reglab/housing_qa huggingface dataset:
WI Stat § 409.602 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.602 - Waiver and variance of rights and duties.

409.602  Waiver and variance of rights and duties. Except as otherwise provided in s. 409.624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections: (1) Section 409.207 (2) (d) 3., which deals with use and operation of the collateral by the secured party; (2) Section 409.210, which deals with requests for an accounting and requests concerning a list of collateral and statement of account; (3) Section 409.607 (3), which deals with collection and enforcement of collateral; (4) Sections 409.608 (1) and 409.615 (3) to the extent that they deal with application or payment of noncash proceeds of collection, enforcement, or disposition; (5) Sections 409.608 (1) and 409.615 (4) to the extent that they require accounting for or payment of surplus proceeds of collateral; (6) Section 409.609 to the extent that it imposes upon a secured party that takes possession of collateral without judicial process the duty to do so without breach of the peace; (7) Sections 409.610 (2), 409.611, 409.613, and 409.614, which deal with disposition of collateral; (8) Section 409.615 (6), which deals with calculation of a deficiency or surplus when a disposition is made to the secured party, a person related to the secured party, or a secondary obligor; (9) Section 409.616, which deals with explanation of the calculation of a surplus or deficiency; (10) Sections 409.620, 409.621, and 409.622, which deal with acceptance of collateral in satisfaction of obligation; (11) Section 409.623, which deals with redemption of collateral; (12) Section 409.624, which deals with permissible waivers; and (13) Sections 409.625 and 409.626, which deal with the secured party's liability for failure to comply with this chapter.History:  2001 a. 10.The plain language of s. 401.102 (3) states, first, an exception that parties may vary the effect of U.C.C. provisions by agreement and, second, an exception to the 1st exception that chs. 401 to 411 include provisions that certain rights may not be waived by contract. The subsections in this section are an exception to the exception defined in s. 401.102 (3), so the parties must abide by them. Kraenzler v. Brace, 2009 WI App 131, 321 Wis. 2d 265, 773 N.W.2d 481, 08-1709.
WI Stat § 409.603 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.603 - Agreement on standards concerning rights and duties.

409.603  Agreement on standards concerning rights and duties. (1) Agreed standards. The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in s. 409.602 if the standards are not manifestly unreasonable. (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.History:  2001 a. 10.
WI Stat § 409.604 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.604 - Procedure if security agreement covers real property or fixtures.

409.604  Procedure if security agreement covers real property or fixtures. (1) Enforcement: personal and real property. If a security agreement covers both personal and real property, a secured party may proceed:(a) Under this subchapter as to the personal property without prejudicing any rights with respect to the real property; or(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. (2)  Enforcement: fixtures. Subject to sub. (3), if a security agreement covers goods that are or become fixtures, a secured party may proceed:(a) Under this subchapter; or(b) In accordance with the rights with respect to real property, in which case the other provisions of this subchapter do not apply. (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. (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.History:  2001 a. 10.
WI Stat § 409.605 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.605 - Unknown debtor or secondary obligor.

409.605  Unknown debtor or secondary obligor. A secured party does not owe a duty based on its status as secured party: (1) To a person that is a debtor or obligor, unless the secured party knows:(a) That the person is a debtor or obligor;(b) The identity of the person; and(c) How to communicate with the person; or (2) To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:(a) That the person is a debtor; and(b) The identity of the person.History:  2001 a. 10.
WI Stat § 409.606 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.606 - Time of default for agricultural lien.

409.606  Time 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.History:  2001 a. 10.
WI Stat § 409.607 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.607 - Collection and enforcement by secured party.

409.607  Collection and enforcement by secured party. (1) Collection and enforcement generally. If so agreed, and in any event after default, a secured party:(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;(b) May take any proceeds to which the secured party is entitled under s. 409.315;(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;(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(e) If it holds a security interest in a deposit account perfected by control under s. 409.104 (1) (b) or (c), may instruct the bank to pay the balance of the deposit account to or for the benefit of the secured party. (2)  Nonjudicial enforcement of mortgage. If necessary to enable a secured party to exercise under sub. (1) (c) the right of a debtor to enforce a mortgage nonjudicially, the secured party may record in the office in which a record of the mortgage is recorded:(a) A copy of the security agreement that creates or provides for a security interest in the obligation secured by the mortgage; and(b) The secured party's sworn affidavit in recordable form stating that:1. A default has occurred with respect to the obligation secured by the mortgage; and2. The secured party is entitled to enforce the mortgage nonjudicially. (3)  Commercially reasonable collection and enforcement. A secured party shall proceed in a commercially reasonable manner if the secured party:(a) Undertakes to collect from or enforce an obligation of an account debtor or other person obligated on collateral; and(b) Is entitled to charge back uncollected collateral or otherwise to full or limited recourse against the debtor or a secondary obligor. (4)  Expenses of collection and enforcement. A secured party may deduct from the collections made pursuant to sub. (3) reasonable expenses of collection and enforcement, including reasonable attorney fees and legal expenses incurred by the secured party. (5)  Duties to secured party not affected. This section does not determine whether an account debtor, bank, or other person obligated on collateral owes a duty to a secured party.History:  2001 a. 10; 2011 a. 206.
WI Stat § 409.608 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.608 - Application of proceeds of collection or enforcement; liability for deficiency and right to surplus.

