Wisconsin Statutes 402.502 – Buyer’s right to goods on seller’s repudiation, failure to deliver, or insolvency
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Terms Used In Wisconsin Statutes 402.502
- Buyer: means a person who buys or contracts to buy goods. See Wisconsin Statutes 402.103
- Contract: A legal written agreement that becomes binding when signed.
- Contract for sale: includes both a present sale of goods and a contract to sell goods at a future time. See Wisconsin Statutes 402.106
- Property: includes real and personal property. See Wisconsin Statutes 990.01
- Seller: means a person who sells or contracts to sell goods. See Wisconsin Statutes 402.103
(1) Subject to subs. (2) and (3) and even though the goods have not been shipped a buyer who has paid a part or all of the price of goods in which the buyer has a special property under s. 402.501 may on making and keeping good a tender of any unpaid portion of their price recover them from the seller if:
(a) In the case of goods bought for personal, family, or household purposes, the seller repudiates or fails to deliver as required by the contract; or
(b) In all cases, the seller becomes insolvent within 10 days after receipt of the first installment on their price.
(2) The buyer’s right to recover the goods under sub. (1) (a) vests upon acquisition of a special property, even if the seller had not then repudiated or failed to deliver.
(3) If the identification creating the buyer’s special property has been made by the buyer, the buyer acquires the right to recover the goods only if they conform to the contract for sale.