Chapter 407, UNIFORM COMMERCIAL CODE — DOCUMENTS OF TITLE
41 sections in this chapter.
Wis. Stat. § 407.101 Short title
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407.101 Short title. This chapter may be cited as uniform commercial code — documents of title. History: 2009 a. 322.
Wis. Stat. § 407.102 Definitions and index of definitions
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407.102 Definitions and index of definitions. (1) In this chapter, unless the context otherwise requires: (a) “Bailee” means a person that by a warehouse receipt, bill of lading, or other document of title acknowledges possession of goods and contracts to deliver them. (b) “Carri…
Wis. Stat. § 407.103 Relation of chapter to treaty or statute
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407.103 Relation of chapter to treaty or statute. (1) This chapter is subject to any treaty or statute of the United States or a regulatory statute of this state to the extent the treaty, statute, or regulatory statute is applicable. (2) This chapter does not repeal or modify any…
Wis. Stat. § 407.104 Negotiable and nonnegotiable document of title
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407.104 Negotiable and nonnegotiable document of title. (1) Except as provided in sub. (3), a document of title is negotiable if by its terms the goods are to be delivered to bearer or to the order of a named person. (2) A document of title other than one described in sub. (1) is…
Wis. Stat. § 407.105 Reissuance in alternative medium
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407.105 Reissuance in alternative medium. (1) Upon request of a person entitled under an electronic document of title, the issuer of the electronic document may issue a tangible document of title as a substitute for the electronic document if all of the following apply: (a) The p…
Wis. Stat. § 407.106 Control of electronic document of title
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407.106 Control of electronic document of title. (1) A person has control of an electronic document of title if a system employed for evidencing the transfer of interests in the electronic document reliably establishes that person as the person to which the electronic document wa…
Wis. Stat. § 407.201 Person that may issue a warehouse receipt; storage under bond
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407.201 Person that may issue a warehouse receipt; storage under bond. (1) A warehouse receipt may be issued by any warehouse. (2) If goods, including distilled spirits and agricultural commodities, are stored under a statute requiring a bond against withdrawal or a license for t…
Wis. Stat. § 407.202 Form of warehouse receipt
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407.202 Form of warehouse receipt. (1) A warehouse receipt need not be in any particular form. (2) Unless a warehouse receipt provides for each of the following, the warehouse is liable for damages caused to a person injured by its omission: (a) The location of the warehouse faci…
Wis. Stat. § 407.203 Liability for nonreceipt or misdescription
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407.203 Liability for nonreceipt or misdescription. A party to or purchaser for value in good faith of a document of title, other than a bill of lading, that relies upon the description of the goods in the document may recover from the issuer damages caused by the nonreceipt or m…
Wis. Stat. § 407.204 Duty of care; contractual limitation of warehouse’s liability
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407.204 Duty of care; contractual limitation of warehouse’s liability. (1) A warehouse is liable for damages for loss of or injury to the goods caused by its failure to exercise care with regard to the goods that a reasonably careful person would exercise under similar circumstan…
Wis. Stat. § 407.205 Title under warehouse receipt defeated in certain cases
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407.205 Title under warehouse receipt defeated in certain cases. A buyer in ordinary course of business of fungible goods sold and delivered by a warehouse that is also in the business of buying and selling such goods takes the goods free of any claim under a warehouse receipt ev…
Wis. Stat. § 407.206 Termination of storage at warehouse’s option
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407.206 Termination of storage at warehouse’s option. 407.206(1)(1) A warehouse, by giving notice to the person on whose account the goods are held and any other person known to claim an interest in the goods, may require payment of any charges and removal of the goods from the w…
Wis. Stat. § 407.207 Goods must be kept separate; fungible goods
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407.207 Goods must be kept separate; fungible goods. (1) Unless the warehouse receipt provides otherwise, a warehouse shall keep separate the goods covered by each receipt so as to permit at all times identification and delivery of those goods. However, different lots of fungible…
Wis. Stat. § 407.208 Altered warehouse receipts
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407.208 Altered warehouse receipts. If a blank in a negotiable tangible warehouse receipt has been filled in without authority, a good faith purchaser for value and without notice of the lack of authority may treat the insertion as authorized. Any other unauthorized alteration le…
