403.207 – Reacquisition.
403.207 Reacquisition. Reacquisition of an instrument occurs if it is transferred to a former holder, by negotiation or otherwise. A former holder who reacquires the instrument may cancel endorsements made after the reacquirer first became a holder of the instrument. If the cancellation causes the instrument to be payable to the reacquirer or to bearer, […]
403.301 – Person entitled to enforce instrument.
403.301 Person entitled to enforce instrument. “Person entitled to enforce” an instrument means the holder of the instrument, a nonholder in possession of the instrument who has the rights of a holder, or a person not in possession of the instrument who is entitled to enforce the instrument under s. 403.309 or 403.418 (4). A […]
403.302 – Holder in due course.
403.302 Holder in due course. (1) Subject to sub. (3) and s. 403.106 (4), “holder in due course” means the holder of an instrument if all of the following apply: (a) The instrument when issued or negotiated to the holder does not bear such apparent evidence of forgery or alteration or is not otherwise so […]
403.303 – Value and consideration.
403.303 Value and consideration. (1) An instrument is issued or transferred for value if any of the following applies: (a) The instrument is issued or transferred for a promise of performance, to the extent that the promise has been performed. (b) The transferee acquires a security interest or other lien in the instrument other than […]
403.203 – Transfer of instrument; rights acquired by transfer.
403.203 Transfer of instrument; rights acquired by transfer. (1) An instrument is transferred when it is delivered by a person other than its issuer for the purpose of giving to the person receiving delivery the right to enforce the instrument. (2) Transfer of an instrument, whether or not the transfer is a negotiation, vests in […]
403.204 – Endorsement.
403.204 Endorsement. (1) “Endorsement” means a signature, other than that of a signer as maker, drawer or acceptor, that alone or accompanied by other words is made on an instrument for the purpose of negotiating the instrument, restricting payment of the instrument or incurring the endorser’s liability on the instrument, but regardless of the intent […]
403.205 – Special endorsement; blank endorsement; anomalous endorsement.
403.205 Special endorsement; blank endorsement; anomalous endorsement. (1) If an endorsement is made by the holder of an instrument, whether payable to an identified person or payable to bearer, and the endorsement identifies a person to whom it makes the instrument payable, it is a special endorsement. If specially endorsed, an instrument becomes payable to […]
403.201 – Negotiation.
403.201 Negotiation. (1) “Negotiation” means a transfer of possession, whether voluntary or involuntary, of an instrument by a person other than the issuer to a person who thereby becomes its holder. (2) Except for negotiation by a remitter, if an instrument is payable to an identified person, negotiation requires transfer of possession of the instrument […]
403.202 – Negotiation subject to rescission.
403.202 Negotiation subject to rescission. (1) Negotiation is effective even if obtained in any of the following ways: (a) From an infant, a corporation exceeding its powers or a person without capacity. (b) By fraud, duress or mistake. (c) In breach of duty or as part of an illegal transaction. (2) To the extent permitted […]
403.115 – Incomplete instrument.
403.115 Incomplete instrument. (1) “Incomplete instrument” means a signed writing, whether or not issued by the signer, the contents of which show at the time of signing that it is incomplete but that the signer intended it to be completed by the addition of words or numbers. (2) Subject to sub. (3), if an incomplete […]