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    Wisconsin Lawyer
    August 01, 2001

    Wisconsin Lawyer August 2001: Wisconsin Department of Financial Institutions Will Administer UCC Article 9, Lien Filing System

    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.

    Page 1: Financing Statements Under Revised UCC Article 9>


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