425.201 – Scope.
425.201 Scope. This subchapter applies to the enforcement by a creditor of security interests in collateral. History: 1971 c. 239.
425.202 – Definitions.
425.202 Definitions. For purposes of this chapter: (1) “Collateral” means goods subject to a security interest in favor of a merchant which secures a customer’s obligations under a consumer credit transaction. (2) “Motor vehicle” has the meaning given in s. 218.0101 (22). History: 1971 c. 239; 1975 c. 407; 2005 a. 255.
425.203 – Enforcement of merchant’s rights in collateral and leased goods.
425.203 Enforcement of merchant’s rights in collateral and leased goods. (1) At any time after default (s. 425.103) and the expiration of the period for cure of default (s. 425.105), if applicable, a merchant may commence an action to recover collateral or goods subject to a consumer lease pursuant to s. 425.205, or reduce the […]
425.204 – Voluntary surrender of collateral.
425.204 Voluntary surrender of collateral. (1) Notwithstanding a waiver by the creditor of the security interest in collateral under s. 425.203 (2) or any other law, the customer shall have the right at any time to voluntarily surrender all of the customer’s rights and interests in the collateral to the merchant. (2) The rights and […]
425.205 – Action to recover collateral.
425.205 Action to recover collateral. (1) Except as provided in s. 425.206, a creditor seeking to obtain possession of collateral or goods subject to a consumer lease shall commence an action for replevin of the collateral or leased goods. Those actions shall be conducted in accordance with ch. 799, notwithstanding s. 799.01 (1) (c) and […]
425.206 – Nonjudicial enforcement limited.
425.206 Nonjudicial enforcement limited. (1) Notwithstanding any other provision of law, no merchant may take possession of collateral or goods subject to a consumer lease in this state except when any of the following apply: (a) The customer has surrendered the collateral or leased goods. (b) Judgment for the merchant has been entered in a […]
425.2065 – Notice to law enforcement.
425.2065 Notice to law enforcement. (1) In this section, “law enforcement agency” means the police department, combined protective services department under s. 60.553, 61.66, or 62.13 (2e), or sheriff, that has primary responsibility for providing police protection services in the city, village, or town in which a repossession is expected to occur. (2) A merchant […]
425.207 – Restraining order to protect collateral or leased goods; abandoned property.
425.207 Restraining order to protect collateral or leased goods; abandoned property. (1) If the court finds that the merchant probably will recover possession of the collateral or goods subject to a consumer lease, and the customer is acting, or is about to act, with respect to the collateral or leased goods in a manner which […]
425.208 – Customer’s right to redeem.
425.208 Customer’s right to redeem. (1) For a period of 15 days following exercise by the creditor of nonjudicial enforcement rights (s. 425.206) or issuance of process (s. 425.205) with regard to the collateral, the customer shall be entitled to redeem the goods by tendering: (a) The total of all unpaid amounts, including any unpaid […]
425.209 – Restrictions on deficiency judgments.
425.209 Restrictions on deficiency judgments. (1) This section applies to a deficiency on a consumer credit sale of goods or services and on a consumer loan in which the lender is subject to defenses arising from sales (s. 422.408); a customer is not liable for a deficiency unless the merchant has disposed of the goods […]
425.210 – Computation of deficiency.
425.210 Computation of deficiency. If the creditor is entitled to a deficiency judgment pursuant to s. 425.209 (1), the creditor shall be entitled to recover from the customer the deficiency, if any, remaining after deducting the fair market value of the collateral from the unpaid balance. History: 1971 c. 239.