Wisconsin § 411.218 Insurance and proceeds.

Wisconsin Statutes

§ 411.218 — Insurance and proceeds.

Wisconsin § 411.218

Ch. 411Uniform commercial code — leases

Subch.subch. II of ch. 411 SUBCHAPTER II

FORMATION AND CONSTRUCTION OF LEASE CONTRACT

This text of Wisconsin § 411.218 (Insurance and proceeds.) is published on Counsel Stack Legal Research, covering Wisconsin primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Wis. Stat. § 411.218 (2026).

Text

411.218 411.218(1) (1) A lessee obtains an insurable interest when existing goods are identified to the lease contract even though the goods identified are nonconforming and the lessee has an option to reject them. 411.218(2) (2) If a lessee has an insurable interest only by reason of the lessor’s identification of the goods, the lessor, until default or insolvency or notification to the lessee that identification is final, may substitute other goods for those identified. 411.218(3) (3) Notwithstanding a lessee’s insurable interest under subs.

(1)and (2) , the lessor retains an insurable interest until an option to buy has been exercised by the lessee and risk of loss has passed to the lessee. 411.218(4) (4) Nothing in this section impairs an insurable interest recognized under any other

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411.218
411.218(1) (1) A lessee obtains an insurable interest when existing goods are identified to the lease contract even though the goods identified are nonconforming and the lessee has an option to reject them.
411.218(2) (2) If a lessee has an insurable interest only by reason of the lessor’s identification of the goods, the lessor, until default or insolvency or notification to the lessee that identification is final, may substitute other goods for those identified.
411.218(3) (3) Notwithstanding a lessee’s insurable interest under subs. (1) and (2) , the lessor retains an insurable interest until an option to buy has been exercised by the lessee and risk of loss has passed to the lessee.
411.218(4) (4) Nothing in this section impairs an insurable interest recognized under any other statute or rule of law.
411.218(5) (5) The parties, by agreement, may determine that one or more parties have an obligation to obtain and, pay for insurance covering the goods and, by agreement, may determine the beneficiary of the proceeds of the insurance.