404.405 Death or incompetence of customer.
(1) A payer or collecting bank's authority to accept, pay or collect an item or to account for proceeds of its collection, if otherwise effective, is not rendered ineffective by incompetence of a customer of either bank existing at the time the item is issued or its collection is undertaken if the bank does not know of an adjudication of incompetence. Neither death nor incompetence of a customer revokes the authority to accept, pay, collect or account until the bank knows of the fact of death or of an adjudication of incompetence and has reasonable opportunity to act on it.
(2) Even with knowledge, a bank may for 10 days after the date of death pay or certify checks drawn on or before that date unless ordered to stop payment by a person claiming an interest in the account.
History: 1995 a. 449.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 404 - Uniform commercial code — bank deposits and collections.
404.103 - Variation by agreement; measure of damages; action constituting ordinary care.
404.104 - Definitions and index of definitions.
404.106 - Payable through or payable at bank; collecting bank.
404.107 - Separate office of a bank.
404.108 - Time of receipt of items.
404.110 - Electronic presentment.
404.111 - Statute of limitations.
404.202 - Responsibility for collection or return; when action timely.
404.203 - Effect of instructions.
404.204 - Methods of sending and presenting; sending directly to payer bank.
404.205 - Depositary bank holder of unendorsed item.
404.206 - Transfer between banks.
404.207 - Transfer warranties.
404.208 - Presentment warranties.
404.209 - Encoding and retention warranties.
404.210 - Security interest of collecting bank in items, accompanying documents and proceeds.
404.211 - When bank gives value for purposes of holder in due course.
404.213 - Medium and time of settlement by bank.
404.214 - Right of charge-back or refund; liability of collecting bank; return of item.
404.216 - Insolvency and preference.
404.302 - Payer bank's responsibility for late return of item.
404.401 - When bank may charge customer's account.
404.403 - Customer's right to stop payment; burden of proof of loss.
404.404 - Bank not obligated to pay check more than 6 months old.
404.405 - Death or incompetence of customer.
404.406 - Customer's duty to discover and report unauthorized signature or alteration.
404.407 - Payer bank's right to subrogation on improper payment.
404.502 - Presentment of “on arrival" drafts.
404.504 - Privilege of presenting bank to deal with goods; security interest for expenses.