342.23 Secured party’s and owner’s duties.

207 words·~1 min read·/wi/chapter-342/342-23

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)A secured party named in a certificate of title shall, upon written request of the owner or of another secured party named on the certificate, disclose any pertinent information as to the party’s security agreement and the indebtedness secured by it.

(2)An owner or person in possession of the owner’s certificate of title, as shown by the records of the department, shall promptly deliver the certificate of title to any secured party who is named on it or who has a security interest in the vehicle described in it under any other applicable prior law of this state, upon receipt of a notice from such secured party that the security interest is to be assigned, extended or perfected.

(3)Any secured party who fails to disclose information pursuant to sub.

(1)shall be liable for any loss caused to owner thereby.

(4)Any owner or other person in possession of the owner’s certificate of title who fails to deliver the certificate of title to a secured party requesting it pursuant to sub.

(2)shall be liable to such secured party for any loss caused to the secured party thereby and may be required to forfeit not more than $200.