403.417 Presentment warranties.
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/wi/chapter-403/403-417-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
403.417 Presentment warranties.
(1)If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, the person obtaining payment or acceptance, at the time of presentment, and a previous transferor of the draft, at the time of transfer, warrant to the drawee making payment or accepting the draft in good faith that all of the following apply:
(a)The warrantor is, or was at the time that the warrantor transferred the draft, a person entitled to enforce the draft or authorized to obtain payment or acceptance of the draft on behalf of a person entitled to enforce the draft.
(b)The draft has not been altered.
(c)The warrantor has no knowledge that the signature of the drawer of the draft is unauthorized.
(d)If the instrument is a demand draft, the creation of the instrument according to the terms on its face was authorized by the person identified as the drawer.