404.213 Medium and time of settlement by bank.
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/wi/chapter-404/404-213A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
404.213 Medium and time of settlement by bank.
(1)With respect to settlement by a bank, the medium and time of settlement may be prescribed by federal reserve regulations or circulars, clearinghouse rules and the like, or agreement. In the absence of such prescription, all of the following apply:
(a)The medium of settlement is cash or credit to an account in a federal reserve bank of or specified by the person to receive settlement.
(b)The time of settlement is:
1. With respect to tender of settlement by cash, a cashier’s check, or teller’s check, when the cash or check is sent or delivered.
2. With respect to tender of settlement by credit in an account in a federal reserve bank, when the credit is made.