Terms Used In Wisconsin Statutes > Chapter 404 > Subchapter III - Collection of Items: Payer Banks

• 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
• 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
• Clearinghouse: means an association of banks or other payers regularly clearing items. See Wisconsin Statutes 404.104
• 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
• 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
• Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
• 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
• Person: includes all partnerships, associations and bodies politic or corporate. 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.
• Statute: A law passed by a legislature.