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Can you summarize WIST 134.15?
Miscellaneous trade regulations. > Issuing and using what is not money; contracts void.
Short Summary
This legal document, found under the Wisconsin Statutes, Regulation of Trade, Miscellaneous trade regulations, governs the issuance, payment, passing, and receipt of unauthorized paper as money or equivalent for money. It applies to individuals who knowingly engage in such activities, as well as to body corporates and their officers, stockholders, directors, or agents who engage in these activities within the state. The document specifies that any paper resembling bank paper circulating as money or banking currency must be expressly authorized by positive law and redeemable in lawful money of the United States or current gold or silver coin. Violators may face imprisonment or fines for individuals, while body corporates may forfeit their rights, privileges, and franchises and be required to pay $500 to the state for each offense. Additionally, the document declares that all contracts and payments involving such unauthorized paper shall be null and void.
Whom does it apply to?
Any person who knowingly issues, pays out, passes, or receives unauthorized paper as money or equivalent for money; any body corporate, officer, stockholder, director, or agent thereof who issues, pays out, passes, or receives unauthorized paper in this state
What does it govern?
Issuing and using what is not money; contracts void
What are exemptions?
None mentioned
What are the Penalties?
Imprisonment in the county jail for up to 6 months or a fine not exceeding $100 for individuals; forfeiture of all rights, privileges, and franchises for body corporates; payment of $500 to the state for each offense
Jurisdiction
Wisconsin