Wisconsin Statutes > Chapter 404 > Subchapter V – Collection of Documentary Drafts


§ 404.501	Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor
§ 404.502	Presentment of “on arrival” drafts
§ 404.503	Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need
§ 404.504	Privilege of presenting bank to deal with goods; security interest for expenses

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Terms Used In Wisconsin Statutes > Chapter 404 > Subchapter V - Collection of Documentary Drafts

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
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
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
Lien: A claim against real or personal property in satisfaction of a debt.
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.