reglab/housing_qa huggingface dataset:
WI Stat § 409.105 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.105 - Control of electronic chattel paper.

409.105  Control of electronic chattel paper. (1m) General rule: control of electronic chattel paper. A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned. (2m)  Specific facts giving control. Without limiting the generality of sub. (1m), a system satisfies sub. (1m) if the record or records comprising the chattel paper are created, stored, and assigned in such a manner that:(a) A single authoritative copy of the record or records exists which is unique, identifiable, and, except as otherwise provided in pars. (d) to (f), unalterable;(b) The authoritative copy identifies the secured party as the assignee of the record or records;(c) The authoritative copy is communicated to and maintained by the secured party or its designated custodian;(d) Copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the secured party;(e) Each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and(f) Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.History:  2001 a. 10, 416; 2011 a. 206.
WI Stat § 409.106 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.106 - Control of investment property.

409.106  Control of investment property. (1) Control under s. 408.106. A person has control of a certificated security, uncertificated security, or security entitlement as provided in s. 408.106. (2)  Control of commodity contract. A secured party has control of a commodity contract if:(a) The secured party is the commodity intermediary with which the commodity contract is carried; or(b) The commodity customer, secured party, and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer. (3)  Effect of control of securities account or commodity account. A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account.History:  2001 a. 10.
WI Stat § 409.107 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.107 - Control of letter-of-credit right.

409.107  Control of letter-of-credit right. A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under ch. 405 or otherwise applicable law or practice.History:  2001 a. 10.
WI Stat § 409.108 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.108 - Sufficiency of description.

409.108  Sufficiency of description. (1) Sufficiency of description. Except as otherwise provided in subs. (3) to (5), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described. (2)  Examples of reasonable identification. Except as otherwise provided in sub. (4), a description of collateral reasonably identifies the collateral if it identifies the collateral by:(a) Specific listing;(b) Category;(c) Except as otherwise provided in sub. (5), a type of collateral defined in chs. 401 to 411;(d) Quantity;(e) Computational or allocational formula or procedure; or(f) Except as otherwise provided in sub. (3), any other method, if the identity of the collateral is objectively determinable. (3)  Supergeneric description not sufficient. A description of collateral as “all the debtor's assets" or “all the debtor's personal property" or using words of similar import does not reasonably identify the collateral. (4)  Investment property. Except as otherwise provided in sub. (5), a description of a security entitlement, securities account, or commodity account is sufficient if it describes:(a) The collateral by those terms or as investment property; or(b) The underlying financial asset or commodity contract. (5)  When description by type insufficient. A description only by type of collateral defined in chs. 401 to 411 is an insufficient description of:(a) A commercial tort claim; or(b) In a consumer transaction, consumer goods, a security entitlement, a securities account, or a commodity account.History:  2001 a. 10.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.NOTE:  The above annotated materials cite to the pre-2001 Wis. Act 10 version of ch. 409.
WI Stat § 409.110 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.110 - Security interests arising under ch. 402 or 411.

409.110  Security interests arising under ch. 402 or 411. A security interest arising under s. 402.401, 402.505, 402.711 (3), or 411.508 (5) is subject to this chapter. However, until the debtor obtains possession of the goods: (1) The security interest is enforceable, even if s. 409.203 (2) (c) has not been satisfied; (2) Filing is not required to perfect the security interest; (3) The rights of the secured party after default by the debtor are governed by ch. 402 or 411; and (4) The security interest has priority over a conflicting security interest created by the debtor.History:  2001 a. 10.
WI Stat § 409.201 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.201 - General effectiveness of security agreement.

409.201  General effectiveness of security agreement. (1) General effectiveness. Except as otherwise provided in chs. 401 to 411, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors. (2)  Applicable consumer laws and other law. A transaction subject to this chapter is subject to any applicable rule of law which establishes a different rule for consumers and to chs. 138, 421 to 427, and 429 and s. 182.025. (3)  Other applicable law controls. In case of conflict between this chapter and a rule of law, statute, or rule described in sub. (2), the rule of law, statute, or rule controls. Failure to comply with a statute or rule described in sub. (2) has only the effect the statute or rule specifies. (4)  Further deference to other applicable law. This chapter does not:(a) Validate any rate, charge, agreement, or practice that violates a rule of law, statute, or rule described in sub. (2); or (b) Extend the application of the rule of law, statute, or rule to a transaction not otherwise subject to the rule of law, statute, or rule.History:  2001 a. 10.
WI Stat § 409.202 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.202 - Title to collateral immaterial.

409.202  Title to collateral immaterial. Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this chapter with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor.History:  2001 a. 10.A person with a voidable title in property, having the power to pass title to a good faith purchaser under s. 402.403, may transfer a security interest in that property. Return of Property in State v. Pippin, 176 Wis. 2d 418, 500 N.W.2d 407 (Ct. App. 1993).NOTE:  The above annotated materials cite to the pre-2001 Wis. Act 10 version of s. 409.202.
WI Stat § 409.204 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.204 - After-acquired property; future advances.

