409.323 Future advances.
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/wi/chapter-409/409-323A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
409.323 Future advances.
(1)When priority based on time of advance. Except as otherwise provided in sub.
(3), for purposes of determining the priority of a perfected security interest under s. 409.322
(a), perfection of the security interest dates from the time an advance is made to the extent that the security interest secures an advance that:
(a)Is made while the security interest is perfected only:
1. Under s. 409.309 when it attaches; or
2. Temporarily under s. 409.312
(5),
(6), or
(7); and
(b)Is not made pursuant to a commitment entered into before or while the security interest is perfected by a method other than under s. 409.309 or 409.312
(5),
(6), or
(7).
(2)Lien creditor. Except as otherwise provided in sub.
(3), a security interest is subordinate to the rights of a person that becomes a lien creditor to the extent that the security interest secures an advance made more than 45 days after the person becomes a lien creditor unless the advance is made:
(a)Without knowledge of the lien; or
(b)Pursuant to a commitment entered into without knowledge of the lien.