reglab/housing_qa huggingface dataset:
WI Stat § 409.619 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.619 - Transfer of record or legal title.

409.619  Transfer of record or legal title. (1) Transfer statement. In this section, “transfer statement" means a record authenticated by a secured party stating:(a) That the debtor has defaulted in connection with an obligation secured by specified collateral;(b) That the secured party has exercised its postdefault remedies with respect to the collateral;(c) That, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and(d) The name and mailing address of the secured party, debtor, and transferee. (2)  Effect of transfer statement. A transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the collateral specified in the statement in any official filing, recording, registration, or certificate-of-title system covering the collateral. If a transfer statement is presented with the applicable fee and request form to the official or office responsible for maintaining the system, the official or office shall:(a) Accept the transfer statement;(b) Promptly amend its records to reflect the transfer; and(c) If applicable, issue a new appropriate certificate of title in the name of the transferee. (3)  Transfer not a disposition; no relief of secured party's duties. A transfer of the record or legal title to collateral to a secured party under sub. (2) or otherwise is not of itself a disposition of collateral under this chapter and does not of itself relieve the secured party of its duties under this chapter.History:  2001 a. 10.
WI Stat § 409.621 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.621 - Notification of proposal to accept collateral.

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:(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;(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:1. Identified the collateral;2. Was indexed under the debtor's name as of that date; and3. 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(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). (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).History:  2001 a. 10.
WI Stat § 409.622 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.622 - Effect of acceptance of collateral.

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:(a) Discharges the obligation to the extent consented to by the debtor;(b) Transfers to the secured party all of a debtor's rights in the collateral;(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(d) Terminates any other subordinate interest. (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.History:  2001 a. 10.
WI Stat § 409.623 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.623 - Right to redeem collateral.

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. (2)  Requirements for redemption. To redeem collateral, a person shall tender:(a) Fulfillment of all obligations secured by the collateral; and(b) The reasonable expenses and attorney fees described in s. 409.615 (1) (a). (3)  When redemption may occur. A redemption may occur at any time before a secured party:(a) Has collected collateral under s. 409.607;(b) Has disposed of collateral or entered into a contract for its disposition under s. 409.610; or(c) Has accepted collateral in full or partial satisfaction of the obligation it secures under s. 409.622.History:  2001 a. 10.
WI Stat § 409.624 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.624 - Waiver.

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. (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. (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.History:  2001 a. 10.
WI Stat § 409.625 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.625 - Remedies for secured party's failure to comply with chapter.

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. (2)  Damages for noncompliance. Subject to subs. (3) and (4), 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. (3)  Persons entitled to recover damages; statutory damages if collateral is consumer goods. Except as otherwise provided in s. 409.628:(a) A person that, at the time of the failure, was a debtor, was an obligor, or held a security interest in or other lien on the collateral may recover damages under sub. (2) for its loss; and(b) If the collateral is consumer goods, a person that was a debtor or a secondary obligor at the time a secured party failed to comply with this subchapter may recover for that failure in any event an amount not less than the credit service charge plus 10 percent of the principal amount of the obligation or the time-price differential plus 10 percent of the cash price. (4)  Recovery when deficiency eliminated or reduced. A debtor whose deficiency is eliminated under s. 409.626 may recover damages for the loss of any surplus. However, a debtor or secondary obligor whose deficiency is eliminated or reduced under s. 409.626 may not otherwise recover under sub. (2) for noncompliance with the provisions of this subchapter relating to collection, enforcement, disposition, or acceptance. (7)  Limitation of security interest: noncompliance with s. 409.210. If a secured party fails to comply with a request regarding a list of collateral or a statement of account under s. 409.210, the secured party may claim a security interest only as shown in the list or statement included in the request as against a person that is reasonably misled by the failure.History:  2001 a. 10; 2011 a. 206.
WI Stat § 409.626 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.626 - Action in which deficiency or surplus is in issue.

