Wisconsin Statutes & Annotations
Chapter 409 - Uniform commercial code — secured transactions.
409.614 - Contents and form of notification before disposition of collateral: consumer-goods transaction.

409.614 Contents and form of notification before disposition of collateral: consumer-goods transaction. In a consumer-goods transaction, the following rules apply:
(1) Notification of disposition. A notification of disposition must provide the following information:
(a) The information specified in s. 409.613 (1);
(b) A description of any liability for a deficiency of the person to which the notification is sent;
(c) A telephone number from which the amount that must be paid to the secured party to redeem the collateral under s. 409.623 is available; and
(d) A telephone number or mailing address from which additional information concerning the disposition and the obligation secured is available.
(2) Substantial compliance. A particular phrasing of the notification is not required.
(3) Notification: form sufficient. The following form of notification, when completed, provides sufficient information:
[Name and address of secured party] ....
[Date] ....
NOTICE OF OUR PLAN TO SELL PROPERTY
.... [Name and address of any obligor who is also a debtor]
Subject: .... [Identification of transaction]
We have your .... [describe collateral], because you broke promises in our agreement.
[For a public disposition]:
We will sell .... [describe collateral] at public sale. A sale could include a lease or license. The sale will be held as follows:
Date: ....
Time: ....
Place: ....
You may attend the sale and bring bidders if you want.
[For a private disposition]:
We will sell .... [describe collateral] at private sale sometime after .... [date]. A sale could include a lease or license.
The money that we get from the sale (after paying our costs) will reduce the amount you owe. If we get less money than you owe, you .... [will or will not, as applicable] still owe us the difference. If we get more money than you owe, you will get the extra money, unless we must pay it to someone else.
You can get the property back at any time before we sell it by paying us the full amount you owe (not just the past-due payments), including our expenses. To learn the exact amount you must pay, call us at .... [telephone number].
If you want us to explain to you in writing how we have figured the amount that you owe us, you may call us at .... [telephone number] [or write us at .... [secured party's address]] and request a written explanation. [We will charge you $.... for the explanation if we sent you another written explanation of the amount you owe us within the last 6 months.]
If you need more information about the sale, call us at .... [ telephone number]] [or write us at .... [secured party's address]].
We are sending this notice to the following other people who have an interest in .... [describe collateral] or who owe money under your agreement:
.... [Names of all other debtors and obligors, if any]
[End of Form]
(4) Notification: other information. A notification in the form of sub. (3) is sufficient, even if additional information appears at the end of the form.
(5) Notification: errors. A notification in the form of sub. (3) is sufficient, even if it includes errors in information not required by sub. (1), unless the error is misleading with respect to rights arising under this chapter.
(6) Notification: not in form. If a notification under this section is not in the form of sub. (3), law other than this chapter determines the effect of including information not required by sub. (1).
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.