Wisconsin Department of Financial Institutions Will Administer UCC
Article 9, Lien Filing System
by John F. Kundert, secretary, Department of Financial
Institutions
On June 22, 2001, Gov. Scott McCallum signed Senate Bill 9 into law.
The new Wisconsin Act 10 completely rewrites Article 9 of the Uniform
Commercial Code (UCC). The Department of Financial Institutions (DFI),
which administers the lien filing system established by Article 9,
provides this summary of the provisions specifically relating to DFI's
administration of UCC Article 9.
One of the significant changes made in this new law relates to the
role played by Wisconsin's County Registers of Deeds. In the past,
certain UCC lien filings could be made and searched in the offices of
each Register of Deeds. Under the new law, one central filing office is
established at DFI and Registers of Deeds can now choose to become
agents of DFI in the process of UCC liens. Until DFI's new system is in
place and those Registers of Deeds offices that choose to become agents
are fully trained, all non-real-estate-related UCC lien filings must be
made with DFI as of July 1. Please refer to new Wis. Stat. section
409.501, Filing Office, to determine the appropriate filing
office(s).
Effective July 1, 2001, Senate Bill 9 revises the Uniform Commercial
Code and affects filings in the following manner:
- changes the required information needed on filing forms;
- changes the form used for filings;
- changes the filing fees;
- changes the filing location - DFI is the filing office for the
majority of UCC filings;
- allows Registers of Deeds to become agents for DFI;
- increases public access to information; and
- increases public accountability.
Please visit DFI's Web site to
stay informed about its efforts to implement changes to UCC Article
9.
Wisconsin Lawyer
