AB133-ASA1,1053,5 (c) Upon compliance with this subsection, the department shall bear neither liability nor responsibility for the transfer of such mobile homes in accordance with this section.

AB133-ASA1,1053,7 (d) This subsection does not apply to transfer of interest in a mobile home under s. 101.9209 (1) (b).

AB133-ASA1, s. 1998Lp Section 1998Lp. 101.9212 of the statutes is created to read:

AB133-ASA1,1053,13 101.9212 When department to issue a new certificate. (1) The department, upon receipt of a properly assigned certificate of title, with an application for a new certificate of title, the required fee and any other transfer documents required by law, to support the transfer, shall issue a new certificate of title in the name of the transferee as owner.

AB133-ASA1,1053,23 (2) The department, upon receipt of an application for a new certificate of title by a transferee other than by voluntary transfer, with proof of the transfer, the required fee and any other documents required by law, shall issue a new certificate of title in the name of the transferee as owner. If the transfer constituted a termination of the owner's interest or a sale under a security agreement by a secured party named in the certificate, under s. 101.9211 (2), the new certificate shall be issued free of the names and addresses of the secured party who terminated the owner's interest and of all secured parties subordinate under s. 101.9213 to such secured party. If the outstanding certificate of title is not delivered to it, the department shall make demand therefor from the holder of such certificate.

AB133-ASA1,1054,3 (3) The department shall retain for 5 years a record of every surrendered certificate of title, the record to be maintained so as to permit the tracing of title of the mobile home designated therein.

AB133-ASA1, s. 1998Lt Section 1998Lt. 101.9213 of the statutes is created to read:

AB133-ASA1,1054,9 101.9213 Perfection of security interests. (1) Unless excepted by s. 101.9202, a security interest in a mobile home of a type for which a certificate of title is required is not valid against creditors of the owner or subsequent transferees or secured parties of the mobile home unless perfected as provided in ss. 101.9202 to 101.9218.

AB133-ASA1,1054,17 (2) Except as provided in sub. (3), a security interest is perfected by the delivery to the department of the existing certificate of title, if any, an application for a certificate of title containing the name and address of the secured party, and the required fee. The security interest is perfected as of the time of its creation if such delivery is completed within 10 days after the time that the security interest is created, and without regard to the limitations expressed in s. 409.301 (2). If the delivery is not completed within 10 days after the time that the security interest is created, the security interest is perfected as of the time of such delivery.

AB133-ASA1,1054,21 (3) If a secured party whose name and address is contained on the certificate of title for a mobile home acquires a new or additional security interest in the mobile home, such security interest is perfected at the time of its attachment under s. 409.203.

AB133-ASA1,1054,23 (4) An unperfected security interest is subordinate to the rights of persons described in s. 409.301.

AB133-ASA1,1055,4 (5) The rules of priority stated in s. 409.312, and the other sections therein referred to, shall, to the extent appropriate, apply to conflicting security interests in a mobile home of a type for which a certificate of title is required, or in a previously certificated mobile home, as defined in s. 101.9222 (1). A security interest perfected under this section or under s. 101.9222 (4) or (5) is a security interest perfected otherwise than by filing for purposes of s. 409.312.

AB133-ASA1,1055,9 (6) The rules stated in ss. 409.501 to 409.507 governing the rights and duties of secured parties and debtors and the requirements for, and effect of, disposition of a mobile home by a secured party, upon default shall, to the extent appropriate, govern the rights of secured parties and owners with respect to security interests in mobile homes perfected under ss. 101.9202 to 101.9218.

AB133-ASA1,1055,12 (7) If a mobile home is subject to a security interest when brought into this state, s. 409.103 (1), (2) and (3) states the rules which apply to determine the validity and perfection of the security interest in this state.

