Wisconsin Legislature: Chapter DFI-CCS 3

DFI-CCS 3.01 DFI-CCS 3.01 Purpose. The filing officer uses an information management system to store, index, and retrieve information relating to financing statements. The information management system includes an index of the names of debtors named on financing statements. This chapter describes the UCC information management system.

DFI-CCS 3.01 History History: CR 01-122: cr. Register February 2002 No. 554, eff. 3-1-02.

DFI-CCS 3.02 DFI-CCS 3.02 Primary data elements. The primary data elements used in the UCC information management system shall be the following:

DFI-CCS 3.02(1) (1) Identification numbers.

DFI-CCS 3.02(1)(a)(a) Each initial financing statement shall be identified by its file number as set forth in s. DFI-CCS 1.01 (7). Identification of the initial financing statement shall be permanently associated with the record maintained for UCC documents in the UCC information management system. A record shall be created in the information management system for each initial financing statement, and all information comprising the record shall be maintained in the system. The record shall be identified by the same information assigned to the initial financing statement.

DFI-CCS 3.02(1)(b) (b) A UCC document other than an initial financing statement shall be identified by a unique file number assigned by the filing officer. In the information management system, records of all UCC documents other than initial financing statements shall be linked to the record of their related initial financing statement.

DFI-CCS 3.02(2) (2) Type of document. The type of UCC document from which data is transferred shall be identified in the information management system from information supplied by the remitter.

DFI-CCS 3.02(3) (3) Filing date and filing time. The filing date and filing time of UCC documents shall be stored in the information management system. Calculation of the lapse date of an initial financing statement shall be based upon the filing date.

DFI-CCS 3.02(4) (4) Identification of parties. The names and addresses of debtors and secured parties shall be transferred from UCC documents to the UCC information management system using one or more data entry or transmittal techniques.

DFI-CCS 3.02(5) (5) Status of financing statement. In the information management system, each financing statement shall have a status of active or lapsed.

DFI-CCS 3.02(6) (6) Page count. The total number of pages in a UCC document shall be maintained in the information management system.

DFI-CCS 3.02(7) (7) Lapse indicator. An indicator shall be maintained by which the information management system identifies whether or not a financing statement shall lapse and, if it does, when it shall lapse. The lapse date shall be determined as provided in s. DFI-CCS 4.05.

DFI-CCS 3.02 History History: CR 01-122: cr. Register February 2002 No. 554, eff. 3-1-02; CR 23-026: am. (5) Register February 2024 No. 818, eff. 3-1-24.

DFI-CCS 3.03 DFI-CCS 3.03 Names of debtors who are individuals. The following shall apply to the name of a debtor or a secured party on a UCC document who is an individual as defined in s. DFI-CCS 1.01 (15):

DFI-CCS 3.03(1) (1) Individual name fields. The names of individuals shall be stored in files that include only the names of individuals, and not the names of organizations. Separate data entry fields shall be established for first (given), middle (given), and last names (surnames or family names) of individuals. A filer shall place the name of a debtor with a single name in the last name field. The filing officer shall assume no responsibility for the accurate designation of the components of a name but shall accurately enter the data in accordance with the filer's designations.

DFI-CCS 3.03 Note Note: Example: Place the name of a debtor with a single name “Cher" in the last name field.

DFI-CCS 3.03(2) (2) Titles and prefixes before names. Titles and prefixes shall not be entered in the UCC information management system. However, as provided in s. DFI-CCS 4.08, when a UCC document is submitted with designated name fields, the data shall be entered in the UCC information management system exactly as it appears.

DFI-CCS 3.03 Note Note: Example: “Doctor," “Reverend," “Mr." and “Ms." should not be entered in the system.

DFI-CCS 3.03(3) (3) Titles and suffixes after names. Titles or indications of status shall not be part of an individual's name and should not be provided by filers in UCC documents. Suffixes that indicate which individual is being named shall be appropriate. In either case, as provided in s. DFI-CCS 4.08, they shall be entered into the information management system exactly as received.

