Wisconsin § 404.301 Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payer bank.

Wisconsin Statutes

§ 404.301 — Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payer bank.

Wisconsin § 404.301

Ch. 404Uniform commercial code — bank deposits and collections

Subch.subch. III of ch. 404 SUBCHAPTER III

COLLECTION OF ITEMS: PAYER BANKS

This text of Wisconsin § 404.301 (Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payer bank.) 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.

Bluebook

Wis. Stat. § 404.301 (2026).

Text

301
301(1) (1) If a payer bank settles for a demand item other than a documentary draft presented otherwise than for immediate payment over the counter before midnight of the banking day of receipt, the payer bank may revoke the settlement and recover the settlement if, before it has made final payment and before its midnight deadline, it does any of the following:
301(1)(a) (a) Returns the item.
301(1)(b) (b) Sends written notice of dishonor or nonpayment if the item is unavailable for return.
301(2) (2) If a demand item is received by a payer bank for credit on its books, it may return the item or send notice of dishonor and may revoke any credit given or recover the amount thereof withdrawn by its customer, if it acts within the time limit and in the manner specified

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404.301
404.301(1) (1) If a payer bank settles for a demand item other than a documentary draft presented otherwise than for immediate payment over the counter before midnight of the banking day of receipt, the payer bank may revoke the settlement and recover the settlement if, before it has made final payment and before its midnight deadline, it does any of the following:
404.301(1)(a) (a) Returns the item.
404.301(1)(b) (b) Sends written notice of dishonor or nonpayment if the item is unavailable for return.
404.301(2) (2) If a demand item is received by a payer bank for credit on its books, it may return the item or send notice of dishonor and may revoke any credit given or recover the amount thereof withdrawn by its customer, if it acts within the time limit and in the manner specified in sub. (1) .
404.301(3) (3) Unless previous notice of dishonor has been sent, an item is dishonored at the time when for purposes of dishonor it is returned or notice sent in accordance with this section.
404.301(4) (4) An item is returned:
404.301(4)(a) (a) As to an item presented through a clearinghouse, when it is delivered to the presenting or last collecting bank or to the clearinghouse or is sent or delivered in accordance with clearinghouse rules.
404.301(4)(b) (b) In all other cases, when it is sent or delivered to the bank’s customer or transferor or pursuant to instructions.