There is a newer version of the Wisconsin Statutes & Annotations
2010 Wisconsin Code
Chapter 409. Uniform commercial code--secured transactions.
409.622 Effect of acceptance of collateral.
409.622
409.622 Effect of acceptance of collateral.409.622(1)
(1) Effect of acceptance. A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:409.622(1)(a)
(a) Discharges the obligation to the extent consented to by the debtor;409.622(1)(b)
(b) Transfers to the secured party all of a debtor's rights in the collateral;409.622(1)(c)
(c) Discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordinate lien; and409.622(1)(d)
(d) Terminates any other subordinate interest.409.622(2)
(2) Discharge of subordinate interest notwithstanding noncompliance. A subordinate interest is discharged or terminated under sub. (1), even if the secured party fails to comply with this chapter.409.622 - ANNOT.
History: 2001 a. 10.Disclaimer: These codes may not be the most recent version. Wisconsin may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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