410.305 Liability for late or improper execution or failure to execute payment order.
SUBCHAPTER IV
PAYMENT
410.402 Obligation of sender to pay receiving bank.
410.403 Payment by sender to receiving bank.
410.404 Obligation of beneficiary's bank to pay and give notice to beneficiary.
410.405 Payment by beneficiary's bank to beneficiary.
410.406 Payment by originator to beneficiary; discharge of underlying obligation.
SUBCHAPTER V
MISCELLANEOUS PROVISIONS
410.501 Variation by agreement and effect of funds-transfer system rule.
410.502 Creditor process served on receiving bank; setoff by beneficiary's bank.
410.503 Injunction or restraining order with respect to funds transfer.
410.504 Order in which items and payment orders may be charged to account; order of withdrawals from account.
410.505 Preclusion of objection to debit of customer's account.
410.506 Rate of interest.
Ch. 410 Cross-reference
Cross-reference: See definitions in s.
401.201.
SUBJECT MATTER AND DEFINITIONS
410.101
410.101
Short title. This chapter may be cited as uniform commercial code — funds transfers.
410.101 History
History: 1991 a. 304.
410.102
410.102
Subject matter. Except as otherwise provided in
s. 410.108, this chapter applies to funds transfers as defined in
s. 410.104 (1).
410.102 History
History: 1991 a. 304.
410.103
410.103
Payment order; definitions. 410.103(1)(a)
(a) "Beneficiary" means the person to be paid by the beneficiary's bank.
410.103(1)(b)
(b) "Beneficiary's bank" means the bank identified in a payment order in which an account of the beneficiary is to be credited pursuant to the order or which otherwise is to make payment to the beneficiary if the order does not provide for payment to an account.
410.103(1)(c)
(c) "Payment order" means an instruction of a sender to a receiving bank, transmitted orally, electronically, or in writing, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if all of the following apply:
410.103(1)(c)1.
1. The instruction does not state a condition to payment to the beneficiary other than time of payment.
410.103(1)(c)2.
2. The receiving bank is to be reimbursed by debiting an account of, or otherwise receiving payment from, the sender.
410.103(1)(c)3.
3. The instruction is transmitted by the sender directly to the receiving bank or to an agent, funds-transfer system, or communication system for transmittal to the receiving bank.
410.103(1)(d)
(d) "Receiving bank" means the bank to which the sender's instruction is addressed.
410.103(1)(e)
(e) "Sender" means the person giving the instruction to the receiving bank and includes a customer described in
s. 410.202 (4).
410.103(2)
(2) If an instruction complying with
sub. (1) (c) is to make more than one payment to a beneficiary, the instruction is a separate payment order with respect to each payment.
410.103(3)
(3) A payment order is issued when it is sent to the receiving bank.
410.103 History
History: 1991 a. 304.
410.104
410.104
Funds transfer; definitions. In this chapter:
410.104(1)
(1) "Funds transfer" means the series of transactions, beginning with the originator's payment order, made for the purpose of making payment to the beneficiary of the order. "Funds transfer" includes any payment order issued by the originator's bank or an intermediary bank intended to carry out the originator's payment order. A funds transfer is completed by acceptance by the beneficiary's bank of a payment order for the benefit of the beneficiary of the originator's payment order.
410.104(2)
(2) "Intermediary bank" means a receiving bank other than the originator's bank or the beneficiary's bank.
410.104(3)
(3) "Originator" means the sender of the first payment order in a funds transfer.
410.104(4)
(4) "Originator's bank" means the receiving bank to which the payment order of the originator is issued if the originator is not a bank or the originator if the originator is a bank.
410.104 History
History: 1991 a. 304.
410.105(1)(a)
(a) "Authorized account" means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. If a customer does not so designate an account, any account of the customer is an authorized account if payment of a payment order from that account is not inconsistent with a restriction on the use of that account.
410.105(1)(b)
(b) "Bank" means a person engaged in the business of banking and includes a savings bank, savings and loan association, credit union, and trust company. A branch or separate office of a bank is a separate bank for purposes of this chapter.
410.105(1)(c)
(c) "Customer" means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders.
410.105(1)(d)
(d) "Funds-transfer business day" of a receiving bank means the part of a day during which the receiving bank is open for the receipt, processing, and transmittal of payment orders and for cancellations and amendments of payment orders.
410.105(1)(e)
(e) "Funds-transfer system" means a wire transfer network, automated clearinghouse, or other communication system of a clearinghouse or other association of banks through which a payment order by a bank may be transmitted to the bank to which the order is addressed.
410.105(1)(f)
(f) "Good faith" means honesty in fact and the observance of reasonable commercial standards of fair dealing.
410.105(1)(g)
(g) "Prove" with respect to a fact means to meet the burden of establishing the fact.
410.105(2)
(2) Other definitions applying to this chapter and the sections in which they appear are:
410.105(3)
(3) The following definitions in
ch. 404 apply to this chapter:
410.105(4)
(4) In addition
ch. 401 contains general definitions and principles of construction and interpretation applicable throughout this chapter.
410.105 History
History: 1991 a. 304;
1995 a. 449.
410.106
410.106
Time payment order is received. 410.106(1)
(1) The time of receipt of a payment order or communication canceling or amending a payment order is determined by the rules applicable to receipt of a notice stated in
s. 401.201 (26) (b). A receiving bank may fix a cut-off time or times on a funds-transfer business day for the receipt and processing of payment orders and communications canceling or amending payment orders. Different cut-off times may apply to payment orders, cancellations, or amendments, or to different categories of payment orders, cancellations, or amendments. A cut-off time may apply to senders generally or different cut-off times may apply to different senders or categories of payment orders. If a payment order or communication canceling or amending a payment order is received after the close of a funds-transfer business day or after the appropriate cut-off time on a funds-transfer business day, the receiving bank may treat the payment order or communication as received at the opening of the next funds-transfer business day.
410.106(2)
(2) If this chapter refers to an execution date or payment date or states a day on which a receiving bank is required to take action, and the date or day does not fall on a funds-transfer business day, the next day that is a funds-transfer business day is treated as the date or day stated, unless the contrary is stated in this chapter.
410.106 History
History: 1991 a. 304.
410.107
410.107
Federal reserve regulations and operating circulars. Regulations of the board of governors of the federal reserve system and operating circulars of the federal reserve banks supersede any inconsistent provision of this chapter to the extent of the inconsistency.
410.107 History
History: 1991 a. 304.
410.108
410.108
Exclusion of consumer transactions governed by federal law. This chapter does not apply to a funds transfer any part of which is governed by the electronic fund transfer act,
15 USC 1693 to
1693r.
410.108 History
History: 1991 a. 304.
ISSUE AND ACCEPTANCE OF PAYMENT ORDER
