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Can you summarize WIST 404.213?
Medium and time of settlement by bank.
Short Summary
This legal document, part of the Wisconsin Statutes Uniform Commercial Code, provides guidelines for settlement by a bank. The medium and time of settlement can be prescribed by federal reserve regulations, clearinghouse rules, agreements, or other similar means. In the absence of such prescription, the medium of settlement is cash or credit to an account in a federal reserve bank or a specified bank. The time of settlement varies depending on the method used, such as tender of settlement by cash, check, credit or debit to an account, or funds transfer. If the tender of settlement is not authorized or the time of settlement is not fixed, settlement occurs only when the tender of settlement is accepted by the person receiving settlement. The document also specifies the finality of settlement for items paid by cashier’s check, teller’s check, or authority to charge an account. No penalties are mentioned in this document.
Whom does it apply to?
Banks and persons involved in settlement transactions
What does it govern?
Settlement by a bank
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Wisconsin