SB9,176,16 (7) No partial satisfaction in consumer transaction. In a consumer transaction, a secured party may not accept collateral in partial satisfaction of the obligation it secures.

SB9,176,19 409.621 Notification of proposal to accept collateral. (1) Persons to which proposal to be sent. A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:

SB9,176,22 (a) Any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral;

SB9,176,25 (b) Any other secured party or lienholder that, 10 days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:

SB9,177,1 1. Identified the collateral;

SB9,177,2 2. Was indexed under the debtor's name as of that date; and

SB9,177,4 3. Was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date; and

SB9,177,7 (c) Any other secured party that, 10 days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in s. 409.311 (1).

SB9,177,11 (2) Proposal to be sent to secondary obligor in partial satisfaction. A secured party that desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in sub. (1).

SB9,177,14 409.622 Effect of acceptance of collateral. (1) Effect of acceptance. A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:

SB9,177,15 (a) Discharges the obligation to the extent consented to by the debtor;

SB9,177,16 (b) Transfers to the secured party all of a debtor's rights in the collateral;

SB9,177,18 (c) Discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordinate lien; and

SB9,177,19 (d) Terminates any other subordinate interest.

SB9,177,22 (2) Discharge of subordinate interest notwithstanding noncompliance. A subordinate interest is discharged or terminated under sub. (1), even if the secured party fails to comply with this chapter.

SB9,177,25 409.623 Right to redeem collateral. (1) Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.

SB9,178,1 (2) Requirements for redemption. To redeem collateral, a person shall tender:

SB9,178,2 (a) Fulfillment of all obligations secured by the collateral; and

SB9,178,3 (b) The reasonable expenses and attorney fees described in s. 409.615 (1) (a).

SB9,178,5 (3) When redemption may occur. A redemption may occur at any time before a secured party:

SB9,178,6 (a) Has collected collateral under s. 409.607;

SB9,178,8 (b) Has disposed of collateral or entered into a contract for its disposition under s. 409.610; or

SB9,178,10 (c) Has accepted collateral in full or partial satisfaction of the obligation it secures under s. 409.622.

SB9,178,14 409.624 Waiver. (1) Waiver of disposition notification. A debtor or secondary obligor may waive the right to notification of disposition of collateral under s. 409.611 only by an agreement to that effect entered into and authenticated after default.

SB9,178,17 (2) Waiver of mandatory disposition. A debtor may waive the right to require disposition of collateral under s. 409.620 (5) only by an agreement to that effect entered into and authenticated after default.

SB9,178,20 (3) Waiver of redemption right. Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under s. 409.623 only by an agreement to that effect entered into and authenticated after default.

SB9,178,25 409.625 Remedies for secured party's failure to comply with chapter. (1) Judicial orders concerning noncompliance. If it is established that a secured party is not proceeding in accordance with this chapter, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions.

SB9,179,4 (2) Damages for noncompliance. Subject to subs. (3), (4), and (6), a person is liable for damages in the amount of any loss caused by a failure to comply with this chapter. Loss caused by a failure to comply may include loss resulting from the debtor's inability to obtain, or increased costs of, alternative financing.

SB9,179,6 (3) Persons entitled to recover damages; statutory damages in consumer-goods transaction. Except as otherwise provided in s. 409.628: