410.305 Liability for late or improper execution or failure to execute payment order.
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/wi/chapter-410/410-305A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
410.305 Liability for late or improper execution or failure to execute payment order.
(1)If a funds transfer is completed but execution of a payment order by the receiving bank in breach of s. 410.302 results in delay in payment to the beneficiary, the bank is obliged to pay interest to either the originator or the beneficiary of the funds transfer for the period of delay caused by the improper execution. Except as provided in sub.
(3), additional damages are not recoverable.
(2)If execution of a payment order by a receiving bank in breach of s. 410.302 results in noncompletion of the funds transfer, failure to use an intermediary bank designated by the originator, or issuance of a payment order that does not comply with the terms of the payment order of the originator, the bank is liable to the originator for its expenses in the funds transfer and for incidental expenses and interest losses, to the extent not covered by sub.
(1), resulting from the improper execution. Except as provided in sub.
(3), additional damages are not recoverable.