409.503 Name of debtor and secured party. - Wisconsin Statutes

409.503

409.503 Name of debtor and secured party.

409.503(1)

(1) Sufficiency of debtor's name. A financing statement sufficiently provides the name of the debtor:

409.503(1)(a)

(a) If the debtor is a registered organization, only if the financing statement provides the name of the debtor indicated on the public record of the debtor's jurisdiction of organization which shows the debtor to have been organized;

409.503(1)(b)

(b) If the debtor is a decedent's estate, only if the financing statement provides the name of the decedent and indicates that the debtor is an estate;

409.503(1)(c)

(c) If the debtor is a trust or a trustee acting with respect to property held in trust, only if the financing statement:

409.503(1)(c)1.

1. Provides the name specified for the trust in its organic documents or, if no name is specified, provides the name of the settlor and additional information sufficient to distinguish the debtor from other trusts having one or more of the same settlors; and

409.503(1)(c)2.

2. Indicates, in the debtor's name or otherwise, that the debtor is a trust or is a trustee acting with respect to property held in trust; and

409.503(1)(d)

(d) In other cases:

409.503(1)(d)1.

1. If the debtor has a name, only if it provides the individual or organizational name of the debtor; and

409.503(1)(d)2.

2. If the debtor does not have a name, only if it provides the names of the partners, members, associates, or other persons comprising the debtor.

409.503(2)

(2) Additional debtor-related information. A financing statement that provides the name of the debtor in accordance with sub. (1) is not rendered ineffective by the absence of:

409.503(2)(a)

(a) A trade name or other name of the debtor; or

409.503(2)(b)

(b) Unless required under sub. (1) (d) 2., names of partners, members, associates, or other persons comprising the debtor.

409.503(3)

(3) Debtor's trade name insufficient. A financing statement that provides only the debtor's trade name does not sufficiently provide the name of the debtor.

409.503(4)

(4) Representative capacity. Failure to indicate the representative capacity of a secured party or representative of a secured party does not affect the sufficiency of a financing statement.

409.503(5)

(5) Multiple debtors and secured parties. A financing statement may provide the name of more than one debtor and the name of more than one secured party.

409.503 - ANNOT.

History: 2001 a. 10.

409.503 - ANNOT.

A creditor's financing statement became "seriously misleading" after the debtors' name change and so was insufficient to perfect a security interest in property acquired more than 4 months after the name change. First Agri Services, Inc. v. Kahl, 129 Wis. 2d 464, 385 N.W.2d 191 (Ct. App. 1986).

409.503 - ANNOT.

NOTE: The above annotated materials cite to the pre-2001 Wis. Act 10 version of ch. 409.