Wisconsin Statutes
Wis. Stat. § 409.402 (2026)
Secured party not obligated on contract of debtor or in tort
✓ current as of July 2026
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409.402409.402 Secured party not obligated on contract of debtor or in tort. The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor’s acts or omissions.
Notes of Decisions
Cited in 15
cases, 1978–1996 · leading case: First Agri Servs., Inc. v. Kahl, 385 N.W.2d 191 (Wis. Ct. App. 1986).
First Agri Servs., Inc. v. Kahl, 385 N.W.2d 191 (Wis. Ct. App. 1986). “Because we conclude that PCA's financing statement became "seriously misleading" within the meaning of sec. 409.402(7), Stats., 1 after the change, that filing was insufficient to perfect an interest in property acquired by the business more than four months after the…”
P.A.G. Garden Prairie, Inc. v. Cent. Wisconsin AG Supply, Inc., 36 B.R. 908 (W.D. Wis. 1984). “§ 409.402(8)). The Bankruptcy Court, Judge Robert Martin presiding, answered in the affirmative by memorandum decision dated July 12, 1983, 31 B.”
Smith & Spidahl Enter., Inc. v. Lee, 557 N.W.2d 865 (Wis. Ct. App. 1996). “The requirements for a financing statement are set forth in § 409.402, STATS., which provides in relevant part: Formal requisites of financing statement; amendments; mortgage as financing statement.”
Am. Honda Fin. Corp. v. Cilek (In Re Cilek), 115 B.R. 974 (Bankr. W.D. Wis. 1990). “It is clear that the primary purpose of § 409.402 (corresponding to § 9-402 of the Uniform Commercial Code) is to provide notice to third parties of the possible claims of others.”
Becker v. Bank of Barron (In Re Becker), 53 B.R. 450 (W.D. Wis. 1985). “It is clear that the primary purpose of § 409.402 (corresponding to § 9-402 of the Uniform Commercial Code) is to provide notice to third parties of the possible claims of others.”
Matter of Younce, 56 B.R. 232 (E.D. Wis. 1985). “In a situation such as the present one, the requisites of a financing statement are set forth in Wis.Stat. § 409.402(l)(b), which provides, in relevant part: (b) When the financing statement covers crops growing or to be grown, the statement must also contain a description of…”
Nat'l Acceptance Co. v. Doede, 78 F.R.D. 333 (W.D. Wis. 1978). “” See Official UCC Comment to Article 9-402, Wis.Stat. § 409.402. The items of other equipment as to which the plaintiff is requesting judgment were sufficiently covered by the financing statement description as to put the plaintiff on notice that further inquiry would be…”
Matter of Johnson, 47 B.R. 204 (Bankr. W.D. Wis. 1985). “§ 409.402(1) to give- “notice that further inquiry would be necessary to ascertain the existence or nonexistence of prior encumbrances” on milk.”
Matter of Don Miller, Inc., 35 B.R. 714 (Bankr. E.D. Wis. 1984). “, precludes a finding that Miller has a security interest in the debtor’s property, and § 409.402(1), 6 Wis.Stat., precludes a finding that Miller perfected a security interest in the debtor’s property.”
P.A.G. Garden Prairie, Inc. v. Cent. Wisconsin Ag Supply, Inc. (In Re Cent. Wisconsin Ag Supply, Inc.), 31 B.R. 479 (Bankr. W.D. Wis. 1983). “relies upon Wis.Stat. § 409.402(8) which allows some variance in the information included in the financing statement.”
Matter of Younce, 44 B.R. 102 (Bankr. E.D. Wis. 1984). “§ 409.402(l)(b) provides: When the financing statement covers crops growing or to be grown, the statement must also contain a description of the real estate concerned.”
Kepler v. Prod. Credit Ass'n (In re Godfrey), 59 B.R. 232 (W.D. Wis. 1986). “§§ 409.402(l)(a) and 409.110. 1 If correct *233 the trustee as a “lien creditor” may avoid PCA’s security interest pursuant to 11 U.”
— Wis. Stat. § 409.402(1) — 2 cases
Matter of Johnson, 47 B.R. 204 (Bankr. W.D. Wis. 1985). “§ 409.402(1) to give- “notice that further inquiry would be necessary to ascertain the existence or nonexistence of prior encumbrances” on milk.”
Matter of Don Miller, Inc., 35 B.R. 714 (Bankr. E.D. Wis. 1984). “, precludes a finding that Miller has a security interest in the debtor’s property, and § 409.402(1), 6 Wis.Stat., precludes a finding that Miller perfected a security interest in the debtor’s property.”
