Wisconsin Statutes
Wis. Stat. § 409.505 (2026)
Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions
✓ current as of July 2026
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409.505409.505 Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions.
409.505(1)(1) Use of terms other than debtor and secured party. A consignor, lessor, or other bailor of goods, a licensor, or a buyer of a payment intangible or promissory note may file a financing statement, or may comply with a statute or treaty described in s. 409.311 (1), using the terms “consignor”, “consignee”, “lessor”, “lessee”, “bailor”, “bailee”, “licensor”, “licensee”, “owner”, “registered owner”, “buyer”, “seller”, or words of similar import, instead of the terms “secured party” and “debtor”.
409.505(2)(2) Effect of financing statement under sub. (1). This subchapter applies to the filing of a financing statement under sub. (1) and, as appropriate, to compliance that is equivalent to filing a financing statement under s. 409.311 (2), but the filing or compliance is not of itself a factor in determining whether the collateral secures an obligation. If it is determined for another reason that the collateral secures an obligation, a security interest held by the consignor, lessor, bailor, licensor, owner, or buyer which attaches to the collateral is perfected by the filing or compliance.
Notes of Decisions
Cited in 2
cases, 2000–2001 · leading case: Nat'l Operating, L.P. v. Mut. Life Ins., 2001 WI 87 (Wis. 2001).
Nat'l Operating, L.P. v. Mut. Life Ins., 2001 WI 87 (Wis. 2001). “[11] Under Wis. Stat. § 409.505 (2), a secured creditor may, after default, propose to retain the collateral in satisfaction of the debt secured by the collateral.”
Banks Bros. Corp. v. Donovan Floors, Inc., 2000 WI App 253 (Wis. Ct. App. 2000). “Although the Donovans and their companies asserted a number of reasons in support of their motion seeking relief from the foreclosure judgment, only one is pursued on this appeal — they contend, as phrased in their motion before the trial court, that "[t]he Foreclosure Judgment…”
— Wis. Stat. § 409.505(2) — 2 cases
Nat'l Operating, L.P. v. Mut. Life Ins., 2001 WI 87 (Wis. 2001). “[11] Under Wis. Stat. § 409.505 (2), a secured creditor may, after default, propose to retain the collateral in satisfaction of the debt secured by the collateral.”
Banks Bros. Corp. v. Donovan Floors, Inc., 2000 WI App 253 (Wis. Ct. App. 2000). “Although the Donovans and their companies asserted a number of reasons in support of their motion seeking relief from the foreclosure judgment, only one is pursued on this appeal — they contend, as phrased in their motion before the trial court, that "[t]he Foreclosure Judgment…”
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