Wis. Admin. Code Department of Financial Institutions DFI-CCS 2.03 - Grounds for refusal of UCC document

The following grounds shall be the sole grounds for the filing officer's refusal to accept a UCC document for filing:

(1) REQUIRED FORMAT.

(a) All information that shall be indexed shall be in characters that appear on a standard computer keyboard . All information shall be in American Standard Code for Information Exchange ("ASCII") character set. Only A through Z, 0 (zero) through 9, and "&" shall be considered searchable characters. All other characters shall be treated as punctuation.

(b) Filings shall contain all information necessary for acceptance, shall be clearly identified, and shall be labeled in a manner readily apparent to the filing officer.

(c) The documentation shall be headed by one of the titles listed in the following subdivisions, indicating that it should be filed in that UCC index category, or accompanied by a writing to be filed as part of the filing, instructing the filing officer that it shall be filed under one of the following UCC index category titles:

1. Financing statement.

2. Amendment.

3. Termination.

4. Continuation.

5. Assignment.

6. Correction.

(2) DEBTOR NAME AND ADDRESS. An initial financing statement or an amendment that adds a debtor shall be refused if the document fails to include a legible debtor name and address for a debtor, in the case of an initial financing statement, or for the debtor added in the case of an amendment. If the document contains more than one debtor name or address and some names or addresses are missing or illegible, the filing officer shall refuse the document.

(3) ADDITIONAL DEBTOR IDENTIFICATION. An initial financing statement or an amendment adding one or more debtors shall be refused if the document fails to identify whether each named debtor, or each added debtor in the case of an amendment, is an individual or an organization, if the last name of each individual debtor is not identified, or if, for each debtor identified as an organization, the document does not include in legible form the organization type and state of organization.

(4) SECURED PARTY NAME AND ADDRESS. An initial financing statement, an amendment that adds a secured party of record, or an assignment, shall be refused if the document fails to include a legible secured party, or assignee in the case of an assignment, name and address. If the document contains more than one secured party, or assignee, name or address and some names or addresses are missing or illegible, the filing officer shall refuse the UCC document.

(5) LACK OF IDENTIFICATION OF INITIAL FINANCING STATEMENT. A UCC document other than an initial financing statement shall be refused if the document does not provide a file number of an initial financing statement in the UCC information management system that has not lapsed.

(6) TIMELINESS OF CONTINUATION. A continuation shall be refused if it is not received during the 6-month period concluding on the day upon which the related financing statement would lapse.

(7) FEE. A document shall be refused if the document is accompanied by less than the full filing fee tendered by a method described in rule s. DFI-CCS 1.10.

(8) MEANS OF COMMUNICATION. UCC documents communicated to the filing office by a means of communication not authorized by the filing officer for the communication of UCC documents shall be refused.

(9) MULTIPLE ACTIONS. An individual amendment form shall be refused if it includes more than one filing action or if it amends information that cannot be indexed within the constraints of the form.

Note: Example: On the same form, the debtor and secured party shall not be added or changed. On the standard amendment form, more than one box 2-5 shall not be checked.

(11) IDENTIFYING INFORMATION. A UCC document that does not identify itself as an amendment or identify an initial financing statement to which it relates, as required by s. 409.512, 409.514 or 409.518, Stats., shall be refused for filing.

Notes

Wis. Admin. Code Department of Financial Institutions DFI-CCS 2.03

Adopted by, CR 01-122: cr. Register February 2002 No. 554, eff. 3-1-02; CR 23-026: r. (1) (d), am. (2), (3), (5), (6), (9), r. (10), renum. (11) from DFI-CCS 2.04 (8) and am. Register February 2024 No. 818, eff. 3/1/2024