Wisconsin § 409.322 - Priorities among conflicting security interests in and agricultural liens on same collateral.

§ 409.322. Priorities among conflicting security interests in and agricultural liens on same collateral.

409.322(1) (1) General priority rules. Except as otherwise provided in this section, priority among conflicting security interests and agricultural liens in the same collateral is determined according to the following rules: 409.322(1)(a) (a) Conflicting perfected security interests and agricultural liens rank according to priority in time of filing or perfection. Priority dates from the earlier of the time a filing covering the collateral is first made or the security interest or agricultural lien is first perfected, if there is no period thereafter when there is neither filing nor perfection. 409.322(1)(b) (b) A perfected security interest or agricultural lien has priority over a conflicting unperfected security interest or agricultural lien. 409.322(1)(c) (c) The first security interest or agricultural lien to attach or become effective has priority if conflicting security interests and agricultural liens are unperfected. 409.322(2) (2) Time of perfection: proceeds and supporting obligations. For the purposes of sub. (1) (a) : 409.322(2)(a) (a) The time of filing or perfection as to a security interest in collateral is also the time of filing or perfection as to a security interest in proceeds; and 409.322(2)(b) (b) The time of filing or perfection as to a security interest in collateral supported by a supporting obligation is also the time of filing or perfection as to a security interest in the supporting obligation. 409.322(3) (3) Special priority rules: proceeds and supporting obligations. Except as otherwise provided in sub. (6) , a security interest in collateral which qualifies for priority over a conflicting security interest under s.