403.410 – Acceptance varying draft.
403.410 Acceptance varying draft. (1) If the terms of a drawee’s acceptance vary from the terms of the draft as presented, the holder may refuse the acceptance and treat the draft as dishonored. In that case, the drawee may cancel the acceptance. (2) The terms of a draft are not varied by an acceptance to […]
403.411 – Refusal to pay cashier’s checks, teller’s checks and certified checks.
403.411 Refusal to pay cashier’s checks, teller’s checks and certified checks. (1) In this section, “obligated bank” means the acceptor of a certified check or the issuer of a cashier’s check or teller’s check bought from the issuer. (2) If the obligated bank wrongfully refuses to pay a cashier’s check or certified check, wrongfully stops […]
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 […]
403.408 – Drawee not liable on unaccepted draft.
403.408 Drawee not liable on unaccepted draft. A check or other draft does not of itself operate as an assignment of funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until the drawee accepts it. History: 1995 a. 449.
403.402 – Signature by representative.
403.402 Signature by representative. (1) If a person acting, or purporting to act, as a representative signs an instrument by signing either the name of the represented person or the name of the signer, the represented person is bound by the signature to the same extent that the represented person would be bound if the […]
403.403 – Unauthorized signature.
403.403 Unauthorized signature. (1) Unless otherwise provided in this chapter or ch. 404, an unauthorized signature is ineffective except as the signature of the unauthorized signer in favor of a person who in good faith pays the instrument or takes it for value. An unauthorized signature may be ratified for all purposes of this chapter. […]
403.404 – Impostors; fictitious payees.
403.404 Impostors; fictitious payees. (1) If an impostor, by use of the mails or otherwise, induces the issuer of an instrument to issue the instrument to the impostor, or to a person acting in concert with the impostor, by impersonating the payee of the instrument or a person authorized to act for the payee, an […]
403.405 – Employer’s responsibility for fraudulent endorsement by employee.
403.405 Employer’s responsibility for fraudulent endorsement by employee. (1) In this section: (a) “Employee” includes an independent contractor and employee of an independent contractor retained by the employer. (b) “Fraudulent endorsement” means, in the case of an instrument payable to the employer, a forged endorsement purporting to be that of the employer or, in the […]
403.406 – Negligence contributing to forged signature or alteration of instrument.
403.406 Negligence contributing to forged signature or alteration of instrument. (1) A person whose failure to exercise ordinary care substantially contributes to an alteration of an instrument or to the making of a forged signature on an instrument is precluded from asserting the alteration or the forgery against a person who, in good faith, pays […]
403.309 – Enforcement of lost, destroyed or stolen instrument.
403.309 Enforcement of lost, destroyed or stolen instrument. (1) A person not in possession of an instrument is entitled to enforce the instrument if all of the following apply: (a) The person was in possession of the instrument and entitled to enforce it when loss of possession occurred. (b) The loss of possession was not […]