409.109 Scope.

289 words·~1 min read·/wi/chapter-409/409-109-2

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

409.109 Scope.

(1)General scope of chapter. Except as otherwise provided in subs.

(3)and

(4), and s. 16.63

(4)on transactions involving tobacco settlement revenues, this chapter applies to:

(a)A transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract;

(b)An agricultural lien;

(c)A sale of accounts, chattel paper, payment intangibles, or promissory notes;

(d)A consignment;

(e)A security interest arising under s. 402.401 , 402.505 , 402.711

(3), or 411.508

(5), as provided in s. 409.110 ; and

(f)A security interest arising under s. 404.210 or 405.118 .

(2)Security interest in secured obligation. The application of this chapter to a security interest in a secured obligation is not affected by the fact that the obligation is itself secured by a transaction or interest to which this chapter does not apply.

(3)Extent to which chapter does not apply. This chapter does not apply to the extent that:

(a)A statute, regulation, or treaty of the United States preempts this chapter;

(b)Another statute of this state expressly governs the creation, perfection, priority, or enforcement of a security interest created by this state or a governmental unit of this state;

(c)A statute of another state, a foreign country, or a governmental unit of another state or a foreign country, other than a statute generally applicable to security interests, expressly governs creation, perfection, priority, or enforcement of a security interest created by the state, country, or governmental unit; or

(d)The rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior under ch. 405 .

(4)Inapplicability of chapter. This chapter does not apply to: