reglab/housing_qa huggingface dataset:
WI Stat § 404.301 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 404 - Uniform commercial code — bank deposits and collections.|404.301 - Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payer bank.

404.301  Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payer bank. (1) If a payer bank settles for a demand item other than a documentary draft presented otherwise than for immediate payment over the counter before midnight of the banking day of receipt, the payer bank may revoke the settlement and recover the settlement if, before it has made final payment and before its midnight deadline, it does any of the following:(a) Returns the item.(b) Sends written notice of dishonor or nonpayment if the item is unavailable for return. (2) If a demand item is received by a payer bank for credit on its books, it may return the item or send notice of dishonor and may revoke any credit given or recover the amount thereof withdrawn by its customer, if it acts within the time limit and in the manner specified in sub. (1). (3) Unless previous notice of dishonor has been sent, an item is dishonored at the time when for purposes of dishonor it is returned or notice sent in accordance with this section. (4) An item is returned:(a) As to an item presented through a clearinghouse, when it is delivered to the presenting or last collecting bank or to the clearinghouse or is sent or delivered in accordance with clearinghouse rules.(b) In all other cases, when it is sent or delivered to the bank's customer or transferor or pursuant to instructions.History:  1991 a. 304 s. 51; 1991 a. 316; 1995 a. 449.
WI Stat § 404.302 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 404 - Uniform commercial code — bank deposits and collections.|404.302 - Payer bank's responsibility for late return of item.

404.302  Payer bank's responsibility for late return of item. (1) If an item is presented to and received by a payer bank, the bank is accountable for the amount of any of the following:(a) A demand item, other than a documentary draft, whether properly payable or not, if the bank, in any case in which it is not also the depositary bank, retains the item beyond midnight of the banking day of receipt without settling for it or, whether or not it is also the depositary bank, does not pay or return the item or send notice of dishonor until after its midnight deadline.(b) Any other properly payable item, unless within the time allowed for acceptance or payment of that item, the bank either accepts or pays the item or returns it and accompanying documents. (2) The liability of a payer bank to pay an item under sub. (1) is subject to defenses based on breach of a presentment warranty or proof that the person seeking enforcement of the liability presented or transferred the item for the purpose of defrauding the payer bank.History:  1983 a. 192; 1995 a. 449.When a provisional settlement was not revoked by the payor bank before the midnight deadline under s. 404.301 (1), the payor bank became accountable under s. 404.302 for the value of the presented checks. Under the facts of the case, the payor bank had no defenses under s. 401.203, 403.418, or 403.511 (2) (b). Northwestern National Insurance Co. v. Midland National Bank, 96 Wis. 2d 155, 292 N.W.2d 591 (1980).Bank required to disburse funds after final payment. 64 MLR 408 (1980).
WI Stat § 404.303 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 404 - Uniform commercial code — bank deposits and collections.|404.303 - When items subject to notice, stop-payment order, legal process or setoff; order in which items may be charged or certified.

404.303  When items subject to notice, stop-payment order, legal process or setoff; order in which items may be charged or certified. (1) Any knowledge, notice or stop-payment order received by, legal process served upon or setoff exercised by a payer bank comes too late to terminate, suspend or modify the bank's right or duty to pay an item or to charge its customer's account for the item if the knowledge, notice, stop-payment order or legal process is received or served and a reasonable time for the bank to act thereon expires or the setoff is exercised after the earliest of the following:(a) The bank accepts or certifies the item.(b) The bank pays the item in cash.(c) The bank settles for the item without having a right to revoke the settlement under statute, clearinghouse rule or agreement.(d) The bank becomes accountable for the amount of the item under s. 404.302 dealing with the payer bank's responsibility for late return of items.(e) With respect to checks, a cutoff hour no earlier than one hour after the opening of the next banking day after the banking day on which the bank received the check and no later than the close of that next banking day or, if no cutoff hour is fixed, the close of the next banking day after the banking day on which the bank received the check. (2) Subject to sub. (1), items may be accepted, paid, certified or charged to the indicated account of its customer in any order.History:  1991 a. 304 s. 51; 1995 a. 449.
WI Stat § 404.401 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 404 - Uniform commercial code — bank deposits and collections.|404.401 - When bank may charge customer's account.

404.401  When bank may charge customer's account. (1) A bank may charge against the account of a customer an item that is properly payable from that account even though the charge creates an overdraft. An item is properly payable if it is authorized by the customer and is in accordance with any agreement between the customer and bank. (2) A customer is not liable for the amount of an overdraft if the customer neither signed the item nor benefited from the proceeds of the item. (3) A bank may charge against the account of a customer a check that is otherwise properly payable from the account, even though payment was made before the date of the check, unless the customer has given notice to the bank of the postdating describing the check with reasonable certainty. The notice is effective for the period stated in s. 404.403 (2) for stop-payment orders, and must be received at such time and in such manner as to afford the bank a reasonable opportunity to act on it before the bank takes any action with respect to the check described in s. 404.303. If a bank charges against the account of a customer a check before the date stated in the notice of postdating, the bank is liable for damages for the loss resulting from its act. The loss may include damages for dishonor of subsequent items under s. 404.402. (4) A bank that in good faith makes payment to a holder may charge the indicated account of its customer according to any of the following:(a) The original terms of the altered item.(b) The terms of the completed item, even though the bank knows the item has been completed unless the bank has notice that the completion was improper.History:  1991 a. 316; 1995 a. 449.
WI Stat § 404.402 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 404 - Uniform commercial code — bank deposits and collections.|404.402 - Bank's liability to customer for wrongful dishonor; time of determining insufficiency of account.

404.402  Bank's liability to customer for wrongful dishonor; time of determining insufficiency of account. (1) Except as otherwise provided in this chapter, a payer bank wrongfully dishonors an item if it dishonors an item that is properly payable, but a bank may dishonor an item that would create an overdraft unless it has agreed to pay the overdraft. (2) A payer bank is liable to its customer for damages proximately caused by the wrongful dishonor of an item. Liability is limited to actual damages proved and may include damages for an arrest or prosecution of the customer or other consequential damages. Whether any consequential damages are proximately caused by the wrongful dishonor is a question of fact to be determined in each case. (3) A payer bank's determination of the customer's account balance on which a decision to dishonor for insufficiency of available funds is based may be made at any time between the time the item is received by the payer bank and the time that the payer bank returns the item or gives notice in lieu of return, and no more than one determination need be made. If, at the election of the payer bank, a subsequent balance determination is made for the purpose of reevaluating the bank's decision to dishonor the item, the account balance at that time is determinative of whether a dishonor for insufficiency of available funds is wrongful.History:  1995 a. 449.Absent an agreement to the contrary, a bank retains discretion to dishonor a check creating an overdraft even when it has previously honored that customer's overdrafts. Schaller v. Marine National Bank, 131 Wis. 2d 389, 388 N.W.2d 645 (Ct. App. 1986).
WI Stat § 404.403 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 404 - Uniform commercial code — bank deposits and collections.|404.403 - Customer's right to stop payment; burden of proof of loss.

404.403  Customer's right to stop payment; burden of proof of loss. (1) A customer or any person authorized to draw on the account if there is more than one person may stop payment of any item drawn on the customer's account or close the account by an order to the bank describing the item or account with reasonable certainty received at a time and in a manner that affords the bank a reasonable opportunity to act on it before any action by the bank with respect to the item described in s. 404.303. If the signature of more than one person is required to draw on an account, any of these persons may stop payment or close the account. (2) A stop-payment order is effective for 6 months, but it lapses after 14 calendar days if the original order was oral and was not confirmed in writing within that period. A stop-payment order may be renewed for additional 6-month periods by a writing given to the bank within a period during which the stop-payment order is effective. (3) The burden of establishing the fact and amount of loss resulting from the payment of an item contrary to a stop-payment order or order to close an account is on the customer. The loss from payment of an item contrary to a stop-payment order may include damages for dishonor of subsequent items under s. 404.402.History:  1991 a. 316; 1995 a. 449.
WI Stat § 404.404 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 404 - Uniform commercial code — bank deposits and collections.|404.404 - Bank not obligated to pay check more than 6 months old.

