409.307 Location of debtor.

390 words·~2 min read·/wi/chapter-409/409-307

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

(1)Place of business. In this section, “place of business” means a place where a debtor conducts its affairs.

(2)Debtor’s location: general rules. Except as otherwise provided in this section, the following rules determine a debtor’s location:

(a)A debtor who is an individual is located at the individual’s principal residence.

(b)A debtor that is an organization and has only one place of business is located at its place of business.

(c)A debtor that is an organization and has more than one place of business is located at its chief executive office.

(3)Limitation of applicability of sub. (2). Subsection

(2)applies only if a debtor’s residence, place of business, or chief executive office, as applicable, is located in a jurisdiction whose law generally requires information concerning the existence of a nonpossessory security interest to be made generally available in a filing, recording, or registration system as a condition or result of the security interest’s obtaining priority over the rights of a lien creditor with respect to the collateral. If sub.

(2)does not apply, the debtor is located in the District of Columbia.

(4)Continuation of location: cessation of existence. A person that ceases to exist, have a residence, or have a place of business continues to be located in the jurisdiction specified by subs.

(2)and

(3).

(5)Location of registered organization organized under state law. A registered organization that is organized under the law of a state is located in that state.

(6)Location of registered organization organized under federal law; bank branches and agencies. Except as otherwise provided in sub.

(9), a registered organization that is organized under the law of the United States and a branch or agency of a bank that is not organized under the law of the United States or a state are located:

(a)In the state that the law of the United States designates, if the law designates a state of location;

(b)In the state that the registered organization, branch, or agency designates, if the law of the United States authorizes the registered organization, branch, or agency to designate its state of location, including by designating its main office, home office, or other comparable office; or

(c)In the District of Columbia, if neither par.

(a)nor par.

(b)applies.