410.406 Payment by originator to beneficiary; discharge of underlying obligation.
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410.406 Payment by originator to beneficiary; discharge of underlying obligation.
(1)Subject to ss. 410.211
(5)and 410.405
(4)and
(5), the originator of a funds transfer pays the beneficiary of the originator’s payment order at the time a payment order for the benefit of the beneficiary is accepted by the beneficiary’s bank in the funds transfer and in an amount equal to the amount of the order accepted by the beneficiary’s bank, but not more than the amount of the originator’s order.
(a)If payment under sub.
(1)is made to satisfy an obligation, the obligation is discharged to the same extent discharge would result from payment to the beneficiary of the same amount in money, unless all of the following apply: