Wisconsin Statutes
Wis. Stat. § 409.312 (2026)
Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights, and money; perfection by permissive filing; temporary perfection without filing or transfer of possession
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409.312409.312 Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights, and money; perfection by permissive filing; temporary perfection without filing or transfer of possession.
409.312(1)(1) Perfection by filing permitted. A security interest in chattel paper, negotiable documents, instruments, or investment property may be perfected by filing.
409.312(2)(2) Control or possession of certain collateral. Except as otherwise provided in s. 409.315 (3) and (4) for proceeds:
409.312(2)(a)(a) A security interest in a deposit account may be perfected only by control under s. 409.314;
409.312(2)(b)(b) And except as otherwise provided in s. 409.308 (4), a security interest in a letter-of-credit right may be perfected only by control under s. 409.314; and
409.312(2)(c)(c) A security interest in money may be perfected only by the secured party’s taking possession under s. 409.313.
409.312(3)(3) Goods covered by negotiable document. While goods are in the possession of a bailee that has issued a negotiable document covering the goods:
409.312(3)(a)(a) A security interest in the goods may be perfected by perfecting a security interest in the document; and
409.312(3)(b)(b) A security interest perfected in the document has priority over any security interest that becomes perfected in the goods by another method during that time.
409.312(4)(4) Goods covered by nonnegotiable document. While goods are in the possession of a bailee that has issued a nonnegotiable document covering the goods, a security interest in the goods may be perfected by:
409.312(5)(5) Temporary perfection: new value. A security interest in certificated securities, negotiable documents, or instruments is perfected without filing or the taking of possession or control for a period of 20 days from the time it attaches to the extent that it arises for new value given under an authenticated security agreement.
409.312(6)(6) Temporary perfection: goods or documents made available to debtor. A perfected security interest in a negotiable document or goods in possession of a bailee, other than one that has issued a negotiable document for the goods, remains perfected for 20 days without filing if the secured party makes available to the debtor the goods or documents representing the goods for the purpose of:
409.312(6)(b)(b) Loading, unloading, storing, shipping, transshipping, manufacturing, processing, or otherwise dealing with them in a manner preliminary to their sale or exchange.
409.312(7)(7) Temporary perfection: delivery of security certificate or instrument to debtor. A perfected security interest in a certificated security or instrument remains perfected for 20 days without filing if the secured party delivers the security certificate or instrument to the debtor for the purpose of:
409.312(8)(8) Expiration of temporary perfection. After the 20-day period specified in sub. (5), (6), or (7) expires, perfection depends upon compliance with this chapter.
Notes of Decisions
Cited in 14
cases, 1970–2002 · leading case: House of Stainless, Inc. v. Marshall & Ilsley Bank, 249 N.W.2d 561 (Wis. 1977).
House of Stainless, Inc. v. Marshall & Ilsley Bank, 249 N.W.2d 561 (Wis. 1977). “M & I claims priority for its claim under sec. 409.312, Stats., which determines priority among conflicting interests in the same collateral.”
Prod. Credit Ass'n v. Jacobson, 388 N.W.2d 655 (Wis. Ct. App. 1986). “, provides: A perfected security interest in crops for new value given to enable the debtor to produce the crops during the production season and given not more than 3 months before the crops become growing crops by planting or otherwise takes priority over an earlier perfected…”
Michaels v. Ford Motor Credit Co. (In Re Michaels), 156 B.R. 584 (Bankr. E.D. Wis. 1993). “The Bank and Mi-chaels maintain that “receives possession” means delivery and that, in order for John Deere to qualify for protection under Wis. Stat. § 409.312 (4), it must have filed its UCC financing statements within 20 days after the equipment had been delivered to Michaels.”
United States v. Fullpail Cattle Sales, Inc., 640 F. Supp. 976 (E.D. Wis. 1986). “As to the other conflicting interests, the dispositive rule is set forth in Wis.Stat. § 409.312(5)(a) which provides as follows: Conflicting security interests rank according to priority in time of filing or perfection.”
Smith & Spidahl Enter., Inc. v. Lee, 557 N.W.2d 865 (Wis. Ct. App. 1996). “First, Ag-Tech contends that it has a superior claim pursuant to § 409.312(2), STATS., which provides: A perfected security interest in crops for new value given to enable the debtor to produce the crops during the production season and given not more than 3 months before the…”
Milwaukee MacK Sales, Inc. v. First Wisconsin Nat'l Bank of Milwaukee, 287 N.W.2d 708 (Wis. 1980). “” Subsection (a) of the latter provision refers in turn to sec. 409.312, Stats., which states at subsection (5) (b) that “[s]o long as conflicting security interests are unperfected, the first to attach has priority.”
