411.407 – Irrevocable promises: finance leases.
411.407 Irrevocable promises: finance leases. (1) In the case of a finance lease that is not a consumer lease, the lessee’s promises under the lease contract become irrevocable and independent upon the lessee’s acceptance of the goods. (2) A promise that becomes irrevocable and independent under sub. (1) is effective and enforceable between the parties, […]
411.501 – Default: Procedure.
411.501 Default: Procedure. (1) Whether the lessor or the lessee is in default under a lease contract is determined by the lease agreement and this chapter. (2) If the lessor or the lessee is in default under the lease contract, the party seeking enforcement has rights and remedies as provided in this chapter and, except […]
411.502 – Notice after default.
411.502 Notice after default. Except as otherwise provided in this chapter or the lease agreement, the lessor or lessee in default under the lease contract is not entitled to notice of default or notice of enforcement from the other party to the lease agreement. History: 1991 a. 148.
411.503 – Modification or impairment of rights and remedies.
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 damages recoverable under this chapter. (2) Resort to a […]
411.406 – Procedure on excused performance.
411.406 Procedure on excused performance. (1) If the lessee receives notification of a material or indefinite delay or an allocation justified under s. 411.405, the lessee may by written notification to the lessor as to any goods involved, and with respect to all of the goods if under an installment lease contract the value of […]
411.401 – Insecurity: adequate assurance of performance.
411.401 Insecurity: adequate assurance of performance. (1) A lease contract imposes an obligation on each party that the other’s expectation of receiving due performance shall not be impaired. (2) If reasonable grounds for insecurity arise with respect to the performance of either party, the insecure party may demand in writing adequate assurance of due performance. […]
411.402 – Anticipatory repudiation.
411.402 Anticipatory repudiation. If either party repudiates a lease contract with respect to a performance not yet due under the lease contract, the loss of which performance will substantially impair the value of the lease contract to the other, the aggrieved party may do any of the following: (1) For a commercially reasonable time, await […]
411.403 – Retraction of anticipatory repudiation.
411.403 Retraction of anticipatory repudiation. (1) Until the repudiating party’s next performance is due, the repudiating party may retract the repudiation unless the aggrieved party has, since the repudiation, canceled the lease contract or materially changed the aggrieved party’s position or otherwise indicated that the aggrieved party considers the repudiation final. (2) Retraction may be […]
411.404 – Substituted performance.
411.404 Substituted performance. (1) If without fault of the lessee, the lessor and the supplier, the agreed berthing, loading or unloading facilities fail or the agreed type of carrier becomes unavailable or the agreed manner of delivery otherwise becomes commercially impracticable, but a commercially reasonable substitute is available, the substitute performance shall be tendered and […]
411.405 – Excused performance.
411.405 Excused performance. Subject to s. 411.404 on substituted performance, the following apply: (1) Delay in delivery or nondelivery in whole or in part by a lessor or a supplier who complies with subs. (2) and (3) is not a default under the lease contract if performance as agreed has been made impracticable by the […]