Ask Reggi Your Question Now
Can you summarize WIST Chapter 409?
Uniform Commercial Code. > Uniform commercial code secured transactions.
Short Summary
The provided legal document content covers various aspects related to secured transactions, assignment of rights, discharge of obligations, and lease agreements under the Wisconsin Statutes Uniform Commercial Code. The documents govern the alienability of a debtor’s rights in collateral, enforceability of agreements between account debtors and assignors, rights acquired by assignees, discharge of account debtors, creation/enforcement of security interests in lease agreements, restrictions on the assignment of promissory notes, health-care-insurance receivables, general intangibles, and letter-of-credit rights. These documents apply to debtors, secured parties, account debtors, assignees, assignors, lessors, lessees, and individuals/entities involved in the assignment of specific assets. Exemptions include assignments of health care insurance receivables, certain sales of payment intangibles or promissory notes, and lease agreement terms that do not involve the transfer of lessee’s right of possession or use of goods or delegation of material performance. No specific penalties are mentioned in these documents.
Whom does it apply to?
Debtors, secured parties, account debtors, assignees, assignors, lessors, lessees, and individuals/entities involved in the assignment of specific assets
What does it govern?
Secured transactions, assignment of rights, discharge of obligations, and lease agreements
What are exemptions?
Assignments of health care insurance receivables, certain sales of payment intangibles or promissory notes, and lease agreement terms that do not involve the transfer of lessee's right of possession or use of goods or delegation of material performance
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Wisconsin