Section DFI-CCS 3.08 - AmendmentUpon the filing of an amendment, the status of the parties and the status of the financing statement shall be as follows:
(1) STATUS OF SECURED PARTY AND DEBTOR. (a)Collateral amendment or address change. An amendment that amends only the collateral description or one or more addresses shall have no effect upon the status of any debtor or secured party. If a statement of amendment is authorized by less than all of the secured parties, or, in the case of an amendment that adds collateral, less than all of the debtors, the statement shall affect only the interests of each authorizing secured party or debtor.(b)Debtor name change. An amendment that changes a debtor's name shall have no effect on the status of any debtor or secured party, except that the related initial financing statement, and all UCC documents that include an identification of the initial financing statement shall be cross-indexed in the UCC information management system so that a search under either the debtor's old name or the debtor's new name shall reveal the initial financing statement and the related UCC documents. The statement of amendment shall affect only the rights of its authorizing secured party.(c)Secured party name change. An amendment that changes the name of a secured party shall have no effect on the status of any debtor or any secured party, but the new name shall be added to the index as if it were a new secured party of record. (d)Addition of a debtor. An amendment that adds a new debtor name shall have no effect upon the status of any party to the financing statement, except the new debtor name shall be added as a new debtor on the financing statement. The addition shall affect only the rights of the secured party authorizing the statement of amendment.(e)Addition of a secured party. An amendment that adds a new secured party shall not affect the status of any party to the financing statement, except that the new secured party name shall be added as a new secured party on the financing statement.(f)Deletion of a debtor. An amendment that deletes a debtor shall have no effect on the status of any party to the financing statement, even if the amendment purports to delete all debtors.(g)Deletion of a secured party. An amendment that deletes a secured party of record shall have no effect on the status of any party to the financing statement, even if the amendment purports to delete all secured parties of record.(2) STATUS OF FINANCING STATEMENT. An amendment shall have no effect upon the status of the financing statement, except that a continuation shall extend the period of effectiveness of a financing statement.Wis. Admin. Code Department of Financial Institutions DFI-CCS 3.08
CR 01-122: CR Register February 2002 No. 554, eff. 3-1-02.