Chapter 411, UNIFORM COMMERCIAL CODE — LEASES
81 sections in this chapter.
Wis. Stat. § 411.503 Modification or impairment of rights and remedies
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411.503 Modification or impairment of rights and remedies. (1) Except as otherwise provided in this chapter, the lease agreement may include rights and remedies for default in addition to or in substitution for those provided in this chapter and may limit or alter the measure of …
Wis. Stat. § 411.504 Liquidation of damages
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411.504 Liquidation of damages. (1) Damages payable by either party for default, or for any other act or omission, including indemnity for loss or diminution of anticipated tax benefits or loss of or damage to the lessor’s residual interest, may be liquidated in the lease agreeme…
Wis. Stat. § 411.505 Cancellation and termination and effect of cancellation, termination, rescission or fraud on rights and remedies
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411.505 Cancellation and termination and effect of cancellation, termination, rescission or fraud on rights and remedies. (1) On cancellation of the lease contract, all obligations that are still executory on both sides are discharged, but any right based on earlier default or pe…
Wis. Stat. § 411.506 Statute of limitations
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411.506 Statute of limitations. (1) An action for default under a lease contract, including breach of warranty or indemnity, shall be commenced within 4 years after the cause of action accrued. By the original lease contract the parties may reduce the period of limitation to not …
Wis. Stat. § 411.507 Proof of market rent: time and place
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411.507 Proof of market rent: time and place. (1) Damages based on market rent are determined according to the rent for the use of the goods concerned for a lease term identical to the remaining lease term of the original lease agreement and prevailing at the times specified in s…
Wis. Stat. § 411.508 Lessee’s remedies
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411.508 Lessee’s remedies. (1) If a lessor fails to deliver the goods in conformity to the lease contract or repudiates the lease contract, or a lessee rightfully rejects the goods or justifi- UCC — LEASES ably revokes acceptance of the goods, then with respect to any goods invol…
Wis. Stat. § 411.509 Lessee’s rights on improper delivery; rightful rejection
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411.509 Lessee’s rights on improper delivery; rightful rejection. (1) Subject to s. 411.510, if the goods or the tender or delivery fail in any respect to conform to the lease contract, the lessee may reject or accept the goods or accept any commercial unit or units and reject th…
Wis. Stat. § 411.510 Installment lease contracts: rejection and default
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411.510 Installment lease contracts: rejection and default. (1) Under an installment lease contract a lessee may reject a delivery that is nonconforming if the nonconformity substantially impairs the value of that delivery and cannot be cured or the nonconformity is a defect in t…
Wis. Stat. § 411.511 Merchant lessee’s duties as to rightfully rejected goods
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411.511 Merchant lessee’s duties as to rightfully rejected goods. (1) Subject to any security interest of a lessee, if a lessor or a supplier has no agent or place of business at the market of rejection, a merchant lessee, after rejection of goods in his or her possession or cont…
Wis. Stat. § 411.512 Lessee’s duties as to rightfully rejected goods
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411.512 Lessee’s duties as to rightfully rejected goods. (1) Except as otherwise provided with respect to goods that threaten to decline in value speedily and subject to any security interest of a lessee, all of the following apply: (a) The lessee, after rejection of goods in the…
Wis. Stat. § 411.513 Cure by lessor of improper tender or delivery; replacement
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411.513 Cure by lessor of improper tender or delivery; replacement. (1) If any tender or delivery by the lessor or the supplier is rejected because the tender or delivery is nonconforming and the time for performance has not yet expired, the lessor or the supplier may seasonably …
Wis. Stat. § 411.514 Waiver of lessee’s objections
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411.514 Waiver of lessee’s objections. (1) In rejecting goods, a lessee’s failure to state a particular defect that is ascertainable by reasonable inspection precludes the lessee from relying on the defect to justify rejection or to establish default if any of the following circu…
Wis. Stat. § 411.515 Acceptance of goods
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411.515 Acceptance of goods. (1) Acceptance of goods occurs after the lessee has a reasonable opportunity to inspect the goods and any of the following occurs: (a) The lessee signifies or acts with respect to the goods in a manner that signifies to the lessor or the supplier that…
Wis. Stat. § 411.516 Effect of acceptance of goods; notice of default; burden of establishing default after acceptance; notice of claim or litigation to person answerable over
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411.516 Effect of acceptance of goods; notice of default; burden of establishing default after acceptance; notice of claim or litigation to person answerable over. (1) A lessee shall pay rent for any goods accepted in accordance with the lease contract, with due allowance for goo…
Wis. Stat. § 411.517 Revocation of acceptance of goods
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411.517 Revocation of acceptance of goods. (1) A lessee may revoke acceptance of a lot or commercial unit the nonconformity of which substantially impairs its value to the lessee if any of the following occurs: (a) Except in the case of a finance lease, the lessee accepted the lo…
Wis. Stat. § 411.518 Cover; substitute goods
