[HISTORY: Adopted by the Legislature of the Menominee Indian Tribe as indicated in article histories. Amendments noted where applicable.]
[Adopted 5-1-2008 by Ord. No. 08-08; amended in its entirety 1-22-2009]
It is the purpose and policy of this article to establish the method of the creation, the effect of perfection and nonperfection, priority among competing creditors, and enforcement of security interests in personal property.
As used in this article, the following terms shall have the meanings indicated:
CASH
All cash or currency of the United States of America that is legal tender for all public and private debts.
REVENUES
Earnings, income, revenues and the rights to receive the foregoing, whether in the form of cash, deposit accounts, investments or other assets, and the proceeds thereof.
TRIBAL PARTY
The Tribe and any division, subdivision, branch, department, board, committee, commission, agency, enterprise, instrumentality, or entity wholly owned or wholly controlled, directly or indirectly, by the Tribe, along with the successors and assigns of each.
UNIFORM COMMERCIAL CODE
The Uniform Commercial Code as in effect from time to time in the State of Wisconsin.[1]
[1]
Editor's Note: See Chs. 401 to 420, Wis. Stats.
A. 
Any security interest granted in any cash, revenues or other personal property shall be created and perfected, priorities among competing creditors determined, and the security interest enforced in accordance with the Uniform Commercial Code, subject to Subsection B of this section.
B. 
Notwithstanding any other provision of the Uniform Commercial Code, a security interest granted by a tribal party in cash or revenues (including any proceeds thereof) shall be perfected only upon the filing of a financing statement in the same manner as security interests are perfected by filing generally, and priorities with respect thereto shall be determined on a first-to-file basis.
C. 
Except as provided in Subsection B of this section, the perfection, effect of perfection or nonperfection, and priority of any security interest to which this article applies shall be determined in accordance with the Uniform Commercial Code as if each debtor were (for purposes of §§ 409.301 through 409.307 of the Uniform Commercial Code) located in the State of Wisconsin.
A. 
This article shall apply to all security interests and collateral subject to the sovereign authority of the Tribe to the same extent provided in § 409.109 of the Uniform Commercial Code, except that provisions of §  409.109(3)(b) of the Uniform Commercial Code shall be ineffective to limit the application of the Uniform Commercial Code in accordance with this article.
B. 
While any security interest granted under the authority of this article remains outstanding, this article may not be repealed or be amended in a manner adverse to the interests of any secured party.
Nothing in this article shall act to or be construed as waiving the immunity from suit of the Menominee Indian Tribe of Wisconsin and its instrumentalities.