DFI-CCS 3.03 Note Note: Example: “M.D." and “esquire" should not be provided; “senior," “junior," “I," “II" and “III" are appropriate.

DFI-CCS 3.03(4) (4) Truncation - individual names. Personal name fields in the UCC database shall be fixed in length. Although filers should continue to provide full names on their UCC documents, a name that exceeds the fixed length shall be entered as presented to the filing officer, up to the maximum length of the data entry field.

DFI-CCS 3.03 History History: CR 01-122: cr. Register February 2002 No. 554, eff. 3-1-02; CR 23-026: renum. (4) (a) to (4), r. (4) (b) Register February 2024 No. 818, eff. 3-1-24.

DFI-CCS 3.04 DFI-CCS 3.04 Names of debtors that are organizations. The following shall apply to the name of an organization which is a debtor or a secured party on a UCC document:

DFI-CCS 3.04(1) (1) Single field. The names of organizations shall be stored in files that include only the names of organizations and not the names of individuals. A single field shall be used to store an organization name.

DFI-CCS 3.04(2) (2) Truncation - organization names. The organization name field in the UCC database shall be fixed in length. Although filers should continue to provide full names on UCC documents, a name that exceeds the fixed length shall be entered as presented to the filing officer, up to the maximum length of the data entry field.

DFI-CCS 3.04 History History: CR 01-122: cr. Register February 2002 No. 554, eff. 3-1-02; CR 23-026: am. (2) Register February 2024 No. 818, eff. 3-1-24.

DFI-CCS 3.05 DFI-CCS 3.05 Estates. Estates shall be treated as if the decedent were the debtor under s. DFI-CCS 3.03.

DFI-CCS 3.05 History History: CR 01-122: cr. Register February 2002 No. 554, eff. 3-1-02.

DFI-CCS 3.06 DFI-CCS 3.06 Trusts. If the trust is named in its organic document, its full legal name, as set forth in the document, shall be used. The trust shall be treated as an organization. If the trust is not so named, the name of the settlor shall be used. If a settlor is indicated to be an organization, the name shall be treated as an organization name. If the settlor is an individual, the name shall be treated as an individual name. A UCC document that uses a settlor's name shall include other information provided by the filer to distinguish the debtor trust from other trusts having the same settlor, and all financing statements filed against trusts or trustees acting with respect to property held in trust shall indicate the nature of the debtor. If this is done in, or as part of, the name of the debtor, it shall be entered as if it were a part of the name under ss. DFI-CCS 4.08 and 4.09.

DFI-CCS 3.06 History History: CR 01-122: cr. Register February 2002 No. 554, eff. 3-1-02.

DFI-CCS 3.07 DFI-CCS 3.07 Initial financing statement. Upon the filing of an initial financing statement the status of the parties and the status of the financing statement shall be as follows:

DFI-CCS 3.07(1) (1) Status of secured party. Each secured party named on an initial financing statement shall be a secured party of record, except that if the UCC document names an assignee, the secured party/assignor shall not be a secured party of record and the secured party/assignee shall be a secured party of record.

DFI-CCS 3.07(2) (2) Status of debtor. The status of a debtor named on the document shall be active and shall continue as active until one year after the financing statement lapses.

DFI-CCS 3.07(3) (3) Status of financing statement. The status of the financing statement shall be active. A lapse date shall be calculated, five years from the file date, unless the initial financing statement indicates that it is filed with respect to a public-financing transaction or a manufactured home transaction, in which case the lapse date shall be thirty years from the file date, or if the initial financing statement indicates that it is filed against a transmitting utility, in which case there shall be no lapse date. A financing statement shall remain active until one year after it lapses, or if it is indicated to be filed against a transmitting utility, until one year after it is terminated with respect to all secured parties of record.

DFI-CCS 3.07 History History: CR 01-122: cr. Register February 2002 No. 554, eff. 3-1-02.

DFI-CCS 3.08 DFI-CCS 3.08 Amendment. Upon the filing of an amendment, the status of the parties and the status of the financing statement shall be as follows: