Wisconsin Statutes
Wis. Stat. § 409.304 (2026)
Law governing perfection and priority of security interests in deposit accounts
✓ current as of July 2026
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409.304(1)(1) Law of bank’s jurisdiction governs. The local law of a bank’s jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a deposit account maintained with that bank.
409.304(2)(2) Bank’s jurisdiction. The following rules determine a bank’s jurisdiction for purposes of this subchapter:
409.304(2)(a)(a) If an agreement between the bank and the debtor governing the deposit account expressly provides that a particular jurisdiction is the bank’s jurisdiction for purposes of this subchapter, this chapter, or chs. 401 to 411, that jurisdiction is the bank’s jurisdiction.
409.304(2)(b)(b) If par. (a) does not apply and an agreement between the bank and its customer governing the deposit account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the bank’s jurisdiction.
409.304(2)(c)(c) If neither par. (a) nor par. (b) applies and an agreement between the bank and its customer governing the deposit account expressly provides that the deposit account is maintained at an office in a particular jurisdiction, that jurisdiction is the bank’s jurisdiction.
409.304(2)(d)(d) If none of pars. (a) to (c) applies, the bank’s jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the customer’s account is located.
409.304(2)(e)(e) If none of pars. (a) to (d) applies, the bank’s jurisdiction is the jurisdiction in which the chief executive office of the bank is located.
Notes of Decisions
Cited in 3
cases, 1983–1994 · leading case: Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Van Kylen (In Re Van Kylen), 98 B.R. 455 (Bankr. W.D. Wis. 1989).
Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Van Kylen (In Re Van Kylen), 98 B.R. 455 (Bankr. W.D. Wis. 1989). “§ 409.304(1). Thus, the functional importance of this second distinction lies in the fact that as to the accounts evidenced by an instrument, the reified intangible evidencing the account is an item of collateral commonly used in commercial transactions and to which the U.”
Armstrong v. Isbell (In Re Isbell), 27 B.R. 926 (Bankr. W.D. Wis. 1983). “A security interest in money or instruments (other than instruments which constitute part of chattel paper) can be perfected only by the secured party’s taking possession, except as provided in subs.”
Belke v. M & I First Nat'l Bank of Stevens Point, 525 N.W.2d 737 (Wis. Ct. App. 1994). “1 With exceptions not pertinent here, a security interest in an instrument is perfected only by the secured party's taking possession, not by filing at the secretary of state's office.”
— Wis. Stat. § 409.304(1) — 3 cases
Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Van Kylen (In Re Van Kylen), 98 B.R. 455 (Bankr. W.D. Wis. 1989). “§ 409.304(1). Thus, the functional importance of this second distinction lies in the fact that as to the accounts evidenced by an instrument, the reified intangible evidencing the account is an item of collateral commonly used in commercial transactions and to which the U.”
Armstrong v. Isbell (In Re Isbell), 27 B.R. 926 (Bankr. W.D. Wis. 1983). “A security interest in money or instruments (other than instruments which constitute part of chattel paper) can be perfected only by the secured party’s taking possession, except as provided in subs.”
Belke v. M & I First Nat'l Bank of Stevens Point, 525 N.W.2d 737 (Wis. Ct. App. 1994). “1 With exceptions not pertinent here, a security interest in an instrument is perfected only by the secured party's taking possession, not by filing at the secretary of state's office.”
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