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2023 Wisconsin Statutes & Annotations › Chapter 409 - Uniform commercial code — secured transactions. › 409.521 - Uniform form of written financing statement and amendment.

409.521
Uniform form of written financing statement and amendment.
(1)
Tax identification number. In publishing instructions for the forms specified in subs. (2) and (3), the department of financial institutions shall include a statement, where applicable, that inclusion of an employer identification number is not required under Wisconsin law.
(2)
Initial financing statement form. A filing office that accepts written records may not refuse to accept a written initial financing statement in the following form and format except for a reason set forth in s. 409.516 (2):
- See PDF for diagram
- See PDF for diagram
(3)
Amendment form. A filing office that accepts written records may not refuse to accept a written record in the following form and format except for a reason set forth in s. 409.516 (2):
- See PDF for diagram
- See PDF for diagram
History:  2001 a. 10; 2003 a. 120; 2009 a. 347; 2011 a. 206.
2023 Wisconsin Statutes & Annotations › Chapter 409 - Uniform commercial code — secured transactions. › 409.522 - Maintenance and destruction of records.

409.522
Maintenance and destruction of records.
(1)
Postlapse maintenance and retrieval of information. The filing office shall maintain a record of the information provided in a filed financing statement for at least one year after the effectiveness of the financing statement has lapsed under s. 409.515 with respect to all secured parties of record. The record must be retrievable by using the name of the debtor and:
(a)
If the record was filed or recorded in the filing office described in s. 409.501 (1) (a), by using the file number assigned to the initial financing statement to which the record relates and the date on which the record was filed or recorded; or
(b)
If the record was filed in the filing office described in s. 409.501 (1) (b), by using the file number assigned to the initial financing statement to which the record relates.
(2)
Destruction of written records. Except to the extent that a statute governing disposition of public records provides otherwise, the filing office may destroy immediately any written record evidencing a financing statement. However, if the filing office destroys a written record, it shall maintain another record of the financing statement which complies with sub. (1).
History:  2001 a. 10.
2023 Wisconsin Statutes & Annotations › Chapter 409 - Uniform commercial code — secured transactions. › 409.524 - Delay by filing office.

409.524
Delay by filing office.
Delay by the filing office beyond a time limit prescribed by this subchapter is excused if:
(1)
The delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment, or other circumstances beyond the control of the filing office; and
(2)
The filing office exercises reasonable diligence under the circumstances.
History:  2001 a. 10.
2023 Wisconsin Statutes & Annotations › Chapter 409 - Uniform commercial code — secured transactions. › 409.525 - Fees.

409.525
Fees.
(1)
Initial financing statement or other record. Except as otherwise provided in this section, the fee for filing and indexing a record under this subchapter and the portion of the fee that an office duly authorized by the department under  s. 409.501 (1) (b) may retain shall be prescribed by filing-office rule.
(1m)
No fee for filing termination statement. There is no fee for the filing of a termination statement.
(2)
Basis for rule. The rule under sub. (1) must set the fees for filing and indexing a record under this subchapter on the following basis:
(a)
If the record presented for filing is communicated to the filing office in writing and consists of more than 2 pages, the fee for filing and indexing the record must be at least twice the amount of the fee for a record communicated in writing that consists of 1 or 2 pages; and
(b)
If the record is communicated by another medium authorized by filing-office rule, the fee for filing and indexing the record must be no more than 50 percent of the amount of the fee for a record communicated in writing that consists of 1 or 2 pages.
(3)
Number of names. The number of names required to be indexed does not affect the amount of the fee under this section.
(4)
Response to information request. Except as otherwise provided in this section, the fee for responding to a request for information from the filing office, including for communicating whether there is on file any financing statement naming a particular debtor, and the portion of the fee that an office duly authorized by the department under s. 409.501 (1) (b) may retain shall be prescribed by filing-office rule. The fee for responding to a request communicated in writing must be not less than twice the amount of the fee for responding to a request communicated by another medium authorized by filing-office rule. This subsection does not require that a fee be charged for remote access searching of the filing-office data base. The rule promulgated pursuant to this subsection need not specify a fee for remote access searching of the filing-office data base.
(5)
Record of mortgage. This section does not require a fee with respect to a record of a mortgage which is effective as a financing statement filed as a fixture filing or as a financing statement covering as-extracted collateral or timber to be cut under s. 409.502 (3). However, the recording and satisfaction fees that otherwise would be applicable to the record of the mortgage apply.
History:  2001 a. 10.
2023 Wisconsin Statutes & Annotations › Chapter 409 - Uniform commercial code — secured transactions. › 409.526 - Filing-office rules.

