409.512(5)(a)
(a) Purports to delete all debtors and fails to provide the name of a debtor to be covered by the financing statement; or
409.512(5)(b)
(b) Purports to delete all secured parties of record and fails to provide the name of a new secured party of record.
409.512 History
History: 2001 a. 10.
409.513
409.513
Termination statement. 409.513(1)
(1)
Consumer goods. A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing statement if the financing statement covers consumer goods and:
409.513(1)(a)
(a) There is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value; or
409.513(1)(b)
(b) The debtor did not authorize the filing of the initial financing statement.
409.513(2)
(2) Time for compliance with sub. (1). To comply with
sub. (1), a secured party shall cause the secured party of record to file the termination statement:
409.513(2)(a)
(a) Within one month after there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value; or
409.513(2)(b)
(b) If earlier, within 20 days after the secured party receives an authenticated demand from a debtor.
409.513(3)
(3) Other collateral. In cases not governed by
sub. (1), within 20 days after a secured party receives an authenticated demand from a debtor, the secured party shall cause the secured party of record for a financing statement to send to the debtor a termination statement for the financing statement or file the termination statement in the filing office if:
409.513(3)(a)
(a) Except in the case of a financing statement covering accounts or chattel paper that has been sold or goods that are the subject of a consignment, there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value;
409.513(3)(b)
(b) The financing statement covers accounts or chattel paper that has been sold but as to which the account debtor or other person obligated has discharged its obligation;
409.513(3)(c)
(c) The financing statement covers goods that were the subject of a consignment to the debtor but are not in the debtor's possession; or
409.513(3)(d)
(d) The debtor did not authorize the filing of the initial financing statement.
409.513(4)
(4) Effect of filing termination statement. Except as otherwise provided in
s. 409.510, upon the filing of a termination statement with the filing office, the financing statement to which the termination statement relates ceases to be effective. Except as otherwise provided in
s. 409.510, for the purposes of
ss. 409.519 (7),
409.522 (1), and
409.523 (3), the filing with the filing office of a termination statement relating to a financing statement that indicates that the debtor is a transmitting utility also causes the effectiveness of the financing statement to lapse.
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.
Effective date note
NOTE: Sub. (6) is amended eff. 7-1-13 by
2011 Wis. Act 206 to read:
Effective date text
(6) Transmitting utility financing statement. If a debtor is a transmitting utility and a filed initial 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;
2011 a. 206.
409.515 Annotation
When a creditor fails to file a continuation statement, perfection lapses and the creditor may assume the status of an unperfected secured creditor as against a 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:
Effective date note
NOTE: Subd. 2. (intro.) is amended eff. 7-1-13 by
2011 Wis. Act 206 to read:
Effective date text
2. In the case of an amendment or information 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
Effective date note
NOTE: Subd. 3. is amended eff. 7-1-13 by
2011 Wis. Act 206 to read:
Effective date text
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 surname; 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:
Effective date note
NOTE: Subd. 1. is amended eff. 7-1-13 by
2011 Wis. Act 206 to read:
Effective date text
1. Provide a mailing address for the debtor; or
409.516(2)(e)2.
2. Indicate whether the debtor is an individual or an organization; or
Effective date note
NOTE: Subd. 2. is amended eff. 7-1-13 by
2011 Wis. Act 206 to read:
Effective date text
2. Indicate whether the name provided as the name of the debtor is the name of an individual or an organization;
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(2)(h)
(h) The record contains the social security number of an individual.
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.
409.517
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.
Effective date note
NOTE: This section is affected eff. 7-1-13 by
2011 Wis. Act 206 to read:
Effective date text
409.518 Claim concerning inaccurate or wrongfully filed record. (1) Statement with respect to record indexed under person's name. A person may file in the filing office an information 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.
