Wis. Stat. » CHAPTER 409 — UNIFORM COMMERCIAL CODE — SECURED TRANSACTIONS
Wisconsin Statutes

Wis. Stat. § 409.318 (2026)

No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers

✓ current as of July 2026
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409.318409.318 No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers.
409.318(1)(1) Seller retains no interest. A debtor that has sold an account, chattel paper, payment intangible, or promissory note does not retain a legal or equitable interest in the collateral sold.
409.318(2)(2) Deemed rights of debtor if buyer’s security interest unperfected. For purposes of determining the rights of creditors of, and purchasers for value of an account or chattel paper from, a debtor that has sold an account or chattel paper, while the buyer’s security interest is unperfected, the debtor is deemed to have rights and title to the account or chattel paper identical to those the debtor sold.
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409.318 HistoryHistory: 2001 a. 10.
Notes of Decisions
Cited in 4 cases, 1978–2001 · leading case: Bank of Waunakee, a Wisconsin Banking Corp. v. Rochester Cheese Sales, Inc., a Minnesota Corp., 906 F.2d 1185 (7th Cir. 1990).
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Bank of Waunakee, a Wisconsin Banking Corp. v. Rochester Cheese Sales, Inc., a Minnesota Corp., 906 F.2d 1185 (7th Cir. 1990). · cites it 3× “Wis.Stat. § 409.318(1). The Bank asserts that section 409.”
City Bank & Trust Co. of Portage v. Don's Elec., Inc. (In Re Don's Elec., Inc.), 65 B.R. 399 (Bankr. W.D. Wis. 1986). · cites it 6× “§ 409.318 provides: *403 (1) Unless an account debtor has made an enforceable agreement not to assert defenses or claims arising out of a sale as provided in s.”
Kornitz v. Commonwealth Land Title Ins., 260 N.W.2d 680 (Wis. 1978). “2 The Uniform Commercial Code, sec. 409.318(3), Stats., reiterates this notice requirement.”
Schneider Nat'l, Inc. v. Bridgestone/Firestone, Inc., 200 F. Supp. 2d 1006 (E.D. Wis. 2001). · cites it 10× “” The plaintiff further maintains that Wis. Stat. § 409.318 , which Bridgestone asserts preserves its right to set-offs, pertains to secured transactions and has no application to the instant case.”
— Wis. Stat. § 409.318(1) — 2 cases
Bank of Waunakee, a Wisconsin Banking Corp. v. Rochester Cheese Sales, Inc., a Minnesota Corp., 906 F.2d 1185 (7th Cir. 1990). “Wis.Stat. § 409.318(1). The Bank asserts that section 409.”
City Bank & Trust Co. of Portage v. Don's Elec., Inc. (In Re Don's Elec., Inc.), 65 B.R. 399 (Bankr. W.D. Wis. 1986). “§ 409.318 provides: *403 (1) Unless an account debtor has made an enforceable agreement not to assert defenses or claims arising out of a sale as provided in s.”
— Wis. Stat. § 409.318(3) — 1 case
Kornitz v. Commonwealth Land Title Ins., 260 N.W.2d 680 (Wis. 1978). “2 The Uniform Commercial Code, sec. 409.318(3), Stats., reiterates this notice requirement.”
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