Wisconsin Statutes (Last Updated: January 10, 2017) |
Chapter 409. Uniform Commercial Code — Secured Transactions |
SubChapter VI. DEFAULT |
Section 409.611. Notification before disposition of collateral.
Latest version.
- (1) Notification date. In this section, “notification date" means the earlier of the date on which:(a) A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or(b) The debtor and any secondary obligor waive the right to notification.(2) Notification of disposition required. Except as otherwise provided in sub. (4) , a secured party that disposes of collateral under s. 409.610 shall send to the persons specified in sub. (3) a reasonable, authenticated notification of disposition.(3) Persons to be notified. To comply with sub. (2) , the secured party shall send an authenticated notification of disposition to:(a) The debtor;(b) Any secondary obligor; and(c) If the collateral is other than consumer goods:1. Any other person from which the secured party has received, before the notification date, an authenticated notification of a claim of an interest in the collateral;2. Any other secured party or lienholder that, 10 days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:a. Identified the collateral;b. Was indexed under the debtor's name as of that date; andc. Was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and3. Any other secured party that, 10 days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in s. 409.311 (1) .(4) Subsection (2) inapplicable: perishable collateral; recognized market. Subsection (2) does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.(5) Compliance with sub. (3) (c) 2 . A secured party complies with the requirement for notification prescribed by sub. (3) (c) 2. if:(a) Not later than 20 days or earlier than 30 days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor's name in the office indicated in sub. (3) (c) 2. ; and(b) Before the notification date, the secured party:1. Did not receive a response to the request for information; or2. Received a response to the request for information and sent an authenticated notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral.