409.621 Notification of proposal to accept collateral.
(1) Persons to which proposal to be sent. A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:
(a) Any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral;
(b) Any other secured party or lienholder that, 10 days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:
1. Identified the collateral;
2. Was indexed under the debtor's name as of that date; and
3. Was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date; and
(c) Any other secured party that, 10 days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in s. 409.311 (1).
(2) Proposal to be sent to secondary obligor in partial satisfaction. A secured party that desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in sub. (1).
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.