(1) NOTIFICATION DATE. In this section, “notification date” means the earlier of the date on which: (a) A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or (b) The debtor and any secondary obligor waive the right to notification. (2) NOTIFICATION OF DISPOSITION REQUIRED. Except as otherwise provided in sub. (4), a secured party that disposes of collateral under s. 409.610 shall send to the persons specified in sub. (3) a reasonable, authenticated notification of disposition. (3) PERSONS TO BE NOTIFIED. To comply with sub. (2), the secured party shall send an authenticated notification of disposition to: (a) The debtor; (b) Any secondary obligor; and (c) If the collateral is other than consumer goods: 1. Any other person from which the secured party has received, before the notification date, an authenticated notification of a claim of an interest in the collateral; 2. Any other secured party or lienholder that, 10 days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that: a. Identified the collateral; b. Was indexed under the debtor’s name as of that date; and c. Was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and 3. Any other secured party that, 10 days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in s. 409.311 (1). (4) SUBSECTION (2) INAPPLICABLE: PERISHABLE COLLATERAL; RECOGNIZED MARKET. Subsection (2) does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market. (5) COMPLIANCE WITH SUB. (3) (C) 2. A secured party complies with the requirement for notification prescribed by sub. (3) (c) 2. if: (a) Not later than 20 days or earlier than 30 days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor’s name in the office indicated in sub. (3) (c) 2.; and (b) Before the notification date, the secured party: 1. Did not receive a response to the request for information; or 2. Received a response to the request for information and sent an authenticated notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral.
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