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Code · Wisconsin · Chapter 422 — Consumer credit transactions

422.406 Negotiable instruments.

130 words·~1 min read·/wi/chapter-422/422-406-2

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422.406 Negotiable instruments.
(1)In a consumer credit sale or lease transaction, no seller or lessor shall take a negotiable instrument (s. 403.104 ), other than a check, as evidence of the obligation of the customer.
(2)In a consumer loan transaction which constitutes an interlocking loan (s. 422.408 ), no creditor shall take a negotiable instrument (s. 403.104 ), other than a check, as evidence of the obligation of the customer.
(3)The holder to whom an instrument issued in violation of this section is negotiated, notwithstanding that the holder may otherwise be a holder in due course of such instrument, is subject to all claims and defenses of the customer against the payee, subject to sub.
(4).
(4)Such holder’s liability under this section is limited to:
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