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Can you summarize WIST Chapter 403?
Uniform Commercial Code. > Uniform commercial code negotiable instruments.
Short Summary
This legal document, part of the Wisconsin Statutes Uniform Commercial Code, specifically focuses on negotiable instruments. It provides definitions for various terms related to negotiable instruments and establishes the meanings of terms used in other sections of the Uniform Commercial Code that are applicable to negotiable instruments. The document outlines the characteristics of negotiable instruments, including the absence of any other undertakings or instructions beyond the payment of money. It also allows for certain additional provisions, such as collateral, confession of judgment, or waiver of certain laws. The document further defines various types of negotiable instruments, including checks, notes, drafts, cashier’s checks, teller’s checks, traveler’s checks, and certificates of deposit. It also distinguishes between notes and drafts and provides criteria for determining whether an instrument is a check. The document addresses the conditions for a promise or order to be considered unconditional and provides rules for determining the person to whom an instrument is initially payable. It also governs the place of payment, interest on instruments, dating of instruments, and resolution of contradictory terms. The document outlines the liability of parties involved in negotiable instruments transactions and allows for modification of payment obligations through separate agreements. Additionally, it establishes the statute of limitations for actions related to negotiable instruments and provides rules for giving notice of litigation to third parties. The document does not specify any penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Individuals and entities involved in the issuance, transfer, and holding of negotiable instruments in Wisconsin.
What does it govern?
The legal document content reviewed pertains to the Uniform Commercial Code in Wisconsin and covers various aspects of negotiable instruments.
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Wisconsin