name;
409.503(8)(b)
(b) In other cases, the name of the settlor or testator indicated in the trust's organic record.
409.503 History
History: 2001 a. 10;
2011 a. 206.
409.503 Annotation
A creditor's financing statement became "seriously misleading" after the debtors' name change and so was insufficient to perfect a security interest in property acquired more than 4 months after the name change. First Agri Services, Inc. v. Kahl,
129 Wis. 2d 464,
385 N.W.2d 191 (Ct. App. 1986).
409.503 Note
NOTE: The above annotated materials cite to the pre-
2001 Wis. Act 10 version of ch. 409.
409.504
409.504
Indication of collateral. A financing statement sufficiently indicates the collateral that it covers if the financing statement provides:
409.504(2)
(2) An indication that the financing statement covers all assets or all personal property.
409.504 History
History: 2001 a. 10.
409.505
409.505
Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions. 409.505(1)(1)
Use of terms other than debtor and secured party. A consignor, lessor, or other bailor of goods, a licensor, or a buyer of a payment intangible or promissory note may file a financing statement, or may comply with a statute or treaty described in
s. 409.311 (1), using the terms "consignor", "consignee", "lessor", "lessee", "bailor", "bailee", "licensor", "licensee", "owner", "registered owner", "buyer", "seller", or words of similar import, instead of the terms "secured party" and "debtor".
409.505(2)
(2) Effect of financing statement under sub. (1). This subchapter applies to the filing of a financing statement under
sub. (1) and, as appropriate, to compliance that is equivalent to filing a financing statement under
s. 409.311 (2), but the filing or compliance is not of itself a factor in determining whether the collateral secures an obligation. If it is determined for another reason that the collateral secures an obligation, a security interest held by the consignor, lessor, bailor, licensor, owner, or buyer which attaches to the collateral is perfected by the filing or compliance
409.505 History
History: 2001 a. 10.
409.506
409.506
Effect of errors or omissions. 409.506(1)
(1)
Minor errors and omissions. A financing statement substantially satisfying the requirements of this subchapter is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading.
409.506(2)
(2) Financing statement seriously misleading. Except as otherwise provided in
sub. (3), a financing statement that fails sufficiently to provide the name of the debtor in accordance with
s. 409.503 (1) is seriously misleading.
409.506(3)
(3) Financing statement not seriously misleading. If a search of the records of the filing office under the debtor's correct name, using the filing office's standard search logic, if any, would disclose a financing statement that fails sufficiently to provide the name of the debtor in accordance with
s. 409.503 (1), the name provided does not make the financing statement seriously misleading.
409.506(4)
(4) Debtor's correct name. For purposes of
s. 409.508 (2), the "debtor's correct name" in
sub. (3) means the correct name of the new debtor.
409.506 History
History: 2001 a. 10.
409.506 Annotation
A creditor's financing statement became "seriously misleading" after the debtors' name change and so was insufficient to perfect a security interest in property acquired more than 4 months after the name change. First Agri Services, Inc. v. Kahl,
129 Wis. 2d 464,
385 N.W.2d 191 (Ct. App. 1986).
409.506 Annotation
A wrong statement of section, township, range, and county where crops were grown was not minor, and, without directing further inquiry, was insufficient. Whether a party is misled by the description is not part of the inquiry under s. 409.110 or 409.402. Smith & Spindahl Enterprises, Inc. v. Lee,
206 Wis. 2d 663,
557 N.W.2d 865 (Ct. App. 1996),
96-0882.
409.506 Note
NOTE: The above annotated materials cite to the pre-
2001 Wis. Act 10 version of ch. 409.
409.507
409.507
Effect of certain events on effectiveness of financing statement. 409.507(1)(1)
Disposition. A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed, or otherwise disposed of and in which a security interest or agricultural lien continues, even if the secured party knows of or consents to the disposition.
