Chapter 410 — UNIFORM COMMERCIAL CODE — FUNDS TRANSFERS
38 sections in this chapter.
Wis. Stat. § 410.101 Short title
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410.101 Short title. This chapter may be cited as uniform commercial code — funds transfers. History: 1991 a. 304.
Wis. Stat. § 410.102 Subject matter
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410.102 Subject matter. Except as otherwise provided in s. 410.108, this chapter applies to funds transfers as defined in s.
Wis. Stat. § 410.103 Payment order; definitions
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410.103 Payment order; definitions. (1) In this chapter: (a) “Beneficiary” means the person to be paid by the beneficiary’s bank. (b) “Beneficiary’s bank” means the bank identified in a payment order in which an account of the beneficiary is to be credited pursuant to the order o…
Wis. Stat. § 410.104 Funds transfer; definitions
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410.104 (1). History: 1991 a. 304.
Wis. Stat. § 410.105 Other definitions
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410.105 Other definitions. (1) In this chapter: (a) “Authorized account” means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. If a customer does not so designate an account, any acc…
Wis. Stat. § 410.106 Time payment order is received
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410.106 Time payment order is received. (1) The time of receipt of a payment order or communication canceling or amending a payment order is determined by the rules applicable to receipt of a notice stated in s. 401.202 (6). A receiving bank may fix a cutoff time or times on a fu…
Wis. Stat. § 410.107 Federal reserve regulations and operating circulars
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410.107 Federal reserve regulations and operating circulars. Regulations of the board of governors of the federal reserve system and operating circulars of the federal reserve banks supersede any inconsistent provision of this chapter to the extent of the inconsistency. History: …
Wis. Stat. § 410.108 Relationship to Electronic Fund Transfer Act
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410.108 Relationship to Electronic Fund Transfer Act. (1) Except as provided in sub. (2), this chapter does not apply to a funds transfer any part of which is governed by the electronic fund transfer act, 15 USC 1693 to 1693r. (2) This chapter applies to a funds transfer that is …
Wis. Stat. § 410.201 Security procedure
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410.201 Security procedure. “Security procedure” means a procedure established by agreement of a customer and a receiving bank to verify that a payment order or communication amending or canceling a payment order is that of the customer or to detect error in the transmission or t…
Wis. Stat. § 410.202 Authorized and verified payment orders
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410.202 Authorized and verified payment orders. (1) A payment order received by the receiving bank is the authorized order of the person identified as sender if that person authorized the order or is otherwise bound by it under the law of agency. (2) (a) If a bank and its custome…
Wis. Stat. § 410.203 Unenforceability of certain verified payment orders
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410.203 Unenforceability of certain verified payment orders. (1) If an accepted payment order is not, under s. 410.202 (1), an authorized order of a customer identified as sender, but is effective as an order of the customer pursuant to s. 410.202 (2), the following rules apply: …
Wis. Stat. § 410.204 Refund of payment and duty of customer to report with respect to unauthorized payment order
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410.204 Refund of payment and duty of customer to report with respect to unauthorized payment order. (1) If a receiving bank accepts a payment order issued in the name of its customer as sender that is not authorized and not effective as UCC — FUNDS TRANSFERS 410.205 the order of…
Wis. Stat. § 410.205 Erroneous payment orders
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410.205 Erroneous payment orders. (1) (a) The rules in pars. (am) to (c) apply if an accepted payment order was transmitted pursuant to a security procedure for the detection of error and any of the following occurs: 1. The payment order erroneously instructed payment to a benefi…
Wis. Stat. § 410.206 Transmission of payment order through funds-transfer or other communication system
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410.206 Transmission of payment order through funds-transfer or other communication system. (1) If a payment order addressed to a receiving bank is transmitted to a funds-transfer system or other 3rd-party communication system for transmittal to the bank, the system is considered…
Wis. Stat. § 410.207 Misdescription of beneficiary
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410.207 Misdescription of beneficiary. (1) Subject to sub. (2), if, in a payment order received by the beneficiary’s bank, the name, bank account number, or other identification of the beneficiary refers to a nonexistent or unidentifiable person or account, no person has rights a…
Wis. Stat. § 410.208 Misdescription of intermediary bank or beneficiary’s bank
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410.208 Misdescription of intermediary bank or beneficiary’s bank. (1) (a) This subsection applies to a payment order identifying an intermediary bank or the beneficiary’s bank only by an identifying number. (am) The receiving bank may rely on the number as the proper identificat…
Wis. Stat. § 410.209 Acceptance of payment order
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410.209 Acceptance of payment order. (1) Subject to sub. (4), a receiving bank other than the beneficiary’s bank accepts a payment order when it executes the order. (2) Subject to subs. (3) and (4), a beneficiary’s bank accepts a payment order at the earliest of the following tim…
Wis. Stat. § 410.210 Rejection of payment order
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410.210 Rejection of payment order. (1) A payment order is rejected by the receiving bank by a notice of rejection transmitted to the sender orally, electronically, or in writing. A notice of rejection need not use any particular words and is sufficient if it indicates that the r…
Wis. Stat. § 410.211 Cancellation and amendment of payment order
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410.211 Cancellation and amendment of payment order. (1) A communication of the sender of a payment order canceling or amending the order may be transmitted to the receiving bank orally, electronically, or in writing. If a security procedure is in effect between the sender and th…
Wis. Stat. § 410.212 Liability and duty of receiving bank regarding unaccepted payment order
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410.212 Liability and duty of receiving bank regarding unaccepted payment order. If a receiving bank fails to accept a payment order that it is obliged by express agreement to accept, the bank is liable for breach of the agreement to the extent provided in the agreement or in thi…
