409.316 Effect of change in governing law.

266 words·~1 min read·/wi/chapter-409/409-316

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

(1)General rule: effect on perfection of change in governing law. A security interest perfected pursuant to the law of the jurisdiction designated in s. 409.301

(1)or 409.305

(3)remains perfected until the earliest of:

(a)The time perfection would have ceased under the law of that jurisdiction;

(b)The expiration of 4 months after a change of the debtor’s location to another jurisdiction; or

(c)The expiration of one year after a transfer of collateral to a person that thereby becomes a debtor and is located in another jurisdiction.

(2)Security interest perfected or unperfected under law of new jurisdiction. If a security interest described in sub.

(1)becomes perfected under the law of the other jurisdiction before the earliest time or event described in that subsection, it remains perfected thereafter. If the security interest does not become perfected under the law of the other jurisdiction before the earliest time or event, it becomes unperfected and is deemed never to have been perfected as against a purchaser of the collateral for value.

(3)Possessory security interest in collateral moved to new jurisdiction. A possessory security interest in collateral, other than goods covered by a certificate of title and as-extracted collateral consisting of goods, remains continuously perfected if:

(a)The collateral is located in one jurisdiction and subject to a security interest perfected under the law of that jurisdiction;

(b)Thereafter the collateral is brought into another jurisdiction; and

(c)Upon entry into the other jurisdiction, the security interest is perfected under the law of the other jurisdiction.