342.21 Assignment of security interest.
(1) Except as otherwise provided in s. 409.308 (5), a secured party may assign, absolutely or otherwise, the party's security interest in the vehicle to a person other than the owner without affecting the interest of the owner or the validity of the security interest, but any person without notice of the assignment is protected in dealing with the secured party as the holder of the security interest and the secured party remains liable for any obligations as a secured party until the assignee is named as secured party on the certificate.
(2) Subject to s. 409.308 (5), the assignee may but need not, to perfect the assignment, have the certificate of title endorsed or issued with the assignee named as secured party, upon delivering to the department the certificate and an assignment by the secured party named in the certificate in the form the department prescribes.
History: 1977 c. 29 s. 1654 (7) (a); 1991 a. 316; 2001 a. 10.
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.