Wisconsin Statutes 404.407 – Payer bank’s right to subrogation on improper payment
Current as of: 2023 | Check for updates
|
Other versions
If a payer bank has paid an item over the order of the drawer or maker to stop payment, or after an account has been closed, or otherwise under circumstances giving a basis for objection by the drawer or maker, to prevent unjust enrichment and only to the extent necessary to prevent loss to the bank by reason of its payment of the item, the payer bank is subrogated to the rights of all of the following:
Terms Used In Wisconsin Statutes 404.407
- Account: means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft or like account, other than an account evidenced by a certificate of deposit. See Wisconsin Statutes 404.104
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Wisconsin Statutes 404.104
(1) Any holder in due course on the item against the drawer or maker.
(2) The payee or any other holder of the item against the drawer or maker either on the item or under the transaction out of which the item arose.
(3) The drawer or maker against the payee or any other holder of the item with respect to the transaction out of which the item arose.