Wisconsin Statutes
Wis. Stat. § 409.604 (2026)
Procedure if security agreement covers real property or fixtures
✓ current as of July 2026
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409.604(1)(1) Enforcement: personal and real property. If a security agreement covers both personal and real property, a secured party may proceed:
409.604(1)(a)(a) Under this subchapter as to the personal property without prejudicing any rights with respect to the real property; or
409.604(1)(b)(b) As to both the personal property and the real property in accordance with the rights with respect to the real property, in which case the other provisions of this subchapter do not apply.
409.604(2)(2) Enforcement: fixtures. Subject to sub. (3), if a security agreement covers goods that are or become fixtures, a secured party may proceed:
409.604(2)(b)(b) In accordance with the rights with respect to real property, in which case the other provisions of this subchapter do not apply.
409.604(3)(3) Removal of fixtures. Subject to the other provisions of this subchapter, if a secured party holding a security interest in fixtures has priority over all owners and encumbrancers of the real property, the secured party, after default, may remove the collateral from the real property.
409.604(4)(4) Injury caused by removal. A secured party that removes collateral shall promptly reimburse any encumbrancer or owner of the real property, other than the debtor, for the cost of repair of any physical injury caused by the removal. The secured party need not reimburse the encumbrancer or owner for any diminution in value of the real property caused by the absence of the goods removed or by any necessity of replacing them. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse.
Notes of Decisions
Cited in 1
case (1 in the last 5 years), 2021–2021 · leading case: Fannie Mae v. CSL Oshkosh LLC (E.D. Wis. 2021).
Fannie Mae v. CSL Oshkosh LLC (E.D. Wis. 2021). “The Court finds that the Mortgaged Property includes and covers both personal property and real property; therefore, pursuant to Wis. Stat. § 409.604 (1) Fannie Mae may proceed under part 6 of Wis.”
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