404.102 Applicability. (1) The extent that items within this chapter are also within chs. 403 and 408, they are subject to those chapters. If there is conflict, this chapter governs ch. 403, but ch. 408 governs this chapter. (2) The liability of a bank for action or nonaction with respect to an item handled by […]
404.103 Variation by agreement; measure of damages; action constituting ordinary care. (1) The effect of the provisions of this chapter may be varied by agreement, but the parties to the agreement cannot disclaim a bank’s responsibility for its lack of good faith or failure to exercise ordinary care or limit the measure of damages for […]
404.104 Definitions and index of definitions. (1) In this chapter, unless the context otherwise requires: (a) “Account” means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft or like account, other than an account evidenced by a certificate of deposit. (b) “Afternoon” means the period of a day […]
404.105 “ Bank”; “collecting bank”; “depository bank”; “intermediary bank”; “payer bank”; “presenting bank”. In this chapter: (1) “Bank” means a person engaged in the business of banking, including a savings bank, savings and loan association, credit union or trust company. (2) “Collecting bank” means a bank handling an item for collection except the payer bank. […]
404.106 Payable through or payable at bank; collecting bank. (1) If an item states that it is “payable through” a bank identified in the item, the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item and the item may be presented for payment only […]
404.107 Separate office of a bank. A branch or separate office of a bank is a separate bank for the purpose of computing the time within which and determining the place at or to which action may be taken or notices or orders must be given under this chapter and under ch. 403. History: 1995 […]
404.108 Time of receipt of items. (1) For the purpose of allowing time to process items, prove balances and make the necessary entries on its books to determine its position for the day, a bank may fix an afternoon hour of 2 p.m. or later as a cutoff hour for the handling of money and […]
404.109 Delays. (1) Unless otherwise instructed, a collecting bank in a good faith effort to secure payment of a specific item drawn on a payer other than a bank, and with or without the approval of any person involved, may waive, modify or extend time limits imposed or permitted by chs. 401 to 411 for […]
404.110 Electronic presentment. (1) “Agreement for electronic presentment” means an agreement, clearinghouse rule or federal reserve regulation or operating circular, providing that presentment of an item may be made by transmission of an image of an item or information describing the item (“presentment notice”) rather than delivery of the item itself. The agreement may provide […]
404.111 Statute of limitations. An action to enforce an obligation, duty, or right arising under this chapter must be commenced within 3 years after the cause of action accrues. History: 1995 a. 449.
