Terms Used In Wisconsin Statutes > Chapter 404 - Uniform commercial code - bank deposits and collections

• 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. See Wisconsin Statutes 404.104
• Acquire: when used in connection with a grant of power to any person, includes the acquisition by purchase, grant, gift or bequest. See Wisconsin Statutes 990.01
• Afternoon: means the period of a day between noon and midnight. See Wisconsin Statutes 404.104
• Banking day: means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions. See Wisconsin Statutes 404.104
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Clearinghouse: means an association of banks or other payers regularly clearing items. See Wisconsin Statutes 404.104
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: A legal written agreement that becomes binding when signed.
• Customer: means a person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank. See Wisconsin Statutes 404.104
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities or instructions for uncertificated securities, or other certificates, statements or the like are to be received by the drawee or other payer before acceptance or payment of the draft. See Wisconsin Statutes 404.104
• Draft: means a draft as defined in…. See Wisconsin Statutes 404.104
• Drawee: means a person ordered in a draft to make a payment. See Wisconsin Statutes 404.104
• Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Wisconsin Statutes 404.104
• Lien: A claim against real or personal property in satisfaction of a debt.
• Month: means a calendar month unless otherwise expressed. See Wisconsin Statutes 990.01
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Preceding: when used by way of reference to any statute section, means the section next preceding that in which the reference is made. See Wisconsin Statutes 990.01
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Trustee: A person or institution holding and administering property in trust.