§ 409.325 — Priority of security interests in transferred collateral.

Wisconsin § 409.325

• Jurisdiction: Wisconsin
• Ch. 409: Uniform commercial code — secured transactions
• Subch.: subch. III of ch. 409 SUBCHAPTER III

Text

409.325
409.325(1) (1) Subordination of security interest in transferred collateral. Except as otherwise provided in sub. (2) , a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if:
409.325(1)(a) (a) The debtor acquired the collateral subject to the security interest created by the other person;
409.325(1)(b) (b) The security interest created by the other person was perfected when the debtor acquired the collateral; and
409.325(1)(c) (c) There is no period thereafter when the security interest is unperfected.
409.325(2) (2) Limitation of sub. (1) subordination. Subsection (1) subordinates a security interest only if the security interest:
409.325(2)(a) (a) Otherwise would have priority solely under s. 409.322 (1) or 409.324 ; or
409.325(2)(b) (b) Arose solely under s. 402.711 (3) or 411.508 (5) .

Legislative History

409.325 History History: 2001 a. 10 .