411.509 – Lessee’s rights on improper delivery; rightful rejection.
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 the rest of the goods. (2) Rejection […]
411.510 – Installment lease contracts: rejection and default.
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 the required documents; but, if the nonconformity does not fall within sub. […]
411.511 – Merchant lessee’s duties as to rightfully rejected goods.
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 control, shall follow any reasonable instructions […]
411.512 – Lessee’s duties as to rightfully rejected goods.
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 lessee’s possession, shall hold them with reasonable care […]
411.504 – Liquidation of damages.
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 agreement but only at an amount or by a formula […]
411.505 – Cancellation and termination and effect of cancellation, termination, rescission or fraud on rights and remedies.
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 performance survives, and the canceling party also retains any remedy for default of […]
411.506 – Statute of limitations.
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 less than one year. (2) A cause of action […]
411.507 – Proof of market rent: time and place.
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 ss. 411.519 and 411.528. (2) If […]
411.508 – Lessee’s remedies.
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 justifiably revokes acceptance of the goods, then with respect to any goods involved, and with respect to all of the goods if under an […]
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 […]