409.603(2)(2)Agreed standards inapplicable to breach of peace. Subsection (1) does not apply to the duty under s. 409.609 to refrain from breaching the peace.
409.603 HistoryHistory: 2001 a. 10.
409.604409.604Procedure if security agreement covers real property or fixtures.
409.604(1)(1)Enforcement: personal and real property. If a security agreement covers both personal and real property, a secured party may proceed:
409.604(1)(a)(a) Under this subchapter as to the personal property without prejudicing any rights with respect to the real property; or
409.604(1)(b)(b) As to both the personal property and the real property in accordance with the rights with respect to the real property, in which case the other provisions of this subchapter do not apply.
409.604(2)(2)Enforcement: fixtures. Subject to sub. (3), if a security agreement covers goods that are or become fixtures, a secured party may proceed:
409.604(2)(a)(a) Under this subchapter; or
409.604(2)(b)(b) In accordance with the rights with respect to real property, in which case the other provisions of this subchapter do not apply.
409.604(3)(3)Removal of fixtures. Subject to the other provisions of this subchapter, if a secured party holding a security interest in fixtures has priority over all owners and encumbrancers of the real property, the secured party, after default, may remove the collateral from the real property.
409.604(4)(4)Injury caused by removal. A secured party that removes collateral shall promptly reimburse any encumbrancer or owner of the real property, other than the debtor, for the cost of repair of any physical injury caused by the removal. The secured party need not reimburse the encumbrancer or owner for any diminution in value of the real property caused by the absence of the goods removed or by any necessity of replacing them. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse.
409.604 HistoryHistory: 2001 a. 10.
409.605409.605Unknown debtor or secondary obligor. A secured party does not owe a duty based on its status as secured party:
409.605(1)(1)To a person that is a debtor or obligor, unless the secured party knows:
409.605(1)(a)(a) That the person is a debtor or obligor;
409.605(1)(b)(b) The identity of the person; and
409.605(1)(c)(c) How to communicate with the person; or
409.605(2)(2)To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
409.605(2)(a)(a) That the person is a debtor; and
409.605(2)(b)(b) The identity of the person.
409.605 HistoryHistory: 2001 a. 10.
409.606409.606Time of default for agricultural lien. For purposes of this subchapter, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created.
409.606 HistoryHistory: 2001 a. 10.
409.607409.607Collection and enforcement by secured party.
409.607(1)(1)Collection and enforcement generally. If so agreed, and in any event after default, a secured party:
409.607(1)(a)(a) May notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party;
409.607(1)(b)(b) May take any proceeds to which the secured party is entitled under s. 409.315;
409.607(1)(c)(c) May enforce the obligations of an account debtor or other person obligated on collateral and exercise the rights of the debtor with respect to the obligation of the account debtor or other person obligated on collateral to make payment or otherwise render performance to the debtor, and with respect to any property that secures the obligations of the account debtor or other person obligated on the collateral;
409.607(1)(d)(d) If it holds a security interest in a deposit account perfected by control under s. 409.104 (1) (a), may apply the balance of the deposit account to the obligation secured by the deposit account; and