This text of Wisconsin § 403.405 (Employer’s responsibility for fraudulent endorsement by employee.) is published on Counsel Stack Legal Research, covering Wisconsin primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
403.405
403.405(1) (1) In this section:
403.405(1)(a) (a) “Employee” includes an independent contractor and employee of an independent contractor retained by the employer.
403.405(1)(b) (b) “Fraudulent endorsement” means, in the case of an instrument payable to the employer, a forged endorsement purporting to be that of the employer or, in the case of an instrument with respect to which the employer is the issuer, a forged endorsement purporting to be that of the person identified as payee.
403.405(1)(c) (c)
403.405(1)(c)1.
1.“Responsibility” with respect to instruments means authority to do any of the following:
403.405(1)(c)2.
2.“Responsibility” does not include authority that merely allows an employee to have access to instruments or blank or incomplete instrument forms that are being
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403.405
403.405(1) (1) In this section:
403.405(1)(a) (a) “Employee” includes an independent contractor and employee of an independent contractor retained by the employer.
403.405(1)(b) (b) “Fraudulent endorsement” means, in the case of an instrument payable to the employer, a forged endorsement purporting to be that of the employer or, in the case of an instrument with respect to which the employer is the issuer, a forged endorsement purporting to be that of the person identified as payee.
403.405(1)(c) (c)
403.405(1)(c)1. 1. “Responsibility” with respect to instruments means authority to do any of the following:
403.405(1)(c)2. 2. “Responsibility” does not include authority that merely allows an employee to have access to instruments or blank or incomplete instrument forms that are being stored or transported or are part of incoming or outgoing mail, or similar access.
403.405(2) (2) For the purpose of determining the rights and liabilities of a person who, in good faith, pays an instrument or takes it for value or for collection, if an employer entrusted an employee with responsibility with respect to the instrument and the employee or a person acting in concert with the employee makes a fraudulent endorsement of the instrument, the endorsement is effective as the endorsement of the person to whom the instrument is payable if it is made in the name of that person. If the person paying the instrument or taking it for value or for collection fails to exercise ordinary care in paying or taking the instrument and that failure substantially contributes to loss resulting from the fraud, the person bearing the loss may recover from the person failing to exercise ordinary care to the extent that the failure to exercise ordinary care contributed to the loss.
403.405(3) (3) Under sub. (2) , an endorsement is made in the name of the person to whom an instrument is payable if the endorsement is made in a name substantially similar to the name of that person or if the instrument, whether or not endorsed, is deposited in a depositary bank to an account in a name substantially similar to the name of that person.