342.20 Duties on creation of security interest. If an owner creates a security interest in a vehicle, unless the name and address of the secured party already is contained on the certificate of title for the vehicle:
(1) The owner shall immediately execute, in the space provided therefor on the certificate of title or on a separate form or in an automated format prescribed by the department, an application to name the secured party on the certificate, showing the name and address of the secured party, and the owner or person in possession of the owner's certificate, as shown by the records of the department, shall cause the certificate, application and the required fee to be delivered to the secured party.
(2) The secured party shall immediately cause the certificate, application, and the required fee to be mailed or delivered to the department, except that if the secured party is not an individual or a person exempted by rule under s. 342.245 (3), the secured party shall follow the procedure specified in ss. 342.19 (2) (a) 2. and 342.245 (1) and (2).
(3) Upon receipt of the certificate of title, application, and the required fee, or upon receipt of the security interest statement and required fee if the secured party has utilized the process specified in s. 342.245 (1), the department shall issue to the owner a new certificate containing the name and address of the new secured party. The department shall deliver to such new secured party, unless the secured party utilized the process specified in s. 342.245 (1), memoranda, in such form as the department prescribes, evidencing the notation of the security interest upon the certificate; and thereafter, upon any assignment, termination or release of the security interest, additional memoranda evidencing such action.
History: 1975 c. 286; 1977 c. 29 s. 1654 (7) (a); 1981 c. 20; 1985 a. 202 s. 37; 1993 a. 301; 1995 a. 338; 1997 a. 27; 2009 a. 28; 2011 a. 32; 2013 a. 163.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 342 - Vehicle title and anti-theft law.
342.01 - Words and phrases defined.
342.02 - Excepted liens and security interests.
342.03 - Motor vehicle, trailer or semitrailer leases.
342.05 - When certificate of title required.
342.06 - Application for certificate of title.
342.065 - Title for salvage vehicle.
342.07 - Title for repaired salvage vehicle.
342.08 - Department to examine records.
342.09 - When department to issue certificate and to whom; maintenance of records.
342.10 - Contents of certificate of title.
342.11 - Grounds for refusing issuance of certificate of title.
342.12 - Withholding certificate of title; bond.
342.13 - Lost, stolen or mutilated certificates.
342.15 - Transfer of interest in a vehicle.
342.155 - Mileage disclosure requirements of transferors and transferees.
342.156 - Transfers of leased motor vehicles.
342.157 - Motor vehicle salvage pools and auction companies to maintain records.
342.16 - Transfer to or from dealer.
342.17 - Involuntary transfers.
342.18 - When department to issue a new certificate.
342.19 - Perfection of security interests.
342.195 - Notification of person who has perfected security interest.
342.20 - Duties on creation of security interest.
342.21 - Assignment of security interest.
342.22 - Release of security interest.
342.23 - Secured party's and owner's duties.
342.24 - Method of perfecting exclusive.
342.245 - Electronic processing of certain applications.
342.25 - Suspension or revocation of certificate.
342.255 - Cancellation of title or registration.
342.30 - Identification numbers.
342.31 - Report of stolen or abandoned motor vehicles.
342.32 - Counterfeiting and unlawful possession of certificate of title.
342.33 - Sale of vehicle used as taxicab.
342.34 - Department to be notified of destruction or junking of vehicle.