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409.505 Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions.

WI Stat § 409.505 (2019) (N/A)
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409.505 Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions.

(1) Use of terms other than debtor and secured party. A consignor, lessor, or other bailor of goods, a licensor, or a buyer of a payment intangible or promissory note may file a financing statement, or may comply with a statute or treaty described in s. 409.311 (1), using the terms “consignor", “consignee", “lessor", “lessee", “bailor", “bailee", “licensor", “licensee", “owner", “registered owner", “buyer", “ seller", or words of similar import, instead of the terms “secured party" and “debtor".

(2) Effect of financing statement under sub. (1). This subchapter applies to the filing of a financing statement under sub. (1) and, as appropriate, to compliance that is equivalent to filing a financing statement under s. 409.311 (2), but the filing or compliance is not of itself a factor in determining whether the collateral secures an obligation. If it is determined for another reason that the collateral secures an obligation, a security interest held by the consignor, lessor, bailor, licensor, owner, or buyer which attaches to the collateral is perfected by the filing or compliance

History: 2001 a. 10.

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