403.418 – Payment or acceptance by mistake.
403.418 Payment or acceptance by mistake. (1) Except as provided in sub. (3), if the drawee of a draft pays or accepts the draft and the drawee acted on the mistaken belief that payment of the draft had not been stopped pursuant to s. 404.403 or that the signature of the drawer of the draft […]
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 […]
403.420 – Conversion of instrument.
403.420 Conversion of instrument. (1) The law applicable to conversion of personal property applies to instruments. An instrument is also converted if it is taken by transfer, other than a negotiation, from a person not entitled to enforce the instrument or a bank makes or obtains payment with respect to the instrument for a person […]
403.501 – Presentment.
403.501 Presentment. (1) “Presentment” means a demand made by or on behalf of a person entitled to enforce an instrument to do any of the following: (a) Pay the instrument made to the drawee or a party obliged to pay the instrument or, in the case of a note or accepted draft payable at a […]
403.412 – Obligation of issuer of note or cashier’s check.
403.412 Obligation of issuer of note or cashier’s check. The issuer of a note or cashier’s check or other draft drawn on the drawer is obliged to pay the instrument according to its terms at the time that it was issued or, if not issued, at the time that it first came into possession of […]
403.413 – Obligation of acceptor.
403.413 Obligation of acceptor. (1) The acceptor of a draft is obliged to pay the draft according to its terms at the time that it was accepted, even though the acceptance states that the draft is payable “as originally drawn” or equivalent terms, if the acceptance varies the terms of the draft, according to the […]
403.414 – Obligation of drawer.
403.414 Obligation of drawer. (1) This section does not apply to cashier’s checks or other drafts drawn on the drawer. (2) If an unaccepted draft is dishonored, the drawer is obliged to pay the draft according to its terms at the time that it was issued or, if not issued, at the time that it […]
403.415 – Obligation of endorser.
403.415 Obligation of endorser. (1) Subject to subs. (2) to (5) and to s. 403.419 (4), if an instrument is dishonored, an endorser is obliged to pay the amount due on the instrument according to the terms of the instrument at the time that it was endorsed, or if the endorser endorsed an incomplete instrument, […]
403.416 – Transfer warranties.
403.416 Transfer warranties. (1) A person who transfers an instrument for consideration warrants to the transferee and, if the transfer is by endorsement, to any subsequent transferee that all of the following apply: (a) The warrantor is a person entitled to enforce the instrument. (b) All signatures on the instrument are authentic and authorized. (c) […]
403.407 – Alteration.
403.407 Alteration. (1) “Alteration” means an unauthorized change in an instrument that purports to modify in any respect the obligation of a party or an unauthorized addition of words or numbers or other change to an incomplete instrument relating to the obligation of a party. (2) Except as provided in sub. (3), an alteration fraudulently […]