410.405 Payment by beneficiary’s bank to beneficiary.
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/wi/chapter-410/410-405A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
410.405 Payment by beneficiary’s bank to beneficiary.
(1)If the beneficiary’s bank credits an account of the beneficiary of a payment order, payment of the bank’s obligation under s. 410.404
(1)occurs when and to the extent the beneficiary is notified of the right to withdraw the credit, the bank lawfully applies the credit to a debt of the beneficiary, or funds with respect to the order are otherwise made available to the beneficiary by the bank.
(2)If the beneficiary’s bank does not credit an account of the beneficiary of a payment order, the time when payment of the bank’s obligation under s. 410.404
(1)occurs is governed by principles of law that determine when an obligation is satisfied.