AB133-ASA1,1055,18 (8) Upon request of a person who has perfected a security interest under this section, as shown by the records of the department, in a mobile home titled in this state, whenever the department receives information from another state that the mobile home is being titled in the other state and the information does not show that the security interest has been satisfied, the department shall notify the person. The person shall pay the department a $2 fee for each notification.

AB133-ASA1, s. 1998Lx Section 1998Lx. 101.9214 of the statutes is created to read:

AB133-ASA1,1055,22 101.9214 Duties on creation of security interest. If an owner creates a security interest in a mobile home, unless the name and address of the secured party already is contained on the certificate of title for the mobile home:

AB133-ASA1,1056,2 (1) The owner shall immediately execute, in the space provided therefor on the certificate of title or on a separate form or in an automated format prescribed by the department, an application to name the secured party on the certificate, showing the name and address of the secured party, and cause the certificate, application and the required fee to be delivered to the secured party.

AB133-ASA1,1056,4 (2) The secured party shall immediately cause the certificate, the application and the required fee to be mailed or delivered to the department.

AB133-ASA1,1056,11 (3) Upon receipt of the certificate of title, the application and the required fee, the department shall issue to the owner a new certificate containing the name and address of the new secured party. The department shall deliver to the new secured party and to the register of deeds of the county of the owner's residence memoranda, in such form as the department prescribes, evidencing the notation of the security interest upon the certificate; and thereafter, upon any assignment, termination or release of the security interest, additional memoranda evidencing such action.

AB133-ASA1,1056,15 (4) The registers of deeds may record, and maintain a file of, all memoranda received from the department under sub. (3). Such recording, however, is not required for perfection, release or assignment of security interests, which shall be effective upon compliance with ss. 101.9213 (2), 101.9215 and 101.9216 (1) and (2).

AB133-ASA1, s. 1998pc Section 1998pc. 101.9215 of the statutes is created to read:

AB133-ASA1,1056,23 101.9215 Assignment of security interest. (1) A secured party may assign, absolutely or otherwise, the party's security interest in the mobile home to a person other than the owner without affecting the interest of the owner or the validity of the security interest, but any person without notice of the assignment is protected in dealing with the secured party as the holder of the security interest and the secured party remains liable for any obligations as a secured party until the assignee is named as secured party on the certificate.

AB133-ASA1,1057,2 (2) The assignee may but need not, to perfect the assignment, have the certificate of title endorsed or issued with the assignee named as secured party, upon delivering to the department the certificate and an assignment by the secured party named in the certificate in the form that the department prescribes.

AB133-ASA1, s. 1998pg Section 1998pg. 101.9216 of the statutes is created to read:

AB133-ASA1,1057,14 101.9216 Release of security interest. (1) Within one month or within 10 days following written demand by the debtor after there is no outstanding obligation and no commitment to make advances, incur obligations or otherwise give value, secured by the security interest in a mobile home under any security agreement between the owner and the secured party, the secured party shall execute and deliver to the owner, as the department prescribes, a release of the security interest in the form and manner prescribed by the department and a notice to the owner stating in no less than 10-point boldface type the owner's obligation under sub. (2). If the secured party fails to execute and deliver the release and notice of the owner's obligation as required by this subsection, the secured party is liable to the owner for $25 and for any loss caused to the owner by the failure.

AB133-ASA1,1057,18 (2) The owner, other than a mobile home dealer holding the mobile home for resale, upon receipt of the release and notice of obligation shall promptly cause the certificate and release to be mailed or delivered to the department, which shall release the secured party's rights on the certificate and issue a new certificate.

AB133-ASA1,1057,22 (3) The department may remove information pertaining to a security interest perfected under s. 101.9213 from its records when 20 years after the original perfection has elapsed unless the security interest is renewed in the same manner as provided in s. 101.9213 (2) for perfection of a security interest.

AB133-ASA1,1057,25 (4) Removal of information pertaining to a security interest from the records of the department under sub. (3) does not affect any security agreement between the owner of a mobile home and the holder of security interest in the mobile home.