Wisconsin § 407.203 Liability for nonreceipt or misdescription.

Wisconsin Statutes

§ 407.203 — Liability for nonreceipt or misdescription.

Wisconsin § 407.203

Ch. 407Uniform commercial code — documents of title

Subch.subch. II of ch. 407 SUBCHAPTER II

WAREHOUSE RECEIPTS: SPECIAL PROVISIONS

This text of Wisconsin § 407.203 (Liability for nonreceipt or misdescription.) 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. § 407.203 (2026).

Text

203  A party to or purchaser for value in good faith of a document of title, other than a bill of lading, that relies upon the description of the goods in the document may recover from the issuer damages caused by the nonreceipt or misdescription of the goods, except to the extent that any of the following apply:
203(1) (1) The document conspicuously indicates that the issuer does not know whether all or part of the goods in fact were received or conform to the description, such as a case in which the description is in terms of marks or labels or kind, quantity, or condition, or the receipt or description is qualified by “contents, condition, and quality unknown,” “said to contain,” or words of similar import, if the indication is true.
203(2) (2) The party or purchaser otherwi

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407.203 A party to or purchaser for value in good faith of a document of title, other than a bill of lading, that relies upon the description of the goods in the document may recover from the issuer damages caused by the nonreceipt or misdescription of the goods, except to the extent that any of the following apply:
407.203(1) (1) The document conspicuously indicates that the issuer does not know whether all or part of the goods in fact were received or conform to the description, such as a case in which the description is in terms of marks or labels or kind, quantity, or condition, or the receipt or description is qualified by “contents, condition, and quality unknown,” “said to contain,” or words of similar import, if the indication is true.
407.203(2) (2) The party or purchaser otherwise has notice of the nonreceipt or misdescription.