403.412 Obligation of issuer of note or cashier's check. The issuer of a note or cashier's check or other draft drawn on the drawer is obliged to pay the instrument according to its terms at the time that it was issued or, if not issued, at the time that it first came into possession of a holder or, if the issuer signed an incomplete instrument, according to its terms when completed, to the extent stated in ss. 403.115 and 403.407. The obligation is owed to a person entitled to enforce the instrument or to an endorser who paid the instrument under s. 403.415.
History: 1995 a. 449.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 403 - Uniform commercial code — negotiable instruments.
403.104 - Negotiable instrument.
403.105 - Issue of instrument.
403.106 - Unconditional promise or order.
403.107 - Instrument payable in foreign money.
403.108 - Payable on demand or at definite time.
403.109 - Payable to bearer or to order.
403.110 - Identification of person to whom instrument is payable.
403.114 - Contradictory terms of instrument.
403.115 - Incomplete instrument.
403.116 - Joint and several liability; contribution.
403.117 - Other agreements affecting instrument.
403.118 - Statute of limitations.
403.119 - Notice of right to defend action.
403.202 - Negotiation subject to rescission.
403.203 - Transfer of instrument; rights acquired by transfer.
403.205 - Special endorsement; blank endorsement; anomalous endorsement.
403.206 - Restrictive endorsement.
403.301 - Person entitled to enforce instrument.
403.302 - Holder in due course.
403.303 - Value and consideration.
403.305 - Defenses and claims in recoupment.
403.306 - Claims to an instrument.
403.307 - Notice of breach of fiduciary duty.
403.308 - Proof of signatures and status as holder in due course.
403.309 - Enforcement of lost, destroyed or stolen instrument.
403.310 - Effect of instrument on obligation for which taken.
403.311 - Accord and satisfaction by use of instrument.
403.312 - Lost, destroyed or stolen cashier's check, teller's check or certified check.
403.402 - Signature by representative.
403.403 - Unauthorized signature.
403.404 - Impostors; fictitious payees.
403.405 - Employer's responsibility for fraudulent endorsement by employee.
403.406 - Negligence contributing to forged signature or alteration of instrument.
403.408 - Drawee not liable on unaccepted draft.
403.409 - Acceptance of draft; certified check.
403.410 - Acceptance varying draft.
403.411 - Refusal to pay cashier's checks, teller's checks and certified checks.
403.412 - Obligation of issuer of note or cashier's check.
403.413 - Obligation of acceptor.
403.414 - Obligation of drawer.
403.415 - Obligation of endorser.
403.416 - Transfer warranties.
403.417 - Presentment warranties.
403.418 - Payment or acceptance by mistake.
403.419 - Instruments signed for accommodation.
403.420 - Conversion of instrument.
403.504 - Excused presentment and notice of dishonor.
403.505 - Evidence of dishonor.
403.601 - Discharge and effect of discharge.