Wis. Stat. § 410.301 Execution and execution date
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410.301 Execution and execution date. (1) A payment order is “executed” by the receiving bank when it issues a payment order intended to carry out the payment order received by the bank. A payment order received by the beneficiary’s bank can be accepted but cannot be executed. (2…
Wis. Stat. § 410.302 Obligations of receiving bank in execution of payment order
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410.302 Obligations of receiving bank in execution of payment order. (1) Except as provided in subs. (2) to (4), if the receiving bank accepts a payment order pursuant to s. 410.209 (1), the bank has the following obligations in executing the order: (a) The receiving bank is obli…
Wis. Stat. § 410.303 Erroneous execution of payment order
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410.303 Erroneous execution of payment order. (1) A receiving bank that executes the payment order of the sender by issuing a payment order in an amount greater than the amount of the sender’s order, or that issues a payment order in execution of the sender’s order and then issue…
Wis. Stat. § 410.304 Duty of sender to report erroneously executed payment order
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410.304 Duty of sender to report erroneously executed payment order. If the sender of a payment order that is erroneously executed as stated in s. 410.303 receives notification from the receiving bank that the order was executed or that the sender’s account was debited with respe…
Wis. Stat. § 410.305 Liability for late or improper execution or failure to execute payment order
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410.305 Liability for late or improper execution or failure to execute payment order. (1) If a funds transfer is completed but execution of a payment order by the receiving bank in breach of s. 410.302 results in delay in payment to the beneficiary, the bank is obliged to pay int…
Wis. Stat. § 410.401 Payment date
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410.401 Payment date. “Payment date” of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary’s bank. The payment date may be determined by instruction of the sender but cannot be earlier than the day the order is received…
Wis. Stat. § 410.402 Obligation of sender to pay receiving bank
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410.402 Obligation of sender to pay receiving bank. (1) This section is subject to ss. 410.205 and 410.207. (2) With respect to a payment order issued to the beneficiary’s bank, acceptance of the order by the bank obliges the sender to pay the bank the amount of the order, but pa…
Wis. Stat. § 410.403 Payment by sender to receiving bank
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410.403 Payment by sender to receiving bank. (1) Payment of the sender’s obligation under s. 410.402 to pay the receiving bank occurs as follows: (a) If the sender is a bank, payment occurs when the receiving bank receives final settlement of the obligation through a federal rese…
Wis. Stat. § 410.404 Obligation of beneficiary’s bank to pay and give notice to beneficiary
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410.404 Obligation of beneficiary’s bank to pay and give notice to beneficiary. (1) Subject to ss. 410.211 (5) and 410.405 (4) and (5), if a beneficiary’s bank accepts a payment order, the bank is obliged to pay the amount of the order to the beneficiary of the order. Payment is …
Wis. Stat. § 410.405 Payment by beneficiary’s bank to beneficiary
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410.405 Payment by beneficiary’s bank to beneficiary. (1) If the beneficiary’s bank credits an account of the beneficiary of a payment order, payment of the bank’s obligation under s. 410.404 (1) occurs when and to the extent the beneficiary is notified of the right to withdraw t…
Wis. Stat. § 410.406 Payment by originator to beneficiary; discharge of underlying obligation
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410.406 Payment by originator to beneficiary; discharge of underlying obligation. (1) Subject to ss. 410.211 May 22, 2026, are designated by NOTES. (Published 5-22-26) 9 Updated 23-24 Wis. Stats. (5) and 410.405 (4) and (5), the originator of a funds transfer pays the beneficiary…
Wis. Stat. § 410.501 Variation by agreement and effect of funds-transfer system rule
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410.501 Variation by agreement and effect of fundstransfer system rule. (1) Except as otherwise provided in this chapter, the rights and obligations of a party to a funds transfer may be varied by agreement of the affected party. (2) (a) “Funds-transfer system rule” means a rule …
Wis. Stat. § 410.502 Creditor process served on receiving bank; setoff by beneficiary’s bank
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410.502 Creditor process served on receiving bank; UCC — FUNDS TRANSFERS 410.505 setoff by beneficiary’s bank. (1) In this section, “creditor process” means levy, attachment, garnishment, notice of lien, sequestration, or similar process issued by or on behalf of a creditor or ot…
Wis. Stat. § 410.503 Injunction or restraining order with respect to funds transfer
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410.503 Injunction or restraining order with respect to funds transfer. For proper cause and in compliance with applicable law, a court may restrain a person from issuing a payment order to initiate a funds transfer, an originator’s bank from executing the payment order of the or…
Wis. Stat. § 410.504 Order in which items and payment orders may be charged to account; order of withdrawals from account
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410.504 Order in which items and payment orders may be charged to account; order of withdrawals from account. (1) If a receiving bank has received more than one payment order of the sender or one or more payment orders and other items that are payable from the sender’s account, t…
Wis. Stat. § 410.505 Preclusion of objection to debit of customer’s account
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410.505 Preclusion of objection to debit of customer’s account. If a receiving bank has received payment from its customer with respect to a payment order issued in the name of the customer as sender and accepted by the bank, and the May 22, 2026, are designated by NOTES. (Publis…
Wis. Stat. § 410.506 Rate of interest
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410.506 Rate of interest. (1) If, under this chapter, a receiving bank is obliged to pay interest with respect to a payment order issued to the bank, the amount payable may be determined by agreement of the sender and receiving bank, or may be determined by a funds-transfer syste…
Wis. Stat. § 410.507 Choice of law
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410.507 Choice of law. (1) The following rules apply unless the affected parties otherwise agree or sub. (3) applies: (a) The rights and obligations between the sender of a payment order and the receiving bank are governed by the law of the jurisdiction in which the receiving ban…