409.204  After-acquired property; future advances. (1) After-acquired collateral. Except as otherwise provided in sub. (2), a security agreement may create or provide for a security interest in after-acquired collateral. (2)  When after-acquired property clause not effective. A security interest does not attach under a term constituting an after-acquired property clause to:(a) Consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within 10 days after the secured party gives value; or(b) A commercial tort claim. (3)  Future advances and other value. A security agreement may provide that collateral secures, or that accounts, chattel paper, payment intangibles, or promissory notes are sold in connection with, future advances or other value, whether or not the advances or value are given pursuant to commitment.History:  2001 a. 10.A security agreement covering money lent “and all other obligations and liabilities" will not extend to obligations arising out of contract violations unless they were clearly within the intent of the parties. John Miller Supply Co. v. Western State Bank, 55 Wis. 2d 385, 199 N.W.2d 161 (1972).Priorities of “future advances" under previously perfected security interests and article 9 of the U.C.C. 58 MLR 759.Security interests in after-acquired property under the uniform commercial code. Skilton, 1974 WLR 925.NOTE:  The above annotated materials cite to the pre-2001 Wis. Act 10 version of s. 409.204.
WI Stat § 409.205 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.205 - Use or disposition of collateral permissible.

409.205  Use or disposition of collateral permissible. (1) When security interest not invalid or fraudulent. A security interest is not invalid or fraudulent against creditors solely because:(a) The debtor has the right or ability to:1. Use, commingle, or dispose of all or part of the collateral, including returned or repossessed goods;2. Collect, compromise, enforce, or otherwise deal with collateral;3. Accept the return of collateral or make repossessions; or4. Use, commingle, or dispose of proceeds; or(b) The secured party fails to require the debtor to account for proceeds or replace collateral. (2)  Requirements of possession not relaxed. This section does not relax the requirements of possession if attachment, perfection, or enforcement of a security interest depends upon possession of the collateral by the secured party.History:  2001 a. 10.Under this section the debtor is freed from strict accountability to the secured creditor for the property secured, and the validity of a secured interest in after-acquired property is specifically recognized. When a creditor has a security interest in the debtor's after-acquired property the debtor is able to commingle his property and use it to his or her best interest. The acquiescence of the secured creditor under an after-acquired clause by the debtor does not invalidate the security interest of the creditor. Burlington National Bank v. Strauss, 50 Wis. 2d 270, 184 N.W.2d 122 (1971).NOTE:  The above annotated materials cite to the pre-2001 Wis. Act 10 version of s. 409.205.
WI Stat § 409.206 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.206 - Security interest arising in purchase or delivery of financial asset.

409.206  Security interest arising in purchase or delivery of financial asset. (1) Security interest when person buys through securities intermediary. A security interest in favor of a securities intermediary attaches to a person's security entitlement if:(a) The person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; and(b) The securities intermediary credits the financial asset to the buyer's securities account before the buyer pays the securities intermediary. (2)  Security interest secures obligation to pay for financial asset. The security interest described in sub. (1) secures the person's obligation to pay for the financial asset. (3)  Security interest in payment against delivery transaction. A security interest in favor of a person that delivers a certificated security or other financial asset represented by a writing attaches to the security or other financial asset if:(a) The security or other financial asset:1. In the ordinary course of business is transferred by delivery with any necessary endorsement or assignment; and2. Is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and(b) The agreement calls for delivery against payment. (4)  Security interest secures obligation to pay for delivery. The security interest described in sub. (3) secures the obligation to make payment for the delivery.History:  2001 a. 10.
WI Stat § 409.209 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.209 - Duties of secured party if account debtor has been notified of assignment.

409.209  Duties of secured party if account debtor has been notified of assignment. (1) Applicability of section. Except as otherwise provided in sub. (3), this section applies if:(a) There is no outstanding secured obligation; and(b) The secured party is not committed to make advances, incur obligations, or otherwise give value. (2)  Duties of secured party after receiving demand from debtor. Within 10 days after receiving an authenticated demand by the debtor, a secured party shall send to an account debtor that has received notification of an assignment to the secured party as assignee under s. 409.406 (1) an authenticated record that releases the account debtor from any further obligation to the secured party. (3)  Inapplicability to sales. This section does not apply to an assignment constituting the sale of an account, chattel paper, or payment intangible.History:  2001 a. 10.
WI Stat § 409.301 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.301 - Law governing perfection and priority of security interests.

409.301  Law governing perfection and priority of security interests. Except as otherwise provided in ss. 409.303 to 409.306, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral: (1)  Location of debtor. Except as otherwise provided in this section, while a debtor is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral. (2)  Location of collateral. While collateral is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a possessory security interest in that collateral. (3)  Location of property. Except as otherwise provided in sub. (4), while tangible negotiable documents, goods, instruments, money, or tangible chattel paper is located in a jurisdiction, the local law of that jurisdiction governs:(a) Perfection of a security interest in the goods by filing a fixture filing;(b) Perfection of a security interest in timber to be cut; and(c) The effect of perfection or nonperfection and the priority of a nonpossessory security interest in the collateral. (4)  Location of wellhead or minehead. The local law of the jurisdiction in which the wellhead or minehead is located governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in as-extracted collateral.History:  2001 a. 10; 2009 a. 322.
WI Stat § 409.302 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.302 - Law governing perfection and priority of agricultural liens.