409.608  Application of proceeds of collection or enforcement; liability for deficiency and right to surplus. (1) Application of proceeds, surplus, and deficiency if obligation secured. If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply:(a) A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under s. 409.607 in the following order to:1. The reasonable expenses of collection and enforcement and, to the extent provided for by agreement and not prohibited by law, reasonable attorney fees and legal expenses incurred by the secured party;2. The satisfaction of obligations secured by the security interest or agricultural lien under which the collection or enforcement is made; and3. The satisfaction of obligations secured by any subordinate security interest in or other lien on the collateral subject to the security interest or agricultural lien under which the collection or enforcement is made if the secured party receives an authenticated demand for proceeds before distribution of the proceeds is completed.(b) If requested by a secured party, a holder of a subordinate security interest or other lien shall furnish reasonable proof of the interest or lien within a reasonable time. Unless the holder complies, the secured party need not comply with the holder's demand under par. (a) 3.(c) A secured party need not apply or pay over for application noncash proceeds of collection and enforcement under s. 409.607 unless the failure to do so would be commercially unreasonable. A secured party that applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner.(d) A secured party shall account to and pay a debtor for any surplus, and the obligor is liable for any deficiency. (2)  No surplus or deficiency in sales of certain rights to payment. If the underlying transaction is a sale of accounts, chattel paper, payment intangibles, or promissory notes, the debtor is not entitled to any surplus, and the obligor is not liable for any deficiency.History:  2001 a. 10.Attorney fees under [former] sub. (1) (a) relates to attorney fees incurred in liquidating collateral, not in a suit on a promissory note. Kohlenberg v. American Plumbing Supply Co. 82 Wis. 2d 384, 263 N.W.2d 496 (1974).NOTE:  The above annotated materials cite to the pre-2001 Wis. Act 10 version of ch. 409.
WI Stat § 409.609 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.609 - Secured party's right to take possession after default.

409.609  Secured party's right to take possession after default. (1) Possession; rendering equipment unusable; disposition on debtor's premises. After default, a secured party:(a) May take possession of the collateral; and(b) Without removal, may render equipment unusable and dispose of collateral on a debtor's premises under s. 409.610. (2)  Judicial and nonjudicial process. A secured party may proceed under sub. (1):(a) Pursuant to judicial process; or(b) Without judicial process, if it proceeds without breach of the peace. (3)  Assembly of collateral. If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties.History:  2001 a. 10.
WI Stat § 409.610 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.610 - Disposition of collateral after default.

409.610  Disposition of collateral after default. (1) Disposition after default. After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing. (2)  Commercially reasonable disposition. Every aspect of a disposition of collateral, including the method, manner, time, place, and other terms, must be commercially reasonable. If commercially reasonable, a secured party may dispose of collateral by public or private proceedings, by one or more contracts, as a unit or in parcels, and at any time and place and on any terms. (3)  Purchase by secured party. A secured party may purchase collateral:(a) At a public disposition; or(b) At a private disposition only if the collateral is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations. (4)  Warranties on disposition. A contract for sale, lease, license, or other disposition includes the warranties relating to title, possession, quiet enjoyment, and the like which by operation of law accompany a voluntary disposition of property of the kind subject to the contract. (5)  Disclaimer of warranties. A secured party may disclaim or modify warranties under sub. (4):(a) In a manner that would be effective to disclaim or modify the warranties in a voluntary disposition of property of the kind subject to the contract of disposition; or(b) By communicating to the purchaser a record evidencing the contract for disposition and including an express disclaimer or modification of the warranties. (6)  Record sufficient to disclaim warranties. A record is sufficient to disclaim warranties under sub. (5) if it indicates “There is no warranty relating to title, possession, quiet enjoyment, or the like in this disposition" or uses words of similar import.History:  2001 a. 10.The burden of proving that a private sale was commercially reasonable is on the seller. Proof that the sale was made at the wholesale price does not establish reasonableness. Vic Hansen & Sons, Inc. v. Crowley, 57 Wis. 2d 106, 203 N.W.2d 728 (1973).The primary focus of commercial reasonableness is not the proceeds from a sale, but procedures employed for the sale. Appleton State Bank v. Van Dyke Ford, Inc. 90 Wis. 2d 200, 279 N.W.2d 443 (1979).The conduct of a debtor may be taken into account in determining the commercial reasonableness of a sale. First National Bank of Kenosha v. Hinrichs, 90 Wis. 2d 214, 279 N.W.2d 449 (1979).A secured creditor can retain a debtor's collateral while seeking an independent action for a money judgment. Dorman v. Morris, 185 Wis. 2d 845, 519 N.W.2d 685 (Ct. App. 1994).NOTE:  The above annotated materials cite to the pre-2001 Wis. Act 10 version of ch. 409.
WI Stat § 409.611 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.611 - Notification before disposition of collateral.

