409.201 General effectiveness of security agreement.
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/wi/chapter-409/409-201A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.