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Can you summarize WIST 404.303?
When items subject to notice, stop-payment order, legal process or setoff; order in which items may be charged or certified.
Short Summary
This legal document, part of the Wisconsin Statutes, specifically falls under the Uniform Commercial Code governing bank deposits and collections. It outlines the circumstances under which knowledge, notice, stop-payment orders, or legal processes received by a payer bank will not terminate, suspend, or modify the bank’s right or duty to pay an item or charge the customer’s account. The document specifies the order in which items may be charged or certified, including the conditions under which the bank accepts or certifies the item, pays the item in cash, settles for the item, becomes accountable for the amount of the item, or establishes a cutoff hour for checks. The document also states that items may be accepted, paid, certified, or charged to the customer’s account in any order, subject to the provisions mentioned. Overall, this document provides guidelines for payer banks and customer accounts regarding the handling of items subject to various circumstances.
Whom does it apply to?
Payer banks, customer accounts, and items subject to notice, stop-payment order, legal process, or setoff
What does it govern?
Uniform Commercial Code Bank Deposits and Collections
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Wisconsin