Section 409.201. General effectiveness of security agreement.

 

(1)   General effectiveness. Except as otherwise provided in chs. 401 to 411 , a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors.

(2)   Applicable consumer laws and other law. A transaction subject to this chapter is subject to any applicable rule of law which establishes a different rule for consumers and to chs. 138 , 421 to 427 , and 429 and s. 182.025 .

(3)   Other applicable law controls. In case of conflict between this chapter and a rule of law, statute, or rule described in sub. (2) , the rule of law, statute, or rule controls. Failure to comply with a statute or rule described in sub. (2) has only the effect the statute or rule specifies.

(4)   Further deference to other applicable law. This chapter does not:

(a) Validate any rate, charge, agreement, or practice that violates a rule of law, statute, or rule described in sub. (2) ; or

(b) Extend the application of the rule of law, statute, or rule to a transaction not otherwise subject to the rule of law, statute, or rule.

2001 a. 10 .