409.626  Action in which deficiency or surplus is in issue. (1) Applicable rules if amount of deficiency or surplus in issue. In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply:(a) A secured party need not prove compliance with the provisions of this subchapter relating to collection, enforcement, disposition, or acceptance unless the debtor or a secondary obligor places the secured party's compliance in issue.(b) If the secured party's compliance is placed in issue, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with this subchapter.(c) Except as otherwise provided in s. 409.628, if a secured party fails to prove that the collection, enforcement, disposition, or acceptance was conducted in accordance with the provisions of this subchapter relating to collection, enforcement, disposition, or acceptance, the liability of a debtor or a secondary obligor for a deficiency is limited to an amount by which the sum of the secured obligation, expenses, and attorney fees exceeds the greater of:1. The proceeds of the collection, enforcement, disposition, or acceptance; or2. The amount of proceeds that would have been realized had the noncomplying secured party proceeded in accordance with the provisions of this subchapter relating to collection, enforcement, disposition, or acceptance.(d) For purposes of par. (c) 2., the amount of proceeds that would have been realized is equal to the sum of the secured obligation, expenses, and attorney fees unless the secured party proves that the amount is less than that sum.(e) If a deficiency or surplus is calculated under s. 409.615 (6), the debtor or obligor has the burden of establishing that the amount of proceeds of the disposition is significantly below the range of prices that a complying disposition to a person other than the secured party, a person related to the secured party, or a secondary obligor would have brought. (2)  Nonconsumer transactions; no inference. The limitation of the rules in sub. (1) to transactions other than consumer transactions is intended to leave to the court the determination of the proper rules in consumer transactions. The court may not infer from that limitation the nature of the proper rule in consumer transactions and may continue to apply established approaches.History:  2001 a. 10.
WI Stat § 409.627 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.627 - Determination of whether conduct was commercially reasonable.

409.627  Determination of whether conduct was commercially reasonable. (1) Greater amount obtainable under other circumstances; no preclusion of commercial reasonableness. The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition, or acceptance was made in a commercially reasonable manner. (2)  Dispositions that are commercially reasonable. A disposition of collateral is made in a commercially reasonable manner if the disposition is made:(a) In the usual manner on any recognized market;(b) At the price current in any recognized market at the time of the disposition; or(c) Otherwise in conformity with reasonable commercial practices among dealers in the type of property that was the subject of the disposition. (3)  Approval by court or on behalf of creditors. A collection, enforcement, disposition, or acceptance is commercially reasonable if it has been approved:(a) In a judicial proceeding;(b) By a bona fide creditors' committee;(c) By a representative of creditors; or(d) By an assignee for the benefit of creditors. (4)  Approval under sub. (3) not necessary; absence of approval has no effect. Approval under sub. (3) need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition, or acceptance is not commercially reasonable.History:  2001 a. 10.
WI Stat § 409.628 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.628 - Nonliability and limitation on liability of secured party; liability of secondary obligor.

409.628  Nonliability and limitation on liability of secured party; liability of secondary obligor. (1) Limitation of liability of secured party for noncompliance with chapter. Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person:(a) The secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with this chapter; and(b) The secured party's failure to comply with this chapter does not affect the liability of the person for a deficiency. (2)  Limitation of liability based on status as secured party. A secured party is not liable because of its status as secured party:(a) To a person that is a debtor or obligor, unless the secured party knows:1. That the person is a debtor or obligor;2. The identity of the person; and3. How to communicate with the person; or(b) To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:1. That the person is a debtor; and2. The identity of the person. (3)  Limitation of liability if reasonable belief that transaction not a consumer-goods transaction or consumer transaction. A secured party is not liable to any person, and a person's liability for a deficiency is not affected, because of any act or omission arising out of the secured party's reasonable belief that a transaction is not a consumer-goods transaction or a consumer transaction or that goods are not consumer goods, if the secured party's belief is based on its reasonable reliance on:(a) A debtor's representation concerning the purpose for which collateral was to be used, acquired, or held; or(b) An obligor's representation concerning the purpose for which a secured obligation was incurred. (4)  Limitation of liability for statutory damages. A secured party is not liable to any person under s. 409.625 (3) (b) for its failure to comply with s. 409.616. (5)  Limitation of multiple liability for statutory damages. A secured party is not liable under s. 409.625 (3) (b) more than once with respect to any one secured obligation.History:  2001 a. 10.
WI Stat § 409.702 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.702 - Savings clause.

409.702  Savings clause. (1) Preeffective-date transactions or liens. Except as otherwise provided in this subchapter, 2001 Wisconsin Act 10 applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before July 1, 2001. (2)  Continuing validity. Except as otherwise provided in sub. (3) and ss. 409.703 to 409.709:(a) Transactions and liens that were not governed by ch. 409, 1999 stats., were validly entered into or created before July 1, 2001, and would be subject to 2001 Wisconsin Act 10 if they had been entered into or created on or after July 1, 2001, and the rights, duties, and interests flowing from those transactions and liens remain valid on and after July 1, 2001; and(b) The transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by 2001 Wisconsin Act 10 or by the law that otherwise would apply if this paragraph had not taken effect. (3)  Preeffective-date proceedings. 2001 Wisconsin Act 10 does not affect an action, case, or proceeding commenced before July 1, 2001.History:  2001 a. 10.
WI Stat § 409.703 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.703 - Security interest perfected before effective date.

