409.325 Priority of security interests in transferred collateral.
(1) Subordination of security interest in transferred collateral. Except as otherwise provided in sub. (2), a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if:
(a) The debtor acquired the collateral subject to the security interest created by the other person;
(b) The security interest created by the other person was perfected when the debtor acquired the collateral; and
(c) There is no period thereafter when the security interest is unperfected.
(2) Limitation of sub. (1) subordination. Subsection (1) subordinates a security interest only if the security interest:
(a) Otherwise would have priority solely under s. 409.322 (1) or 409.324; or
(b) Arose solely under s. 402.711 (3) or 411.508 (5).
History: 2001 a. 10.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 409 - Uniform commercial code — secured transactions.
409.102 - Definitions and index of definitions.
409.103 - Purchase-money security interest; application of payments; burden of establishing.
409.104 - Control of deposit account.
409.105 - Control of electronic chattel paper.
409.106 - Control of investment property.
409.107 - Control of letter-of-credit right.
409.108 - Sufficiency of description.
409.110 - Security interests arising under ch. 402 or 411.
409.201 - General effectiveness of security agreement.
409.202 - Title to collateral immaterial.
409.204 - After-acquired property; future advances.
409.205 - Use or disposition of collateral permissible.
409.206 - Security interest arising in purchase or delivery of financial asset.
409.207 - Rights and duties of secured party having possession or control of collateral.
409.208 - Additional duties of secured party having control of collateral.
409.209 - Duties of secured party if account debtor has been notified of assignment.
409.210 - Request for accounting; request regarding list of collateral or statement of account.
409.301 - Law governing perfection and priority of security interests.
409.302 - Law governing perfection and priority of agricultural liens.
409.304 - Law governing perfection and priority of security interests in deposit accounts.
409.305 - Law governing perfection and priority of security interests in investment property.
409.306 - Law governing perfection and priority of security interests in letter-of-credit rights.
409.308 - When security interest or agricultural lien is perfected; continuity of perfection.
409.309 - Security interest perfected upon attachment.
409.313 - When possession by or delivery to secured party perfects security interest without filing.
409.314 - Perfection by control.
409.315 - Secured party's rights on disposition of collateral and in proceeds.
409.316 - Effect of change in governing law.
409.317 - Interests that take priority over or take free of security interest or agricultural lien.
409.319 - Rights and title of consignee with respect to creditors and purchasers.
409.321 - Licensee of general intangible and lessee of goods in ordinary course of business.
409.324 - Priority of purchase-money security interests.
409.3245 - Priority of production-money security interests and agricultural liens.
409.325 - Priority of security interests in transferred collateral.
409.326 - Priority of security interests created by new debtor.
409.327 - Priority of security interests in deposit account.
409.328 - Priority of security interests in investment property.
409.329 - Priority of security interests in letter-of-credit right.
409.330 - Priority of purchaser of chattel paper or instrument.
409.332 - Transfer of money; transfer of funds from deposit account.
409.333 - Priority of certain liens arising by operation of law.
409.334 - Priority of security interests in fixtures and crops.
409.337 - Priority of security interests in goods covered by certificate of title.
409.339 - Priority subject to subordination.
409.340 - Effectiveness of right of recoupment or setoff against deposit account.
409.341 - Bank's rights and duties with respect to deposit account.
409.342 - Bank's right to refuse to enter into or disclose existence of control agreement.
409.401 - Alienability of debtor's rights.
409.402 - Secured party not obligated on contract of debtor or in tort.
409.403 - Agreement not to assert defenses against assignee.
409.404 - Rights acquired by assignee; claims and defenses against assignee.
409.405 - Modification of assigned contract.
409.409 - Restrictions on assignment of letter-of-credit rights ineffective.
409.503 - Name of debtor and secured party.
409.504 - Indication of collateral.
409.506 - Effect of errors or omissions.
409.507 - Effect of certain events on effectiveness of financing statement.
409.508 - Effectiveness of financing statement if new debtor becomes bound by security agreement.
409.509 - Persons entitled to file a record.
409.510 - Effectiveness of filed record.
409.511 - Secured party of record.
409.512 - Amendment of financing statement.
409.513 - Termination statement.
409.514 - Assignment of powers of secured party of record.
409.515 - Duration and effectiveness of financing statement; effect of lapsed financing statement.
409.516 - What constitutes filing; effectiveness of filing.
409.517 - Effect of indexing errors.
409.518 - Claim concerning inaccurate or wrongfully filed record.
409.520 - Acceptance and refusal to accept record; social security numbers.
409.521 - Uniform form of written financing statement and amendment.
409.522 - Maintenance and destruction of records.
409.523 - Information from filing office; sale or license of records.
409.524 - Delay by filing office.
409.526 - Filing-office rules.
409.528 - Statewide lien system.
409.602 - Waiver and variance of rights and duties.
409.603 - Agreement on standards concerning rights and duties.
409.604 - Procedure if security agreement covers real property or fixtures.
409.605 - Unknown debtor or secondary obligor.
409.606 - Time of default for agricultural lien.
409.607 - Collection and enforcement by secured party.
409.609 - Secured party's right to take possession after default.
409.610 - Disposition of collateral after default.
409.611 - Notification before disposition of collateral.
409.612 - Timeliness of notification before disposition of collateral.
409.613 - Contents and form of notification before disposition of collateral: general.
409.615 - Application of proceeds of disposition; liability for deficiency and right to surplus.
409.616 - Explanation of calculation of surplus or deficiency.
409.617 - Rights of transferee of collateral.
409.618 - Rights and duties of certain secondary obligors.
409.619 - Transfer of record or legal title.
409.621 - Notification of proposal to accept collateral.
409.622 - Effect of acceptance of collateral.
409.623 - Right to redeem collateral.
409.625 - Remedies for secured party's failure to comply with chapter.
409.626 - Action in which deficiency or surplus is in issue.
409.627 - Determination of whether conduct was commercially reasonable.
409.628 - Nonliability and limitation on liability of secured party; liability of secondary obligor.
409.703 - Security interest perfected before effective date.
409.704 - Security interest unperfected before effective date.
409.705 - Effectiveness of action taken before effective date.
409.707 - Amendment of preeffective-date financing statement.
409.708 - Persons entitled to file initial financing statement or continuation statement.
409.710 - Special transitional provision for maintaining and searching local filing office records.
409.803 - Security interest perfected before effective date.
409.804 - Security interest unperfected before effective date.
409.805 - Effectiveness of action taken before effective date.
409.807 - Amendment of preeffective-date financing statement.
409.808 - Persons entitled to file initial financing statement or continuation statement.