409.611  Notification before disposition of collateral. (1) Notification date. In this section, “notification date" means the earlier of the date on which:(a) A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or(b) The debtor and any secondary obligor waive the right to notification. (2)  Notification of disposition required. Except as otherwise provided in sub. (4), a secured party that disposes of collateral under s. 409.610 shall send to the persons specified in sub. (3) a reasonable, authenticated notification of disposition. (3)  Persons to be notified. To comply with sub. (2), the secured party shall send an authenticated notification of disposition to:(a) The debtor;(b) Any secondary obligor; and(c) If the collateral is other than consumer goods:1. Any other person from which the secured party has received, before the notification date, an authenticated notification of a claim of an interest in the collateral;2. Any other secured party or lienholder that, 10 days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:a. Identified the collateral;b. Was indexed under the debtor's name as of that date; andc. Was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and3. Any other secured party that, 10 days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in s. 409.311 (1). (4)  Subsection (2) inapplicable: perishable collateral; recognized market. Subsection (2) does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market. (5)  Compliance with sub. (3) (c) 2. A secured party complies with the requirement for notification prescribed by sub. (3) (c) 2. if:(a) Not later than 20 days or earlier than 30 days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor's name in the office indicated in sub. (3) (c) 2.; and(b) Before the notification date, the secured party:1. Did not receive a response to the request for information; or2. Received a response to the request for information and sent an authenticated notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral.History:  2001 a. 10.
WI Stat § 409.612 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.612 - Timeliness of notification before disposition of collateral.

409.612  Timeliness of notification before disposition of collateral. (1) Reasonable time is question of fact. Except as otherwise provided in sub. (2), whether a notification is sent within a reasonable time is a question of fact. (2)  Ten-day period sufficient in nonconsumer transaction. In a transaction other than a consumer transaction, a notification of disposition sent after default and 10 days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition.History:  2001 a. 10.
WI Stat § 409.613 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.613 - Contents and form of notification before disposition of collateral: general.

409.613  Contents and form of notification before disposition of collateral: general. Except in a consumer-goods transaction, the following rules apply: (1)  Notification: when sufficient. The contents of a notification of disposition are sufficient if the notification:(a) Describes the debtor and the secured party;(b) Describes the collateral that is the subject of the intended disposition;(c) States the method of intended disposition;(d) States that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and(e) States the time and place of a public disposition or the time after which any other disposition is to be made. (2)  Notification: question of fact. Whether the contents of a notification that lacks any of the information specified in sub. (1) are nevertheless sufficient is a question of fact. (3)  Notification: other information or minor errors. The contents of a notification providing substantially the information specified in sub. (1) are sufficient, even if the notification includes:(a) Information not specified by sub. (1); or(b) Minor errors that are not seriously misleading. (4)  Substantial compliance. A particular phrasing of the notification is not required. (5)  Notification: form sufficient. The following form of notification and the form appearing in s. 409.614 (3), when completed, each provide sufficient information:NOTIFICATION OF DISPOSITION OF COLLATERAL To: .... [Name of debtor, obligor, or other person to which the notification is sent]From: .... [Name, address, and telephone number of secured party]Name of Debtor(s): .... [Include only if debtor(s) are not an addressee][For a public disposition]:We will sell [or lease or license, as applicable] the .... [describe collateral] [to the highest qualified bidder] in public as follows:Day and Date: ....Time: ....Place: ....[For a private disposition]:We will sell [or lease or license, as applicable] the .... [describe collateral] privately sometime after .... [day and date].You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell [or lease or license, as applicable] [for a charge of $ .... ]. You may request an accounting by calling us at .... [telephone number].History:  2001 a. 10.
WI Stat § 409.617 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.617 - Rights of transferee of collateral.

409.617  Rights of transferee of collateral. (1) Effects of disposition. A secured party's disposition of collateral after default:(a) Transfers to a transferee for value all of the debtor's rights in the collateral;(b) Discharges the security interest under which the disposition is made; and(c) Discharges any subordinate security interest or other subordinate lien.  (2)  Rights of good-faith transferee. A transferee that acts in good faith takes free of the rights and interests described in sub. (1), even if the secured party fails to comply with this chapter or the requirements of any judicial proceeding. (3)  Rights of other transferee. If a transferee does not take free of the rights and interests described in sub. (1), the transferee takes the collateral subject to:(a) The debtor's rights in the collateral;(b) The security interest or agricultural lien under which the disposition is made; and(c) Any other security interest or other lien.History:  2001 a. 10; 2003 a. 63.
WI Stat § 409.618 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.618 - Rights and duties of certain secondary obligors.

409.618  Rights and duties of certain secondary obligors. (1) Rights and duties of secondary obligor. A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:(a) Receives an assignment of a secured obligation from the secured party;(b) Receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or(c) Is subrogated to the rights of a secured party with respect to collateral. (2)  Effect of assignment, transfer, or subrogation. An assignment, transfer, or subrogation described in sub. (1):(a) Is not a disposition of collateral under s. 409.610; and (b) Relieves the secured party of further duties under this chapter.History:  2001 a. 10.