Wis. Stat. § 407.209 Lien of warehouse
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407.209 Lien of warehouse. (1) A warehouse has a lien against the bailor on the goods covered by a warehouse receipt or storage agreement or on the proceeds thereof in its possession for charges for storage or transportation, including demurrage and terminal charges, insurance, l…
Wis. Stat. § 407.210 Enforcement of warehouse’s lien
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407.210 Enforcement of warehouse’s lien. (1) Except as otherwise provided in sub. (2), a warehouse’s lien may be enforced by public or private sale of the goods, in bulk or in packages, at any time or place and on any terms that are commercially reasonable, after notifying all pe…
Wis. Stat. § 407.301 Liability for nonreceipt or misdescription; “said to contain”; “shipper’s load and count”; improper handling
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407.301 Liability for nonreceipt or misdescription; “said to contain”; “shipper’s load and count”; improper handling. (1) A consignee of a nonnegotiable bill of lading which has given value in good faith, or a holder to which a negotiable bill has been duly negotiated, relying up…
Wis. Stat. § 407.302 Through bills of lading and similar documents of title
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407.302 Through bills of lading and similar documents of title. (1) The issuer of a through bill of lading or other document of title embodying an undertaking to be performed in part by a person acting as its agent or by a performing carrier is liable to any person entitled to re…
Wis. Stat. § 407.303 Diversion; reconsignment; change of instructions
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407.303 Diversion; reconsignment; change of instructions. (1) Unless the bill of lading otherwise provides, a UCC — DOCUMENTS OF TITLE 407.307 carrier may deliver the goods to a person or destination other than that stated in the bill or may otherwise dispose of the goods, withou…
Wis. Stat. § 407.304 Tangible bills of lading in a set
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407.304 Tangible bills of lading in a set. (1) Except as customary in international transportation, a tangible bill of lading may not be issued in a set of parts. The issuer is liable for damages caused by violation of this subsection. (2) If a tangible bill of lading is lawfully…
Wis. Stat. § 407.305 Destination bills
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407.305 Destination bills. (1) Instead of issuing a bill of lading to the consignor at the place of shipment, a carrier, at the request of the consignor, may procure the bill to be issued at destination or at any other place designated in the request. (2) Upon request of any pers…
Wis. Stat. § 407.306 Altered bills of lading
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407.306 Altered bills of lading. An unauthorized alteration or filling in of a blank in a bill of lading leaves the bill enforceable according to its original tenor. History: 2009 a. 322.
Wis. Stat. § 407.307 Lien of carrier
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407.307 Lien of carrier. (1) A carrier has a lien on the goods covered by a bill of lading or on the proceeds thereof in its possession for charges after the date of the carrier’s receipt of the goods for storage or transportation, including demurrage and terminal charges, and fo…
Wis. Stat. § 407.308 Enforcement of carrier’s lien
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407.308 Enforcement of carrier’s lien. (1) A carrier’s lien on goods may be enforced by public or private sale of the goods, in bulk or in packages, at any time or place and on any terms that are commercially reasonable, after notifying all persons known to claim an interest in t…
Wis. Stat. § 407.309 Duty of care; contractual limitation of carrier’s liability
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407.309 Duty of care; contractual limitation of carrier’s liability. (1) A carrier that issues a bill of lading, whether negotiable or nonnegotiable, shall exercise the degree of care in relation to the goods which a reasonably careful person would exercise under similar circumst…
Wis. Stat. § 407.401 Irregularities in issue of receipt or bill or conduct of issuer
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407.401 Irregularities in issue of receipt or bill or conduct of issuer. The obligations imposed by this chapter on an issuer apply to a document of title even if any of the following are satisfied: (1) The document does not comply with the requirements of this chapter or of any …
Wis. Stat. § 407.402 Duplicate document of title; overissue
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407.402 Duplicate document of title; overissue. A duplicate or any other document of title purporting to cover goods already represented by an outstanding document of the same issuer does not confer any right in the goods, except as provided in the case of tangible bills of ladin…
Wis. Stat. § 407.403 Obligation of warehouse or carrier to deliver; excuse
