(1g) In this section: (a) “Buyer in ordinary course of business” has the meaning provided by s. 401.201 (2) (em). (b) “Collateral” has the meaning provided by s. 409.102 (1) (cs). (c) “Debtor” has the meaning provided by s. 409.102 (1) (gs). (d) “Market agency” means a person regularly engaged in the business of receiving, buying or selling livestock whether on a commission basis or otherwise. (e) “Secured party” has the meaning provided by s. 409.102 (1) (rs). (f) “Security agreement” has the meaning provided by s. 409.102 (1) (s). (1m) An action by a secured party to recover damages or property, based upon the sale of livestock which when sold is the secured party’s collateral, against the market agency which in the ordinary course of business conducts the auction of the livestock, or against a buyer in ordinary course of business shall be commenced within 2 years after the date of sale of the livestock, or be barred, if: (a) The debtor signs or endorses any writing arising from the transaction, including a check or draft, which states that the sale of the livestock is permitted by the secured party; and (b) The secured party does not commence an action, within 2 years after the date of sale of the livestock against the debtor for purposes of enforcing rights under the security agreement or an obligation secured by the security agreement. (2) This section does not apply to actions based upon a sale of livestock occurring prior to April 3, 1980, nor to an action by a secured party against its debtor. Section 893.35 or 893.51 applies to any action described in sub. (1m) if the limitation described in sub. (1m) is not applicable.
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