Wisconsin Statutes & Annotations
Chapter 409 - Uniform commercial code — secured transactions.
409.513 - Termination statement.

409.513 Termination statement.
(1) Consumer goods. A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing statement if the financing statement covers consumer goods and:
(a) There is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value; or
(b) The debtor did not authorize the filing of the initial financing statement.
(2) Time for compliance with sub. (1). To comply with sub. (1), a secured party shall cause the secured party of record to file the termination statement:
(a) Within one month after there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value; or
(b) If earlier, within 20 days after the secured party receives an authenticated demand from a debtor.
(3) Other collateral. In cases not governed by sub. (1), within 20 days after a secured party receives an authenticated demand from a debtor, the secured party shall cause the secured party of record for a financing statement to send to the debtor a termination statement for the financing statement or file the termination statement in the filing office if:
(a) Except in the case of a financing statement covering accounts or chattel paper that has been sold or goods that are the subject of a consignment, there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value;
(b) The financing statement covers accounts or chattel paper that has been sold but as to which the account debtor or other person obligated has discharged its obligation;
(c) The financing statement covers goods that were the subject of a consignment to the debtor but are not in the debtor's possession; or
(d) The debtor did not authorize the filing of the initial financing statement.
(4) Effect of filing termination statement. Except as otherwise provided in s. 409.510, upon the filing of a termination statement with the filing office, the financing statement to which the termination statement relates ceases to be effective. Except as otherwise provided in s. 409.510, for the purposes of ss. 409.519 (7), 409.522 (1), and 409.523 (3), the filing with the filing office of a termination statement relating to a financing statement that indicates that the debtor is a transmitting utility also causes the effectiveness of the financing statement to lapse.
History: 2001 a. 10.

Structure Wisconsin Statutes & Annotations

Wisconsin Statutes & Annotations

Chapter 409 - Uniform commercial code — secured transactions.

409.101 - Short title.

409.102 - Definitions and index of definitions.

409.103 - Purchase-money security interest; application of payments; burden of establishing.

409.1035 - Production-money crops; production-money obligation; production-money security interest; 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.

409.109 - Scope.

409.110 - Security interests arising under ch. 402 or 411.

409.201 - General effectiveness of security agreement.

409.202 - Title to collateral immaterial.

409.203 - Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites.

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.

409.303 - Law governing perfection and priority of security interests in goods covered by a certificate of title.

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.

409.307 - Location of debtor.

409.308 - When security interest or agricultural lien is perfected; continuity of perfection.

409.309 - Security interest perfected upon attachment.

409.310 - When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply.

409.311 - Perfection of security interests in property subject to certain statutes, regulations, and treaties.

409.312 - Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights, and money; perfection by permissive filing; temporary perfection without...

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.

409.318 - No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers.

409.319 - Rights and title of consignee with respect to creditors and purchasers.

409.320 - Buyer of goods.

409.321 - Licensee of general intangible and lessee of goods in ordinary course of business.

409.322 - Priorities among conflicting security interests in and agricultural liens on same collateral.

409.323 - Future advances.

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.

409.331 - Priority of rights of purchasers of instruments, documents, and securities under other chapters; priority of interests in financial assets and security entitlements under ch. 408.

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.

409.335 - Accessions.

409.336 - Commingled goods.

409.337 - Priority of security interests in goods covered by certificate of title.

409.338 - Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information.

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.

409.406 - Discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles, and promissory notes ineffective.

409.407 - Restrictions on creation or enforcement of security interest in leasehold interest or in leasor's residual interest.

409.408 - Restrictions on assignment of promissory notes, health-care-insurance receivables, and certain general intangibles ineffective.

409.409 - Restrictions on assignment of letter-of-credit rights ineffective.

409.501 - Filing office.

409.502 - Contents of financing statement; record of mortgage as financing statement; time of filing financing statement.

409.503 - Name of debtor and secured party.

409.504 - Indication of collateral.

409.505 - Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions.

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.

409.519 - Numbering, maintaining, and indexing records; communicating information provided in records.

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.

409.525 - Fees.

409.526 - Filing-office rules.

409.527 - Duty to report.

409.528 - Statewide lien system.

409.601 - Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes.

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.

409.608 - Application of proceeds of collection or enforcement; liability for deficiency and right to surplus.

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.

409.614 - Contents and form of notification before disposition of collateral: consumer-goods transaction.

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.

409.620 - Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral.

409.621 - Notification of proposal to accept collateral.

409.622 - Effect of acceptance of collateral.

409.623 - Right to redeem collateral.

409.624 - Waiver.

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.

409.702 - Savings clause.

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.

409.706 - When initial financing statement suffices to continue effectiveness of financing statement.

409.707 - Amendment of preeffective-date financing statement.

409.708 - Persons entitled to file initial financing statement or continuation statement.

409.709 - Priority.

409.710 - Special transitional provision for maintaining and searching local filing office records.

409.802 - Savings clause.

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.

409.806 - When initial financing statement suffices to continue effectiveness of financing statement.

409.807 - Amendment of preeffective-date financing statement.

409.808 - Persons entitled to file initial financing statement or continuation statement.

409.809 - Priority.