405.113 Transfer by operation of law.
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/wi/chapter-405/405-113A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
405.113 Transfer by operation of law.
(1)A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the name of the beneficiary without disclosing its status as a successor.
(2)A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in its own name as the disclosed successor of the beneficiary. Except as otherwise provided in sub.
(5), an issuer shall recognize a disclosed successor of a beneficiary as beneficiary in full substitution for its predecessor upon compliance with the requirements for recognition by the issuer of a transfer of drawing rights by operation of law under the standard practice referred to in s. 405.108
(5)or, in the absence of such a practice, compliance with other reasonable procedures sufficient to protect the issuer.
(3)An issuer is not obliged to determine whether a purported successor is a successor of a beneficiary or whether the signature of a purported successor is genuine or authorized.