Conclusions and Recommendations of the Commercial Code Committee, Submitted to the Governor and the Legislature, October 1961: Conclusions and recommendations of the Commercial Code Committee
Wisconsin Legislative Council, 1961
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acceptance accordance action addition agreement amount apply assignment authorized bailee bank becomes bill of lading breach buyer chapter charge chattel claim collateral collecting commercial code conditional contract covered creditors damages debtor defense DEFINITIONS delivered delivery demand discharged dishonor document draft drawer duty effective enforceable entitled extent fact faith filing given gives holder honor identified indorsement instrument issued issuer knowledge liability lien limited loss manner means ment necessary negotiable NOTE notice notification obligation officer original otherwise otherwise agreed owner particular payable payment payor perfected performance person possession presentment prior proceeds purchaser reasonable receipt received respect rules secured party security interest seller signature signed specified statutes study committee takes tender tion transaction transfer transferor uniform unless Unless otherwise warranty
Pàgina 264 - ... filed a financing statement covering the same items or type of inventory has received notification of the purchase money security interest before the debtor receives possession of the collateral covered by the purchase money security interest; and (c) such notification states that the person giving the notice has or expects to acquire a purchase money security interest in inventory of the debtor, describing such inventory by item or type.
Pàgina 134 - Care (1) The effect of the provisions of this Article may be varied by agreement except that no agreement can disclaim a bank's responsibility for its own lack of good faith or failure to exercise ordinary care or can limit the measure of damages for such lack or failure; but the parties may by agreement determine the standards by which such responsibility is to be measured if such standards are not manifestly unreasonable.
Pàgina 200 - Duplicate Receipt or Bill; Overissue. Neither a duplicate nor any other document of title purporting to cover goods already represented by an outstanding document of the same issuer confers any right in the goods, except as provided in the case of bills in a set, overissue of documents for fungible goods and substitutes for lost, stolen or destroyed documents.
Pàgina 124 - ... nonacceptance or nonpayment. (3) The protest may also certify that notice of dishonor has been given to all parties or to specified parties. (4) Subject to subsection (5) any necessary protest is due by the time that notice of dishonor is due. (5) If, before protest is due, an instrument has been noted for protest by the officer to make protest, the protest may be made at any time thereafter as of the date of the noting.
Pàgina 268 - ... caused by the absence of the goods removed or by any necessity for replacing them. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate security for the performance of this obligation.
Pàgina 267 - Accessions. (1) A security interest in goods which attaches before they are installed in or affixed to other goods takes priority as to the goods installed or affixed (called in this section "accessions...
Pàgina 241 - Debtor" means the person who owes payment or other performance of the obligation secured, whether or not he owns or has rights in the collateral, and includes the seller of accounts, contract rights or chattel paper. Where the debtor and the owner of the collateral are not the same person, the term '"debtor...
Pàgina 129 - Collateral. (1) The holder discharges any party to the instrument to the extent that without such party's consent the holder (a) without express reservation of rights releases or agrees not to sue any person against whom the party has to the knowledge of the holder a right of recourse...
Pàgina 261 - Section 9 — 313), a buyer takes free of a security interest even though perfected if he buys without knowledge of the security interest, for value and for his own personal, family or household purposes or his own farming operations unless prior to the purchase the secured party has filed a financing statement covering such goods.