409.507(2)
(2) Information becoming seriously misleading. Except as otherwise provided in
sub. (3) and
s. 409.508, a financing statement is not rendered ineffective if, after the financing statement is filed, the information provided in the financing statement becomes seriously misleading under
s. 409.506.
409.507(3)
(3) Change in debtor's name. If a debtor so changes its name that a filed financing statement becomes seriously misleading under
s. 409.506:
409.507(3)(a)
(a) The financing statement is effective to perfect a security interest in collateral acquired by the debtor before, or within 4 months after, the change; and
409.507(3)(b)
(b) The financing statement is not effective to perfect a security interest in collateral acquired by the debtor more than 4 months after the change, unless an amendment to the financing statement which renders the financing statement not seriously misleading is filed within 4 months after the change.
Effective date note
NOTE: Sub. (3) is amended eff. 7-1-13 by
2011 Wis. Act 206 to read:
Effective date text
(3) Change in debtor's name. If the name that a filed financing statement provides for a debtor becomes insufficient as the name of the debtor under s. 409.503 (1) so that the financing statement becomes seriously misleading under s. 409.506:
Effective date text
(a) The financing statement is effective to perfect a security interest in collateral acquired by the debtor before, or within 4 months after, the filed financing statement becomes seriously misleading; and
Effective date text
(b) The financing statement is not effective to perfect a security interest in collateral acquired by the debtor more than 4 months after the filed financing statement becomes seriously misleading, unless an amendment to the financing statement which renders the financing statement not seriously misleading is filed within 4 months after the financing statement became seriously misleading.
409.507 History
History: 2001 a. 10;
2011 a. 206.
409.508
409.508
Effectiveness of financing statement if new debtor becomes bound by security agreement. 409.508(1)(1)
Financing statement naming original debtor. Except as otherwise provided in this section, a filed financing statement naming an original debtor is effective to perfect a security interest in collateral in which a new debtor has or acquires rights to the extent that the financing statement would have been effective had the original debtor acquired rights in the collateral.
409.508(2)
(2) Financing statement becoming seriously misleading. If the difference between the name of the original debtor and that of the new debtor causes a filed financing statement that is effective under
sub. (1) to be seriously misleading under
s. 409.506:
409.508(2)(a)
(a) The financing statement is effective to perfect a security interest in collateral acquired by the new debtor before, and within 4 months after, the new debtor becomes bound under
s. 409.203 (4); and
409.508(2)(b)
(b) The financing statement is not effective to perfect a security interest in collateral acquired by the new debtor more than 4 months after the new debtor becomes bound under
s. 409.203 (4) unless an initial financing statement providing the name of the new debtor is filed before the expiration of that time.
409.508(3)
(3) When section not applicable. This section does not apply to collateral as to which a filed financing statement remains effective against the new debtor under
s. 409.507 (1).
409.508 History
History: 2001 a. 10.
409.509
409.509
Persons entitled to file a record. 409.509(1)
(1)
Person entitled to file record. A person may file an initial financing statement, amendment that adds collateral covered by a financing statement, or amendment that adds a debtor to a financing statement only if:
409.509(1)(a)
(a) The debtor authorizes the filing in an authenticated record or pursuant to
sub. (2) or
(3); or
409.509(1)(b)
(b) The person holds an agricultural lien that has become effective at the time of filing and the financing statement covers only collateral in which the person holds an agricultural lien.
409.509(2)
(2) Security agreement as authorization. By authenticating or becoming bound as debtor by a security agreement, a debtor or new debtor authorizes the filing of an initial financing statement, and an amendment, covering:
409.509(2)(a)
(a) The collateral described in the security agreement; and
409.509(2)(b)
(b) Property that becomes collateral under
s. 409.315 (1) (b), whether or not the security agreement expressly covers proceeds.
409.509(3)
(3) Acquisition of collateral as authorization. By acquiring collateral in which a security interest or agricultural lien continues under
s. 409.315 (1) (a), a debtor authorizes the filing of an initial financing statement, and an amendment, covering the collateral and property that becomes collateral under
s. 409.315 (1) (b).
