Failure to Search Using State’s Search Logic Is Inadequate

Northside Elevator Inc., v. Ossmann, 2019 WI App 33, 388 Wis. 2d 145, 99 U.C.C. Rep. Serv.2d 97 (May 20, 2019) demonstrates that simply searching a debtor’s given name may result in a loss of priority for a purportedly secured lender.

On April 30, 2014, Ossmann, a farmer, obtained two loans from Bremer Bank secured by equipment and future crops. On that same date, the bank filed a UCC financing statement with the Wisconsin Department of Financial Institutions. The name shown on the …