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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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