Wis. Stat. § 409.110: Security interests arising under ch. 402 or 411.

A security interest arising under s. 402.401, 402.505, 402.711 (3), or 411.508 (5) is subject to this chapter. However, until the debtor obtains possession of the goods:

(1) The security interest is enforceable, even if s. 409.203 (2) (c) has not been satisfied;

(2) Filing is not required to perfect the security interest;

(3) The rights of the secured party after default by the debtor are governed by ch. 402 or 411; and

(4) The security interest has priority over a conflicting security interest created by the debtor.