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Can you summarize WIST Chapter 410?
Uniform Commercial Code. > Uniform commercial code funds transfers.
Short Summary
These legal documents, part of the Wisconsin Statutes under the Uniform Commercial Code (UCC) - funds transfers, cover various aspects of funds transfers. The first document provides definitions for terms related to payment orders and clarifies the conditions for separate payment orders. It also mentions the supremacy of regulations and operating circulars of the Federal Reserve System over inconsistent provisions. The second document focuses on the authorization and verification of payment orders, including the role of security procedures and the commercial reasonableness of such procedures. It also applies to amendments and cancellations of payment orders. The third document outlines the obligations of receiving banks, including the issuance and transmission of payment orders, the use of funds-transfer systems, and the execution of payment orders. It prohibits the receiving bank from reducing payment amounts to obtain its charges. The fourth document addresses the payment obligations between senders and receiving banks, specifying the obligations of the sender to pay the receiving bank based on the acceptance of the payment order. It also discusses the excusal of payment obligations and the refund of payments. The fifth document covers various aspects of funds transfers, including the variation of rights and obligations through agreements, the impact of funds-transfer system rules, and the court’s power to restrain certain actions. The sixth document explains the determination of interest rates in relation to payment orders and provides a calculation method based on the applicable federal funds rate. It also mentions the reduction of interest payable in case of an incomplete funds transfer. The seventh document deals with the choice of law in funds transfers, establishing default rules for determining the governing law and recognizing the authority of funds-transfer system rules. These documents apply to parties involved in funds transfers and provide guidelines and regulations for their operations and obligations. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Parties involved in funds transfers, including senders, receiving banks, beneficiary's banks, and beneficiaries
What does it govern?
Authorization and verification of payment orders, obligations of receiving banks, payment obligations between senders and receiving banks, rights and obligations of parties involved in funds transfers, determination of interest rates in relation to payment orders, choice of law in funds transfers
What are exemptions?
This chapter does not apply to funds transfers governed by the Electronic Fund Transfer Act, except for remittance transfers that are not electronic fund transfers. In case of inconsistency between this chapter and the Electronic Fund Transfer Act, the Act governs.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Wisconsin