— Wis. Stat. § 409.402(1)(a) — 1 case
Matter of Godfrey, 59 B.R. 232 (Bankr. W.D. Wis. 1986).
— Wis. Stat. § 409.402(3m) — 1 case
In Re Wright, 196 B.R. 97 (Bankr. W.D. Wis. 1995).
— Wis. Stat. § 409.402(7) — 2 cases
First Agri Servs., Inc. v. Kahl, 385 N.W.2d 191 (Wis. Ct. App. 1986). “Because we conclude that PCA's financing statement became "seriously misleading" within the meaning of sec. 409.402(7), Stats., 1 after the change, that filing was insufficient to perfect an interest in property acquired by the business more than four months after the…”
In Re Falk Interiors, Inc., 61 B.R. 720 (Bankr. W.D. Wis. 1986).
— Wis. Stat. § 409.402(8) — 4 cases
P.A.G. Garden Prairie, Inc. v. Cent. Wisconsin AG Supply, Inc., 36 B.R. 908 (W.D. Wis. 1984). “§ 409.402(8)). The Bankruptcy Court, Judge Robert Martin presiding, answered in the affirmative by memorandum decision dated July 12, 1983, 31 B.”
First Agri Servs., Inc. v. Kahl, 385 N.W.2d 191 (Wis. Ct. App. 1986). “Because we conclude that PCA's financing statement became "seriously misleading" within the meaning of sec. 409.402(7), Stats., 1 after the change, that filing was insufficient to perfect an interest in property acquired by the business more than four months after the…”
Becker v. Bank of Barron (In Re Becker), 53 B.R. 450 (W.D. Wis. 1985). “It is clear that the primary purpose of § 409.402 (corresponding to § 9-402 of the Uniform Commercial Code) is to provide notice to third parties of the possible claims of others.”
P.A.G. Garden Prairie, Inc. v. Cent. Wisconsin Ag Supply, Inc. (In Re Cent. Wisconsin Ag Supply, Inc.), 31 B.R. 479 (Bankr. W.D. Wis. 1983). “relies upon Wis.Stat. § 409.402(8) which allows some variance in the information included in the financing statement.”
— Wis. Stat. § 409.402(l)(a) — 4 cases
Becker v. Bank of Barron (In Re Becker), 53 B.R. 450 (W.D. Wis. 1985). “It is clear that the primary purpose of § 409.402 (corresponding to § 9-402 of the Uniform Commercial Code) is to provide notice to third parties of the possible claims of others.”
P.A.G. Garden Prairie, Inc. v. Cent. Wisconsin AG Supply, Inc., 36 B.R. 908 (W.D. Wis. 1984). “§ 409.402(8)). The Bankruptcy Court, Judge Robert Martin presiding, answered in the affirmative by memorandum decision dated July 12, 1983, 31 B.”
P.A.G. Garden Prairie, Inc. v. Cent. Wisconsin Ag Supply, Inc. (In Re Cent. Wisconsin Ag Supply, Inc.), 31 B.R. 479 (Bankr. W.D. Wis. 1983). “relies upon Wis.Stat. § 409.402(8) which allows some variance in the information included in the financing statement.”
Kepler v. Prod. Credit Ass'n (In re Godfrey), 59 B.R. 232 (W.D. Wis. 1986). “§§ 409.402(l)(a) and 409.110. 1 If correct *233 the trustee as a “lien creditor” may avoid PCA’s security interest pursuant to 11 U.”
— Wis. Stat. § 409.402(l)(b) — 3 cases
Smith & Spidahl Enter., Inc. v. Lee, 557 N.W.2d 865 (Wis. Ct. App. 1996). “The requirements for a financing statement are set forth in § 409.402, STATS., which provides in relevant part: Formal requisites of financing statement; amendments; mortgage as financing statement.”
Matter of Younce, 56 B.R. 232 (E.D. Wis. 1985). “In a situation such as the present one, the requisites of a financing statement are set forth in Wis.Stat. § 409.402(l)(b), which provides, in relevant part: (b) When the financing statement covers crops growing or to be grown, the statement must also contain a description of…”
Matter of Younce, 44 B.R. 102 (Bankr. E.D. Wis. 1984). “§ 409.402(l)(b) provides: When the financing statement covers crops growing or to be grown, the statement must also contain a description of the real estate concerned.”
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