409.704 Security interest unperfected before effective date. - Wisconsin Statutes

409.704

409.704 Security interest unperfected before effective date. A security interest that is enforceable immediately before July 1, 2001, but which would be subordinate to the rights of a person that becomes a lien creditor at that time:

409.704(1)

(1) Remains an enforceable security interest for one year after July 1, 2001;

409.704(2)

(2) Remains enforceable on and after one year after July 1, 2001, if the security interest becomes enforceable under s. 409.203 on July 1, 2001, or within one year thereafter; and

409.704(3)

(3) Becomes perfected:

409.704(3)(a)

(a) Without further action, on July 1, 2001, if the applicable requirements for perfection under 2001 Wisconsin Act 10 are satisfied before or at that time; or

409.704(3)(b)

(b) When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.

409.704 - ANNOT.

History: 2001 a. 10, 104.