404.404  Bank not obligated to pay check more than 6 months old. A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, which is presented more than 6 months after its date, but it may charge its customer's account for a payment made thereafter in good faith.
WI Stat § 404.405 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 404 - Uniform commercial code — bank deposits and collections.|404.405 - Death or incompetence of customer.

404.405  Death or incompetence of customer. (1) A payer or collecting bank's authority to accept, pay or collect an item or to account for proceeds of its collection, if otherwise effective, is not rendered ineffective by incompetence of a customer of either bank existing at the time the item is issued or its collection is undertaken if the bank does not know of an adjudication of incompetence. Neither death nor incompetence of a customer revokes the authority to accept, pay, collect or account until the bank knows of the fact of death or of an adjudication of incompetence and has reasonable opportunity to act on it. (2) Even with knowledge, a bank may for 10 days after the date of death pay or certify checks drawn on or before that date unless ordered to stop payment by a person claiming an interest in the account.History:  1995 a. 449.
WI Stat § 404.407 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 404 - Uniform commercial code — bank deposits and collections.|404.407 - Payer bank's right to subrogation on improper payment.

404.407  Payer bank's right to subrogation on improper payment. If a payer bank has paid an item over the order of the drawer or maker to stop payment, or after an account has been closed, or otherwise under circumstances giving a basis for objection by the drawer or maker, to prevent unjust enrichment and only to the extent necessary to prevent loss to the bank by reason of its payment of the item, the payer bank is subrogated to the rights of all of the following: (1) Any holder in due course on the item against the drawer or maker. (2) The payee or any other holder of the item against the drawer or maker either on the item or under the transaction out of which the item arose. (3) The drawer or maker against the payee or any other holder of the item with respect to the transaction out of which the item arose.History:  1995 a. 449.
WI Stat § 404.501 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 404 - Uniform commercial code — bank deposits and collections.|404.501 - Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor.

404.501  Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor. A bank that takes a documentary draft for collection shall present or send the draft and accompanying documents for presentment and, upon learning that the draft has not been paid or accepted in due course, shall seasonably notify its customer of the fact even though it may have discounted or bought the draft or extended credit available for withdrawal as of right.History:  1995 a. 449; 1997 a. 35.
WI Stat § 404.502 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 404 - Uniform commercial code — bank deposits and collections.|404.502 - Presentment of “on arrival" drafts.

404.502  Presentment of “on arrival" drafts. If a draft or the relevant instructions require presentment “on arrival", “when goods arrive" or the like, the collecting bank need not present until in its judgment a reasonable time for arrival of the goods has expired. Refusal to pay or accept because the goods have not arrived is not dishonor; the bank must notify its transferor of the refusal but need not present the draft again until it is instructed to do so or learns of the arrival of the goods.History:  1995 a. 449.
WI Stat § 404.503 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 404 - Uniform commercial code — bank deposits and collections.|404.503 - Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need.

404.503  Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need. (1) Unless otherwise instructed and except as provided in ch. 405, a bank presenting a documentary draft:(a) Must deliver the documents to the drawee on acceptance of the draft if it is payable more than 3 days after presentment; otherwise, only on payment.(b) Upon dishonor, either in the case of presentment for acceptance or presentment for payment, may seek and follow instructions from any referee in case of need designated in the draft or, if the presenting bank does not choose to utilize the referee's services, it must use diligence and good faith to ascertain the reason for dishonor, must notify its transferor of the dishonor and of the results of its effort to ascertain the reasons therefor and must request instructions. (2) The presenting bank is under no obligation with respect to goods represented by the documents except to follow any reasonable instructions seasonably received; it has a right to reimbursement for any expense incurred in following instructions and to prepayment of or indemnity for those expenses.History:  1991 a. 316; 1995 a. 449.
WI Stat § 404.504 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 404 - Uniform commercial code — bank deposits and collections.|404.504 - Privilege of presenting bank to deal with goods; security interest for expenses.

404.504  Privilege of presenting bank to deal with goods; security interest for expenses. (1) A presenting bank that, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time may store, sell, or otherwise deal with the goods in any reasonable manner. (2) For its reasonable expenses incurred by action under sub. (1), the presenting bank has a lien upon the goods or their proceeds, which may be foreclosed in the same manner as an unpaid seller's lien.History:  1995 a. 449.
WI Stat § 405.101 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 405 - Uniform commercial code — letters of credit.|405.101 - Short title.

