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. (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. (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 […]
403.304 Overdue instrument. (1) An instrument payable on demand becomes overdue at the earliest of the following times: (a) On the day after the day on which demand for payment is duly made. (b) If the instrument is a check, 90 days after its date. (c) If the instrument is not a check, when the […]
403.305 Defenses and claims in recoupment. (1) Except as stated in sub. (2), the right to enforce the obligation of a party to pay an instrument is subject to the following: (a) A defense of the obligor based on any of the following: 1. Infancy of the obligor to the extent that it is a […]
403.306 Claims to an instrument. A person taking an instrument, other than a person having rights of a holder in due course, is subject to a claim of a property or possessory right in the instrument or its proceeds, including a claim to rescind a negotiation and to recover the instrument or its proceeds. A […]
403.307 Notice of breach of fiduciary duty. (1) In this section: (a) “Fiduciary” means an agent, trustee, partner, corporate officer or director or other representative owing a fiduciary duty with respect to an instrument. (b) “Represented person” means the principal, beneficiary, partnership, corporation or other person to whom the duty stated in par. (a) is […]
403.308 Proof of signatures and status as holder in due course. (1) In an action with respect to an instrument, the authenticity of, and authority to make, each signature on the instrument is admitted unless specifically denied in the pleadings. If the validity of a signature is denied in the pleadings, the burden of establishing […]
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 […]
403.310 Effect of instrument on obligation for which taken. (1) Unless otherwise agreed, if a certified check, cashier’s check or teller’s check is taken for an obligation, the obligation is discharged to the same extent that discharge would result if an amount of money equal to the amount of the instrument were taken in payment […]
403.311 Accord and satisfaction by use of instrument. (1) Subsections (2) to (4) apply if a person against whom a claim is asserted proves that all of the following conditions have been met: (a) That person in good faith tendered an instrument to the claimant as full satisfaction of the claim. (b) The amount of […]
403.312 Lost, destroyed or stolen cashier’s check, teller’s check or certified check. (1) In this section: (a) “Check” means a cashier’s check, teller’s check or certified check. (b) “Claimant” means a person who claims the right to receive the amount of a check that was lost, destroyed or stolen. (c) “Declaration of loss” means a […]
