Wis. Stat. § 409.325: Priority of security interests in transferred collateral.

(1) Subordination of security interest in transferred collateral. Except as otherwise provided in sub. (2), a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if:

(a) The debtor acquired the collateral subject to the security interest created by the other person;

(b) The security interest created by the other person was perfected when the debtor acquired the collateral; and

(c) There is no period thereafter when the security interest is unperfected.

(2) Limitation of sub. (1) subordination. Subsection (1) subordinates a security interest only if the security interest:

(a) Otherwise would have priority solely under s. 409.322 (1) or 409.324; or

(b) Arose solely under s. 402.711 (3) or 411.508 (5).