409.526
Filing-office rules.
(1)
Promulgation of filing-office rules. The secretary of financial institutions shall promulgate filing-office rules to implement this chapter. The filing-office rules must be:
(a)
Consistent with this chapter; and
(b)
Promulgated in accordance with ch. 227.
(2)
Harmonization of rules. To keep the filing-office rules and practices of the filing office in harmony with the rules and practices of filing offices in other jurisdictions that enact substantially this subchapter, and to keep the technology used by the filing office compatible with the technology used by filing offices in other jurisdictions that enact substantially this subchapter, the secretary of financial institutions, so far as is consistent with the purposes, policies, and provisions of this chapter, in promulgating filing-office rules, shall:
(a)
Consult with filing offices in other jurisdictions that enact substantially this subchapter;
(b)
Consult the most recent version of the Model Rules promulgated by the International Association of Corporate Administrators or any successor organization; and
(c)
Take into consideration the rules and practices of, and the technology used by, filing offices in other jurisdictions that enact substantially this subchapter.
History:  2001 a. 10.
2023 Wisconsin Statutes & Annotations › Chapter 409 - Uniform commercial code — secured transactions. › 409.527 - Duty to report.

409.527
Duty to report.
The department of financial institutions shall include in its report under s. 15.04 (1) (d) a report on the operation of the filing office. The report must contain a statement of the extent to which:
(1)
Harmonization of rules: filing offices in other jurisdictions. The filing-office rules are not in harmony with the rules of filing offices in other jurisdictions that enact substantially this subchapter and the reasons for these variations; and
(2)
Harmonization of rules: model rules. The filing-office rules are not in harmony with the most recent version of the Model Rules promulgated by the International Association of Corporate Administrators, or any successor organization, and the reasons for these variations.
History:  2001 a. 10.
2023 Wisconsin Statutes & Annotations › Chapter 409 - Uniform commercial code — secured transactions. › 409.601 - Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes.

409.601
Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes.
(1)
Rights of secured party after default. After default, a secured party has the rights provided in this subchapter and, except as otherwise provided in s. 409.602, those provided by agreement of the parties. A secured party:
(a)
May reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or agricultural lien by any available judicial procedure; and
(b)
If the collateral is documents, may proceed either as to the documents or as to the goods they cover.
(2)
Rights and duties of secured party in possession or control. A secured party in possession of collateral or control of collateral under s. 407.106, 409.104, 409.105, 409.106, or 409.107 has the rights and duties provided in s. 409.207.
(3)
Rights cumulative; simultaneous exercise. The rights under subs. (1) and (2) are cumulative and may be exercised simultaneously.
(4)
Rights of debtor and obligor. Except as otherwise provided in sub. (7) and s. 409.605, after default, a debtor and an obligor have the rights provided in this subchapter and by agreement of the parties.
(5)
Lien of levy after judgment. If a secured party has reduced its claim to judgment, the lien of any levy that may be made upon the collateral by virtue of an execution based upon the judgment relates back to the earliest of:
(a)
The date of perfection of the security interest or agricultural lien in the collateral;
(b)
The date of filing a financing statement covering the collateral; or
(c)
Any date specified in a statute under which the agricultural lien was created.
(6)
Execution sale. A sale pursuant to an execution is a foreclosure of the security interest or agricultural lien by judicial procedure within the meaning of this section. A secured party may purchase at the sale and thereafter hold the collateral free of any other requirements of this chapter.
(7)
Consignor or buyer of certain rights to payment. Except as otherwise provided in s. 409.607 (3), this subchapter imposes no duties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles, or promissory notes.
History:  2001 a. 10; 2009 a. 322.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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; and
2.
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.
2023 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; and
3.
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.
2023 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.
2023 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.
2023 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; and
c.
Was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and
3.
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; or
2.
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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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; and
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
(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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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; or
2.
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.
2023 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.