AB687: Bill Text

AB687,19,9 401.307 Prima facie evidence by 3rd-party documents. A document in due form purporting to be a bill of lading, policy or certificate of insurance, official weigher's or inspector's certificate, consular invoice, or any other document authorized or required by the contract to be issued by a 3rd party shall be prima facie evidence of its own authenticity and genuineness and of the facts stated in the document by the 3rd party.

AB687,19,14 401.308 Performance or acceptance under reservation of rights. (1) A party that with explicit reservation of rights performs or promises performance or assents to performance in a manner demanded or offered by the other party does not thereby prejudice the rights reserved. Such words as "without prejudice," "under protest," or the like are sufficient.

AB687,19,15 (2) Subsection (1) does not apply to an accord and satisfaction.

AB687,19,22 401.309 Option to accelerate at will. A term providing that one party or that party's successor in interest may accelerate payment or performance or require collateral or additional collateral "at will" or when the party "deems itself insecure," or words of similar import, means that the party has power to do so only if that party in good faith believes that the prospect of payment or performance is impaired. The burden of establishing lack of good faith is on the party against which the power has been exercised.

AB687,20,3 401.310 Subordinated obligations. An obligation may be issued as subordinated to performance of another obligation of the person obligated, or a creditor may subordinate its right to performance of an obligation by agreement with either the person obligated or another creditor of the person obligated. Subordination does not create a security interest as against either the common debtor or a subordinated creditor.

AB687, s. 9 Section 9. 402.202 (1) of the statutes is amended to read:

AB687,20,6 402.202 (1) By course of dealing or usage of trade (s. 401.205 401.303) or by course of performance (s. 402.208);

AB687, s. 10 Section 10. 402.208 (2) of the statutes is amended to read:

AB687,20,13 402.208 (2) The express terms of the agreement and any such course of performance, as well as any course of dealing and usage of trade, shall be construed whenever reasonable as consistent with each other; but when such construction is unreasonable, express terms shall control course of performance and course of performance shall control both course of dealing and usage of trade (s. 401.205 401.303).

AB687, s. 11 Section 11. 403.103 (1) (j) of the statutes is amended to read:

AB687,20,16 403.103 (1) (j) "Prove" with respect to a fact means to meet the burden of establishing a fact, as defined in s. 401.201 (8) (2) (e).

AB687, s. 12 Section 12. 407.102 (1) (e) of the statutes is amended to read:

AB687,20,19 407.102 (1) (e) "Document" means document of title as defined in s. 401.201 (2) (i).

AB687, s. 13 Section 13. 407.103 (2) of the statutes is amended to read:

AB687,21,2 407.103 (2) This chapter does not repeal or modify any laws prescribing the form or contents of documents of title or the services or facilities to be afforded by bailees, or otherwise regulating bailees' businesses in respects not specifically dealt with herein; but the fact that such laws are violated does not affect the status of a document of title which otherwise complies with the definition of a document of title in s. 401.201 (2) (i).

AB687, s. 14 Section 14. 410.106 (1) of the statutes is amended to read:

AB687,21,16 410.106 (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) 401.202 (6). A receiving bank may fix a cutoff 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 cutoff times may apply to payment orders, cancellations, or amendments, or to different categories of payment orders, cancellations, or amendments. A cutoff time may apply to senders generally or different cutoff 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 cutoff 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.

AB687, s. 15 Section 15. 410.204 (2) of the statutes is amended to read:

AB687,21,20 410.204 (2) Reasonable time under sub. (1) may be fixed by agreement as stated in s. 401.204 401.302 (1), but the obligation of a receiving bank to refund payment as stated in sub. (1) may not otherwise be varied by agreement.

AB687, s. 16 Section 16. 411.501 (4) of the statutes is amended to read:

AB687,21,23 411.501 (4) Except as otherwise provided in s. 401.106 401.305 (1), this chapter or the lease agreement, the rights and remedies in subs. (2) and (3) are cumulative.

AB687, s. 17 Section 17. 706.08 (4) (c) of the statutes is amended to read:

AB687,22,2 706.08 (4) (c) The person conveys an interest in land as trustee to a good faith purchaser, as defined in s. 401.201 (33) (2) (qm).

AB687, s. 18 Section 18. 893.36 (1g) (a) of the statutes is amended to read:

AB687,22,5 893.36 (1g) (a) "Buyer in ordinary course of business" has the meaning provided by s. 401.201 (9) (2) (em).

AB687, s. 19 Section 19. Initial applicability.

AB687,22,8 (1) This act first applies to transactions entered into on the effective date of this subsection.

AB687, s. 20 Section 20. Effective date.

AB687,22,11 (1) This act takes effect on the first day of the 3rd month beginning after publication.

AB687,22,12 (End)