405.101  Short title. This chapter may be cited as uniform commercial code — letters of credit.History:  2005 a. 213.
WI Stat § 405.103 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 405 - Uniform commercial code — letters of credit.|405.103 - Scope.

405.103  Scope. (1) This chapter applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit. (2) The statement of a rule in this chapter does not by itself require, imply, or negate application of the same or a different rule to a situation not provided for, or to a person not specified, in this chapter. (3) With the exception of this subsection, subs. (1) and (4), ss. 405.102 (1) (i) and (j), 405.106 (4) and 405.114 (4), and except to the extent prohibited in ss. 401.302 and 405.117 (4), the effect of this chapter may be varied by agreement or by a provision stated or incorporated by reference in an undertaking. A term in an agreement or undertaking generally excusing liability or generally limiting remedies for failure to perform obligations is not sufficient to vary obligations prescribed by this chapter.  (4) Rights and obligations of an issuer to a beneficiary or a nominated person under a letter of credit are independent of the existence, performance, or nonperformance of a contract or arrangement out of which the letter of credit arises or which underlies it, including contracts or arrangements between the issuer and the applicant and between the applicant and the beneficiary.History:  2005 a. 213; 2011 a. 257.
WI Stat § 405.104 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 405 - Uniform commercial code — letters of credit.|405.104 - Formal requirements.

405.104  Formal requirements. A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a record and is authenticated by any of the following methods: (1) A signature. (2) In accordance with the agreement of the parties or the standard practice referred to in s. 405.108 (5).History:  2005 a. 213.
WI Stat § 405.105 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 405 - Uniform commercial code — letters of credit.|405.105 - Consideration.

405.105  Consideration. Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.History:  2005 a. 213.
WI Stat § 405.106 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 405 - Uniform commercial code — letters of credit.|405.106 - Issuance, amendment, cancellation, and duration.

405.106  Issuance, amendment, cancellation, and duration. (1) A letter of credit is issued and becomes enforceable according to its terms against the issuer when the issuer sends or otherwise transmits it to the person requested to advise or to the beneficiary. A letter of credit is revocable only if it so provides. (2) After a letter of credit is issued, rights and obligations of a beneficiary, applicant, confirmer, and issuer are not affected by an amendment or cancellation to which that person has not consented except to the extent the letter of credit provides that it is revocable or that the issuer may amend or cancel the letter of credit without that consent. (3) If there is no stated expiration date or other provision that determines its duration, a letter of credit expires one year after its stated date of issuance or, if none is stated, after the date on which it is issued. (4) A letter of credit that states that it is perpetual expires 5 years after its stated date of issuance, or if none is stated, after the date on which it is issued.History:  2005 a. 213.
WI Stat § 405.107 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 405 - Uniform commercial code — letters of credit.|405.107 - Confirmer, nominated person, and adviser.

405.107  Confirmer, nominated person, and adviser. (1) A confirmer is directly obligated on a letter of credit and has the rights and obligations of an issuer to the extent of its confirmation. The confirmer also has rights against and obligations to the issuer as if the issuer were an applicant and the confirmer had issued the letter of credit at the request and for the account of the issuer. (2) A nominated person who is not a confirmer is not obligated to honor or otherwise give value for a presentation. (3) A person requested to advise may decline to act as an adviser. An adviser that is not a confirmer is not obligated to honor or give value for a presentation. An adviser undertakes to the issuer and to the beneficiary accurately to advise the terms of the letter of credit, confirmation, amendment, or advice received by that person and undertakes to the beneficiary to check the apparent authenticity of the request to advise. Even if the advice is inaccurate, the letter of credit, confirmation, or amendment is enforceable as issued. (4) A person who notifies a transferee beneficiary of the terms of a letter of credit, confirmation, amendment, or advice has the rights and obligations of an adviser under sub. (3). The terms in the notice to the transferee beneficiary may differ from the terms in any notice to the transferor beneficiary to the extent permitted by the letter of credit, confirmation, amendment, or advice received by the person who so notifies.History:  2005 a. 213.