409.507 Effect of certain events on effectiveness of financing statement. - Wisconsin Statutes

409.507

409.507 Effect of certain events on effectiveness of financing statement.

409.507(1)

(1) Disposition. A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed, or otherwise disposed of and in which a security interest or agricultural lien continues, even if the secured party knows of or consents to the disposition.

409.507(2)

(2) Information becoming seriously misleading. Except as otherwise provided in sub. (3) and s. 409.508, a financing statement is not rendered ineffective if, after the financing statement is filed, the information provided in the financing statement becomes seriously misleading under s. 409.506.

409.507(3)

(3) Change in debtor's name. If a debtor so changes its name that a filed financing statement becomes seriously misleading under s. 409.506:

409.507(3)(a)

(a) The financing statement is effective to perfect a security interest in collateral acquired by the debtor before, or within 4 months after, the change; and

409.507(3)(b)

(b) The financing statement is not effective to perfect a security interest in collateral acquired by the debtor more than 4 months after the change, unless an amendment to the financing statement which renders the financing statement not seriously misleading is filed within 4 months after the change.

409.507 - ANNOT.

History: 2001 a. 10.