403.310 Effect of instrument on obligation for which taken.
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/wi/chapter-403/403-310A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
403.310 Effect of instrument on obligation for which taken.
(1)Unless otherwise agreed, if a certified check, cashier’s check or teller’s check is taken for an obligation, the obligation is discharged to the same extent that discharge would result if an amount of money equal to the amount of the instrument were taken in payment of the obligation. Discharge of the obligation does not affect any liability that the obligor may have as an endorser of the instrument.
(2)Unless otherwise agreed and except as provided in sub.
(1), if a note or an uncertified check is taken for an obligation, the obligation is suspended to the same extent that the obligation would be discharged if an amount of money equal to the amount of the instrument were taken, and the following rules apply: