Wis. Admin. Code Department of Financial Institutions DFI-CU 71.04 - Recovery in the event of default

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 do any of the following:

(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.

(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.

Notes

Wis. Admin. Code Department of Financial Institutions DFI-CU 71.04

CR Register, January, 1992, No. 433, eff. 2-1-92. Amended by, CR 23-071: am. (intro.), (1) Register June 2025 No. 833, eff. 6/1/2025