409.703  Security interest perfected before effective date. (1) Continuing priority over lien creditor: perfection requirements satisfied. A security interest that is enforceable immediately before July 1, 2001, and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under 2001 Wisconsin Act 10 if, on July 1, 2001, the applicable requirements for enforceability and perfection under 2001 Wisconsin Act 10 are satisfied without further action. (2)  Continuing priority over lien creditor: perfection requirements not satisfied. Except as otherwise provided in s. 409.705, if, immediately before July 1, 2001, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under 2001 Wisconsin Act 10 are not satisfied as of July 1, 2001, the security interest: (a) Is a perfected security interest until one year after July 1, 2001;(b) Remains enforceable on and after one year after July 1, 2001, only if the security interest becomes enforceable under s. 409.203 before one year after July 1, 2001; and(c) Remains perfected on and after one year after July 1, 2001, only if the applicable requirements for perfection under 2001 Wisconsin Act 10 are satisfied before one year after July 1, 2001.History:  2001 a. 10.
WI Stat § 409.704 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.704 - Security interest unperfected before effective date.

409.704  Security interest unperfected before effective date. A security interest that is enforceable immediately before July 1, 2001, but which would be subordinate to the rights of a person that becomes a lien creditor at that time: (1) Remains an enforceable security interest for one year after July 1, 2001; (2) Remains enforceable on and after one year after July 1, 2001, if the security interest becomes enforceable under s. 409.203 on July 1, 2001, or within one year thereafter; and (3) Becomes perfected:(a) Without further action, on July 1, 2001, if the applicable requirements for perfection under 2001 Wisconsin Act 10 are satisfied before or at that time; or(b) When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.History:  2001 a. 10, 104.
WI Stat § 409.706 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.706 - When initial financing statement suffices to continue effectiveness of financing statement.

409.706  When initial financing statement suffices to continue effectiveness of financing statement. (1) Initial financing statement in lieu of continuation statement. The filing of an initial financing statement in the office specified in s. 409.501 continues the effectiveness of a financing statement filed before July 1, 2001, if:(a) The filing of an initial financing statement in that office would be effective to perfect a security interest under 2001 Wisconsin Act 10;(b) The preeffective-date financing statement was filed in an office in another state or another office in this state; and(c) The initial financing statement satisfies sub. (3). (2)  Period of continued effectiveness. The filing of an initial financing statement under sub. (1) continues the effectiveness of the preeffective-date financing statement:(a) If the initial financing statement is filed before July 1, 2001, for the period provided in s. 409.403, 1999 stats., with respect to a financing statement; and(b) If the initial financing statement is filed on or after July 1, 2001, for the period provided in s. 409.515 with respect to an initial financing statement. (3)  Requirements for initial financing statement under sub. (1). To be effective for purposes of sub. (1), an initial financing statement must:(a) Satisfy the requirements of subch. V for an initial financing statement;(b) Identify the preeffective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and(c) Indicate that the preeffective-date financing statement remains effective.History:  2001 a. 10.
WI Stat § 409.707 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.707 - Amendment of preeffective-date financing statement.

409.707  Amendment of preeffective-date financing statement. (1) Preeffective-date financing statement. In this section, “preeffective-date financing statement" means a financing statement filed before July 1, 2001. (2)  Applicable law. On or after July 1, 2001, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a preeffective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in subch. III. However, the effectiveness of a preeffective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed. (3)  Method of amending: general rule. Except as otherwise provided in sub. (4), if the law of this state governs perfection of a security interest, the information in a preeffective-date financing statement may be amended on or after July 1, 2001, only if:(a) The preeffective-date financing statement and an amendment are filed in the office specified in s. 409.501;(b) An amendment is filed in the office specified in s. 409.501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies s. 409.706 (3); or(c) An initial financing statement that provides the information as amended and satisfies s. 409.706 (3) is filed in the office specified in s. 409.501. (4)  Method of amending: continuation. If the law of this state governs perfection of a security interest, the effectiveness of a preeffective-date financing statement may be continued only under s. 409.705 (4) and (6) or 409.706. (5)  Method of amending: additional termination rule. Whether or not the law of this state governs perfection of a security interest, the effectiveness of a preeffective-date financing statement filed in this state may be terminated on or after July 1, 2001, by filing a termination statement in the office in which the preeffective-date financing statement is filed, unless an initial financing statement that satisfies s. 409.706 (3) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in subch. III as the office in which to file a financing statement.History:  2001 a. 10.
WI Stat § 409.708 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 409 - Uniform commercial code — secured transactions.|409.708 - Persons entitled to file initial financing statement or continuation statement.

409.708  Persons entitled to file initial financing statement or continuation statement. A person may file an initial financing statement or a continuation statement under this subchapter if: (1) The secured party of record authorizes the filing; and (2) The filing is necessary under this subchapter:(a) To continue the effectiveness of a financing statement filed before July 1, 2001; or(b) To perfect or continue the perfection of a security interest.History:  2001 a. 10.