Wisconsin Statutes

Wis. Stat. § 409.317 (2026)

Interests that take priority over or take free of security interest or agricultural lien

✓ current as of July 2026

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409.317409.317 Interests that take priority over or take free of security interest or agricultural lien.

409.317(1)(1) Conflicting security interests and rights of lien creditors. A security interest or agricultural lien is subordinate to the rights of:

409.317(1)(a)(a) A person entitled to priority under s. 409.322; and

409.317(1)(b)(b) Except as otherwise provided in sub. (5), a person that becomes a lien creditor before the earlier of the time:

409.317(1)(b)1.1. The security interest or agricultural lien is perfected; or

409.317(1)(b)2.2. One of the conditions specified in s. 409.203 (2) (c) is met and a financing statement covering the collateral is filed.

409.317(2)(2) Buyers that receive delivery. Except as otherwise provided in sub. (5), a buyer, other than a secured party, of tangible chattel paper, tangible documents, goods, instruments, or a certificated security takes free of a security interest or agricultural lien if the buyer gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.

409.317(3)(3) Lessees that receive delivery. Except as otherwise provided in sub. (5), a lessee of goods takes free of a security interest or agricultural lien if the lessee gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.

409.317(4)(4) Licensees and buyers of certain collateral. A licensee of a general intangible or a buyer, other than a secured party, of collateral other than tangible chattel paper, tangible documents, goods, instruments, or a certificated security takes free of a security interest if the licensee or buyer gives value without knowledge of the security interest and before it is perfected.

409.317(5)(5) Purchase-money security interest. Except as otherwise provided in ss. 409.320 and 409.321, if a person files a financing statement with respect to a purchase-money security interest before or within 20 days after the debtor receives delivery of the collateral, the security interest takes priority over the rights of a buyer, lessee, or lien creditor which arise between the time the security interest attaches and the time of filing.

409.317 HistoryHistory: 2001 a. 10; 2009 a. 322; 2011 a. 206.

Notes of Decisions

Cited in 5 cases (1 in the last 5 years), 2008–2021 · leading case: Arthur Glick Truck Sales, Inc. v. Stuphen East Corp., 914 F. Supp. 2d 529 (S.D.N.Y. 2012).

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Arthur Glick Truck Sales, Inc. v. Stuphen East Corp., 914 F. Supp. 2d 529 (S.D.N.Y. 2012). · cites it 5× “Law § 9-317 (e); Wis. Stat. Ann. § 409.317 (5). According to Defendant, the *537 Fire Districts qualify as “buyers in ordinary course of business” — persons that buy goods “in good faith .”

Liebzeit v. FVTS Acquisition Co. (In Re Wolverine Fire Apparatus Co.), 465 B.R. 808 (Bankr. E.D. Wis. 2012). · cites it 2× “, Wis. Stat. §§ 409.317 , 409.322. Subject to notice requirements, a consignor’s perfected interest, treated as a perfected purchase-money security interest in inventory, generally has priority over a conflicting security interest in the same inventory.”

Herrell v. DeCora (In Re DeCora), 387 B.R. 230 (Bankr. W.D. Wis. 2008). · cites it 6× “See Wis. Stat. § 409.317 ; Muggli Dental Studio v.”

Lanser v. First Bank Fin. Centre (In re Vorobil), 568 B.R. 797 (Bankr. E.D. Wis. 2017). · cites it 2× “See Wis. Stat. § 409.317 (l)(b). II. Avoidance of Bank’s Interest in Promissory Note In a separate transaction, the Debtor executed’ a commercial security agreement granting the Bank a security interest in collateral described as “Assignment of Spaulding Clinical Certificate…”

Zachery R Leaver (Bankr. W.D. Wis. 2021). · cites it 2× “” Uniform Commercial Code Comment 3, Section 409.317. Excluding those instances in which a security interest is deemed to be perfected upon attachment and without further action by the secured party, the “steps required for perfection” under Article Nine are either the filing of…”

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