241.05 Presumption if possession not changed.
(1) In this section, “creditors" includes all creditors of the vendor or assignor at any time while the goods and chattels described in sub. (2) remain in the vendor's or assignor's possession or control.
(2) Every sale made by a vendor, of goods and chattels in the vendor's possession or control, and every assignment of goods and chattels, unless the same be accompanied by an immediate delivery and followed by an actual and continued change of possession of the things sold or assigned, shall be presumed to be fraudulent and void as against the creditors of the vendor or the creditors of the person making such assignment or subsequent purchasers in good faith; and shall be conclusive evidence of fraud unless it shall be made to appear on the part of the persons claiming under such sale or assignment that the same was made in good faith and without any intent to defraud such creditors or purchasers.
(3) Nothing contained in this section shall be construed to apply to contracts of bottomry or respondentia, nor to assignments or hypothecations of vessels or goods at sea or in foreign ports, or without this state; provided, the assignee or mortgagee shall take possession of such ship, vessels, or goods as soon as may be after the arrival thereof within this state.
History: 1991 a. 316; 2015 a. 196 ss. 101 to 103.
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