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411.518 Cover; substitute goods. (1) After a default by a lessor under the lease contract of the type described in s. 411.508 (1), or, if agreed, after other default by the lessor, the lessee may cover by making any purchase or lease of or contract to purchase or lease goods in s…
Wis. Stat. § 411.519 Lessee’s damages for nondelivery, repudia- UCC — LEASES tion, default and breach of warranty in regard to accepted goods
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411.519 Lessee’s damages for nondelivery, repudia- UCC — LEASES tion, default and breach of warranty in regard to accepted goods. (1) Except as otherwise provided with respect to damages liquidated in the lease agreement or otherwise determined pursuant to agreement of the partie…
Wis. Stat. § 411.520 Lessee’s incidental and consequential damages
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411.520 Lessee’s incidental and consequential damages. (1) Incidental damages resulting from a lessor’s default include expenses reasonably incurred in inspection, receipt, transportation and care and custody of goods rightfully rejected or goods the acceptance of which is justif…
Wis. Stat. § 411.521 Lessee’s right to specific performance or replevin
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411.521 Lessee’s right to specific performance or replevin. (1) Specific performance may be decreed if the goods are unique or may be decreed in other proper circumstances. (2) A decree for specific performance may include any terms and conditions as to payment of the rent, damag…
Wis. Stat. § 411.522 Lessee’s right to goods on lessor’s insolvency
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411.522 Lessee’s right to goods on lessor’s insolvency. (1) Subject to sub. (2) and even though the goods have not been shipped, a lessee who has paid a part or all of the rent and security for goods identified to a lease contract on making and keeping good a tender of any unpaid…
Wis. Stat. § 411.523 Lessor’s remedies
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411.523 Lessor’s remedies. (1) If a lessee wrongfully rejects or revokes acceptance of goods or fails to make a payment when due or repudiates with respect to a part or the whole, then, with respect to any goods involved, and with respect to all of the goods if under an installme…
Wis. Stat. § 411.524 Lessor’s right to identify goods to lease contract
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411.524 Lessor’s right to identify goods to lease contract. (1) After default by the lessee under the lease contract of the type described in s. 411.523 (1) or (3) (a) or, if agreed, after other default by the lessee, the lessor may do any of the following: (a) Identify to the le…
Wis. Stat. § 411.525 Lessor’s right to possession of goods
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411.525 Lessor’s right to possession of goods. (1) If a lessor discovers that the lessee is insolvent, the lessor may refuse to deliver the goods. (2) After a default by the lessee under the lease contract of the type described in s. 411.523 (1) or (3) (a) or, if agreed, after ot…
Wis. Stat. § 411.526 Lessor’s stoppage of delivery in transit or otherwise
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411.526 Lessor’s stoppage of delivery in transit or otherwise. (1) A lessor may stop delivery of goods in the possession of a carrier or other bailee if the lessor discovers that the lessee is insolvent and may stop delivery of carload, truckload, planeload or larger shipments of…
Wis. Stat. § 411.527 Lessor’s rights to dispose of goods
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411.527 Lessor’s rights to dispose of goods. (1) After a default by a lessee under the lease contract of the type described in s. 411.523 (1) or (3) (a) or after the lessor refuses to deliver or takes possession of goods, or, if agreed, after other default by a lessee, the lessor…
Wis. Stat. § 411.528 Lessor’s damages for nonacceptance, failure to pay, repudiation or other default
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411.528 Lessor’s damages for nonacceptance, failure to pay, repudiation or other default. (1) Except as otherwise provided with respect to damages liquidated in the lease agreement or otherwise determined pursuant to agreement of the parties, if a lessor elects to retain the good…
Wis. Stat. § 411.529 Lessor’s action for the rent
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411.529 Lessor’s action for the rent. (1) After default by the lessee under the lease contract of the type described in s. 411.523 (1) or (3) (a) or, if agreed, after other default by the lessee, if the lessor complies with sub. (2), all of the following apply: (a) For goods acce…
Wis. Stat. § 411.530 Lessor’s incidental damages
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411.530 Lessor’s incidental damages. Incidental damages to an aggrieved lessor include any commercially reasonable charges, expenses or commissions incurred in stopping delivery, in the transportation, care and custody of goods after the lessee’s default, in connection with retur…
Wis. Stat. § 411.531 Standing to sue 3rd parties for injury to goods
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411.531 Standing to sue 3rd parties for injury to goods. (1) If a 3rd party so deals with goods that have been identified to a lease contract as to cause actionable injury to a party to the lease contract, all of the following apply: SUBCHAPTER VI TRANSITIONAL PROVISIONS
Wis. Stat. § 411.532 Lessor’s rights to residual interest
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411.532 Lessor’s rights to residual interest. In addition to any other recovery permitted by this chapter or other law, the lessor may recover from the lessee an amount that will fully compensate the lessor for any loss of or damage to the lessor’s residual interest in the goods …
Wis. Stat. § 411.901 Applicability; written agreement to modify
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411.901 Applicability; written agreement to modify. (1) This chapter applies to a lease contract that is entered into on or after July 1, 1992. (2) This chapter applies to a lease contract that is entered into before July 1, 1992, or to a modification, extension or renewal of suc…