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407.403 Obligation of warehouse or carrier to deliver; excuse. (1) A bailee shall deliver the goods to a person entitled under a document of title if the person complies with subs. (2) and (3), unless and to the extent that the bailee establishes any of the following: (a) Deliver…
Wis. Stat. § 407.404 No liability for good faith delivery pursuant to document of title
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407.404 No liability for good faith delivery pursuant to document of title. A bailee that in good faith has received goods and delivered or otherwise disposed of the goods according to the terms of a document of title or pursuant to this chapter is not liable for the goods even i…
Wis. Stat. § 407.501 Form of negotiation and requirements of due negotiation
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407.501 Form of negotiation and requirements of due negotiation. (1) The following rules apply to a negotiable tangible document of title: (a) If the document’s original terms run to the order of a named person, the document is negotiated by the named person’s endorsement and del…
Wis. Stat. § 407.502 Rights acquired by due negotiation
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407.502 Rights acquired by due negotiation. (1) Subject to ss. 407.205 and 407.503, a holder to which a negotiable document of title has been duly negotiated acquires thereby all of the following: (a) Title to the document. (b) Title to the goods. (c) All rights accruing under th…
Wis. Stat. § 407.503 Document of title to goods defeated in certain cases
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407.503 Document of title to goods defeated in certain cases. (1) A document of title confers no right in goods against a person that before issuance of the document had a legal interest or a perfected security interest in the goods and that did not do any of the following: (a) D…
Wis. Stat. § 407.504 Rights acquired in absence of due negotiation; effect of diversion; stoppage of delivery
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407.504 Rights acquired in absence of due negotiation; effect of diversion; stoppage of delivery. (1) A transferee of a document of title, whether negotiable or nonnegotiable, to which the document has been delivered but not duly negotiated, acquires the title and rights that its…
Wis. Stat. § 407.505 Endorser not guarantor for other parties
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407.505 Endorser not guarantor for other parties. The endorsement of a tangible document of title issued by a bailee does not make the endorser liable for any default by the bailee or previous endorsers. History: 2009 a. 322.
Wis. Stat. § 407.506 Delivery without endorsement; right to compel endorsement
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407.506 Delivery without endorsement; right to compel endorsement. The transferee of a negotiable tangible document of title has a specifically enforceable right to have its transferor supply any necessary endorsement, but the transfer becomes a negotiation only as of the time th…
Wis. Stat. § 407.507 Warranties on negotiation or delivery of document of title
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407.507 Warranties on negotiation or delivery of document of title. If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under s. 407.508, unless otherwise agreed, the transferor warrants to its immediate purchaser only in additi…
Wis. Stat. § 407.508 Warranties of collecting bank as to documents of title
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407.508 Warranties of collecting bank as to documents of title. A collecting bank or other intermediary known to be entrusted with documents of title on behalf of another or with collection of a draft or other claim against delivery of documents warrants by the delivery of the do…
Wis. Stat. § 407.509 Adequate compliance with commercial contract
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407.509 Adequate compliance with commercial contract. Whether a document of title is adequate to fulfill the obligations of a contract for sale, a contract for lease, or the conditions of a letter of credit is determined by ch. 402, 405, or 411. History: 2009 a. 322. SUBCHAPTER V…
Wis. Stat. § 407.601 Lost, stolen, or destroyed documents of title
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407.601 Lost, stolen, or destroyed documents of title. (1) If a document of title is lost, stolen, or destroyed, a court may order delivery of the goods or issuance of a substitute document and the bailee may without liability to any person comply with the order. If the document …
Wis. Stat. § 407.602 Attachment of goods covered by negotiable document of title
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407.602 Attachment of goods covered by negotiable document of title. Unless a document of title was originally issued upon delivery of the goods by a person that did not have power to dispose of them, a lien does not attach by virtue of any judicial process to goods in the posses…
Wis. Stat. § 407.603 Conflicting claims; interpleader
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407.603 Conflicting claims; interpleader. were misdescribed, or in any other respect the agent or employee violated the issuer’s instructions. (i) “Person entitled under the document” means the holder, in the case of a negotiable document of title, or the person to which delivery…