409.302  Law governing perfection and priority of agricultural liens. While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of an agricultural lien on the farm products.History:  2001 a. 10.
WI Stat § 409.303 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.303 - Law governing perfection and priority of security interests in goods covered by a certificate of title.

409.303  Law governing perfection and priority of security interests in goods covered by a certificate of title. (1) Applicability of section. This section applies to goods covered by a certificate of title, even if there is no other relationship between the jurisdiction under whose certificate of title the goods are covered and the goods or the debtor. (2)  When goods covered by certificate of title. Goods become covered by a certificate of title when a valid application for the certificate of title and the applicable fee are delivered to the appropriate authority. Goods cease to be covered by a certificate of title at the earlier of the time the certificate of title ceases to be effective under the law of the issuing jurisdiction or the time the goods become covered subsequently by a certificate of title issued by another jurisdiction. (3)  Applicable law. The local law of the jurisdiction under whose certificate of title the goods are covered governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in goods covered by a certificate of title from the time the goods become covered by the certificate of title until the goods cease to be covered by the certificate of title.History:  2001 a. 10.
WI Stat § 409.304 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.304 - Law governing perfection and priority of security interests in deposit accounts.

409.304  Law governing perfection and priority of security interests in deposit accounts. (1) Law of bank's jurisdiction governs. The local law of a bank's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a deposit account maintained with that bank. (2)  Bank's jurisdiction. The following rules determine a bank's jurisdiction for purposes of this subchapter: (a) If an agreement between the bank and the debtor governing the deposit account expressly provides that a particular jurisdiction is the bank's jurisdiction for purposes of this subchapter, this chapter, or chs. 401 to 411, that jurisdiction is the bank's jurisdiction.(b) If par. (a) does not apply and an agreement between the bank and its customer governing the deposit account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the bank's jurisdiction.(c) If neither par. (a) nor par. (b) applies and an agreement between the bank and its customer governing the deposit account expressly provides that the deposit account is maintained at an office in a particular jurisdiction, that jurisdiction is the bank's jurisdiction.(d) If none of pars. (a) to (c) applies, the bank's jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the customer's account is located.(e) If none of pars. (a) to (d) applies, the bank's jurisdiction is the jurisdiction in which the chief executive office of the bank is located.History:  2001 a. 10.
WI Stat § 409.306 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.306 - Law governing perfection and priority of security interests in letter-of-credit rights.

409.306  Law governing perfection and priority of security interests in letter-of-credit rights. (1) Governing law: issuer's or nominated person's jurisdiction. Subject to sub. (3), the local law of the issuer's jurisdiction or a nominated person's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a letter-of-credit right if the issuer's jurisdiction or nominated person's jurisdiction is a state. (2)  Issuer's or nominated person's jurisdiction. For purposes of this subchapter, an issuer's jurisdiction or nominated person's jurisdiction is the jurisdiction whose law governs the liability of the issuer or nominated person with respect to the letter-of-credit right as provided in ch. 405. (3)  When section not applicable. This section does not apply to a security interest that is perfected only under s. 409.308 (4).History:  2001 a. 10.
WI Stat § 409.308 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.308 - When security interest or agricultural lien is perfected; continuity of perfection.

409.308  When security interest or agricultural lien is perfected; continuity of perfection. (1) Perfection of security interest. Except as otherwise provided in this section and s. 409.309, a security interest is perfected if it has attached and all of the applicable requirements for perfection in ss. 409.310 to 409.316 have been satisfied. A security interest is perfected when it attaches if the applicable requirements are satisfied before the security interest attaches. (2)  Perfection of agricultural lien. An agricultural lien is perfected if it has become effective and all of the applicable requirements for perfection in s. 409.310 have been satisfied. An agricultural lien is perfected when it becomes effective if the applicable requirements are satisfied before the agricultural lien becomes effective. (3)  Continuous perfection; perfection by different methods. A security interest or agricultural lien is perfected continuously if it is originally perfected by one method under this chapter and is later perfected by another method under this chapter, without an intermediate period when it was unperfected. (4)  Supporting obligation. Perfection of a security interest in collateral also perfects a security interest in a supporting obligation for the collateral. (5)  Lien securing right to payment. Perfection of a security interest in a right to payment or performance also perfects a security interest in a security interest, mortgage, or other lien on personal or real property securing the right. (6)  Security entitlement carried in securities account. Perfection of a security interest in a securities account also perfects a security interest in the security entitlements carried in the securities account. (7)  Commodity contract carried in commodity account. Perfection of a security interest in a commodity account also perfects a security interest in the commodity contracts carried in the commodity account.History:  2001 a. 10.