403.602 – Payment.
403.602 Payment. (1) Subject to sub. (2), an instrument is paid to the extent that payment is made by or on behalf of a party obliged to pay the instrument and to a person entitled to enforce the instrument. To the extent of the payment, the obligation of the party obliged to pay the instrument […]
403.603 – Tender of payment.
403.603 Tender of payment. (1) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument, the effect of tender is governed by principles of law applicable to tender of payment under a simple contract. (2) If tender of payment of an obligation to pay […]
403.604 – Discharge by cancellation or renunciation.
403.604 Discharge by cancellation or renunciation. (1) A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument by doing any of the following: (a) An intentional voluntary act, such as surrender of the instrument to the party, destruction, mutilation or cancellation of the […]
403.605 – Discharge of endorsers and accommodation parties.
403.605 Discharge of endorsers and accommodation parties. (1) In this section, “endorser” includes a drawer having the obligation described in s. 403.414 (4). (2) Discharge, under s. 403.604, of the obligation of a party to pay an instrument does not discharge the obligation of an endorser or accommodation party having a right of recourse against […]
403.502 – Dishonor.
403.502 Dishonor. (1) Dishonor of a note is governed by the following rules: (a) If the note is payable on demand, the note is dishonored if presentment is duly made to the maker and the note is not paid on the day of presentment. (b) If the note is not payable on demand and is […]
403.503 – Notice of dishonor.
403.503 Notice of dishonor. (1) The obligation of an endorser stated in s. 403.415 (1) and the obligation of a drawer stated in s. 403.414 (4) may not be enforced unless the endorser or drawer is given notice of dishonor of the instrument complying with this section or notice of dishonor is excused under s. […]
403.504 – Excused presentment and notice of dishonor.
403.504 Excused presentment and notice of dishonor. (1) Presentment for payment or acceptance of an instrument is excused if any of the following conditions exists: (a) The person entitled to present the instrument cannot with reasonable diligence make presentment. (b) The maker or acceptor has repudiated an obligation to pay the instrument or is dead […]
403.505 – Evidence of dishonor.
403.505 Evidence of dishonor. (1) The following are admissible as evidence and create a presumption of dishonor and of any notice of dishonor stated: (a) A document regular in form as provided in sub. (2) which purports to be a protest. (b) A purported stamp or writing of the drawee, payer bank or presenting bank […]
403.601 – Discharge and effect of discharge.
403.601 Discharge and effect of discharge. (1) The obligation of a party to pay the instrument is discharged as stated in this chapter or by an act or agreement with the party which would discharge an obligation to pay money under a simple contract. (2) Discharge of the obligation of a party is not effective […]
403.419 – Instruments signed for accommodation.
403.419 Instruments signed for accommodation. (1) If an instrument is issued for value given for the benefit of a party to the instrument (“accommodated party”) and another party to the instrument (“accommodation party”) signs the instrument for the purpose of incurring liability on the instrument without being a direct beneficiary of the value given for […]