342.23 Secured party's and owner's duties. - Wisconsin Statutes

342.23

342.23 Secured party's and owner's duties.

342.23(1)

(1) A secured party named in a certificate of title shall, upon written request of the owner or of another secured party named on the certificate, disclose any pertinent information as to the party's security agreement and the indebtedness secured by it.

342.23(2)

(2)

342.23(2)(a)

(a) An owner shall promptly deliver the owner's certificate of title to any secured party who is named on it or who has a security interest in the vehicle described in it under any other applicable prior law of this state, upon receipt of a notice from such secured party that the security interest is to be assigned, extended or perfected.

342.23(2)(b)

(b) No secured party may take possession of any certificate of title except as provided in par. (a). Any person who violates this paragraph may be required to forfeit not more than $1,000.

342.23(3)

(3) Any secured party who fails to disclose information pursuant to sub. (1) shall be liable for any loss caused to owner thereby.

342.23(4)

(4) Any owner who fails to deliver the certificate of title to a secured party requesting it pursuant to sub. (2) (a) shall be liable to such secured party for any loss caused to the secured party thereby and may be required to forfeit not more than $200.

342.23 - ANNOT.

History: 1971 c. 278; 1991 a. 316; 1993 a. 159.