Mumm v. Adametz (In Re Adametz), 53 B.R. 299 (Bankr. W.D. Wis. 1985). “§ 409.312(4). That section provides, “A purchase money security interest in collateral other than inventory has priority over a conflicting security interest in the same collateral or its proceeds if the purchase money security interest is perfected at the time the debtor…”
Dairy State Bank v. Consol. Farm Serv. Agency (In Re Wright), 192 B.R. 946 (W.D. Wis. 1996). “unless appellant’s April 6,1994 loan qualifies for priority pursuant to § 409.312(4), Wis.Stat. The special priority of § 409.”
Columbia Int'l Corp. v. Kempler, 175 N.W.2d 465 (Wis. 1970). “20 See also sec. 409.312, Stats. 21 (D. C. Pa. 1968), 280 Fed.”
Textron Fin. Corp. v. Firstar Bank Wisconsin, 579 N.W.2d 48 (Wis. Ct. App. 1998). “Textron brought this action against Firstar claiming wrongful conversion. Both Textron and Firstar moved for summary judgment.”
Return of Prop. in State v. Pippin, 500 N.W.2d 407 (Wis. Ct. App. 1993). “Section 409.312(4), Wis. Stats. (In Minnesota, a holder of a purchase money security interest in consumer goods need not file to perfect its interest.”
In Re Wright, 196 B.R. 97 (Bankr. W.D. Wis. 1995). “Because the security interest was never recorded, CFSA contends that it was never perfected so as to achieve priority status under § 409.312(4). The bank is unable to explain why the security interest was not recorded, but nonetheless contends it took every step necessary for…”
— Wis. Stat. § 409.312(2) — 2 cases
Prod. Credit Ass'n v. Jacobson, 388 N.W.2d 655 (Wis. Ct. App. 1986). “, provides: A perfected security interest in crops for new value given to enable the debtor to produce the crops during the production season and given not more than 3 months before the crops become growing crops by planting or otherwise takes priority over an earlier perfected…”
Smith & Spidahl Enter., Inc. v. Lee, 557 N.W.2d 865 (Wis. Ct. App. 1996). “First, Ag-Tech contends that it has a superior claim pursuant to § 409.312(2), STATS., which provides: A perfected security interest in crops for new value given to enable the debtor to produce the crops during the production season and given not more than 3 months before the…”
— Wis. Stat. § 409.312(3) — 1 case
Textron Fin. Corp. v. Firstar Bank Wisconsin, 579 N.W.2d 48 (Wis. Ct. App. 1998). “Textron brought this action against Firstar claiming wrongful conversion. Both Textron and Firstar moved for summary judgment.”
— Wis. Stat. § 409.312(4) — 6 cases
Michaels v. Ford Motor Credit Co. (In Re Michaels), 156 B.R. 584 (Bankr. E.D. Wis. 1993). “The Bank and Mi-chaels maintain that “receives possession” means delivery and that, in order for John Deere to qualify for protection under Wis. Stat. § 409.312 (4), it must have filed its UCC financing statements within 20 days after the equipment had been delivered to Michaels.”
Mumm v. Adametz (In Re Adametz), 53 B.R. 299 (Bankr. W.D. Wis. 1985). “§ 409.312(4). That section provides, “A purchase money security interest in collateral other than inventory has priority over a conflicting security interest in the same collateral or its proceeds if the purchase money security interest is perfected at the time the debtor…”
Dairy State Bank v. Consol. Farm Serv. Agency (In Re Wright), 192 B.R. 946 (W.D. Wis. 1996). “unless appellant’s April 6,1994 loan qualifies for priority pursuant to § 409.312(4), Wis.Stat. The special priority of § 409.”
Return of Prop. in State v. Pippin, 500 N.W.2d 407 (Wis. Ct. App. 1993). “Section 409.312(4), Wis. Stats. (In Minnesota, a holder of a purchase money security interest in consumer goods need not file to perfect its interest.”
In Re Wright, 196 B.R. 97 (Bankr. W.D. Wis. 1995). “Because the security interest was never recorded, CFSA contends that it was never perfected so as to achieve priority status under § 409.312(4). The bank is unable to explain why the security interest was not recorded, but nonetheless contends it took every step necessary for…”
— Wis. Stat. § 409.312(5)(a) — 2 cases
United States v. Fullpail Cattle Sales, Inc., 640 F. Supp. 976 (E.D. Wis. 1986). “As to the other conflicting interests, the dispositive rule is set forth in Wis.Stat. § 409.312(5)(a) which provides as follows: Conflicting security interests rank according to priority in time of filing or perfection.”
Dairy State Bank v. Consol. Farm Serv. Agency (In Re Wright), 192 B.R. 946 (W.D. Wis. 1996). “unless appellant’s April 6,1994 loan qualifies for priority pursuant to § 409.312(4), Wis.Stat. The special priority of § 409.”
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