Wisconsin Administrative Code
Department of Financial Institutions
DFI-CU 51-75 - Department of Financial Institutions-Credit Unions
Chapter DFI-CU 71 - Leasing of personal property
Section DFI-CU 71.04 - Recovery in the event of default
Current through February 26, 2024
If, in good faith, a credit union determines that there has been an unanticipated change in conditions which threatens its financial position by significantly increasing its exposure to loss, the credit union may:
(1) As the owner and lessor under a net, full-payout, lease, take reasonable and appropriate action to salvage or protect the value of the property or its interests arising under the lease, or
(2) As the assignee of a lessor's interest in a lease, become the owner and lessor of the leased property pursuant to its contractual right, or take any reasonable and appropriate action to salvage or protect the value of the property or its interests arising under the lease.
