404.111 Statute of limitations. An action to enforce an obligation, duty, or right arising under this chapter must be commenced within 3 years after the cause of action accrues. History: 1995 a. 449.
404.206
learning that the item has not been paid or accepted, as the case may be. (c) Settling for an item when the bank receives final settlement. (d) Notifying its transferor of any loss or delay in transit within a reasonable time after discovery thereof. (2) A collecting bank exercises ordinary care under sub. (1) by taking proper action before its midnight deadline following receipt of an item, notice or settlement. Taking proper action within a reasonably longer time may constitute the exercise of ordinary care, but the bank has the burden of establishing timeliness. (3) Subject to sub. (1) (a), a bank is not liable for the insolvency, neglect, misconduct, mistake or default of another bank or person or for loss or destruction of an item in the possession of others or in transit. History: 1995 a. 449.