Wisconsin Statutes

Wis. Stat. § 403.103 (2026)

Definitions

✓ current as of July 2026

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403.103403.103 Definitions.

403.103(1)(1) In this chapter:

403.103(1)(a)(a) “Acceptor” means a drawee who has accepted a draft.

403.103(1)(b)(b) “Drawee” means a person ordered in a draft to make payment.

403.103(1)(c)(c) “Drawer” means a person who signs or is identified in a draft as a person ordering payment.

403.103(1)(d)(d) “Good faith” means honesty in fact and the observance of reasonable commercial standards of fair dealing.

403.103(1)(e)(e) “Maker” means a person who signs or is identified in a note as a person undertaking to pay.

403.103(1)(f)(f) “Order” means a written instruction to pay money signed by the person giving the instruction. The instruction may be addressed to any person, including the person giving the instruction, or to one or more persons jointly or in the alternative but not in succession. An authorization to pay is not an order unless the person authorized to pay is also instructed to pay.

403.103(1)(g)(g) “Ordinary care” in the case of a person engaged in business means observance of reasonable commercial standards, prevailing in the area in which the person is located, with respect to the business in which the person is engaged. In the case of a bank that takes an instrument for processing for collection or payment by automated means, reasonable commercial standards do not require the bank to examine the instrument if the failure to examine does not violate the bank’s prescribed procedures and the bank’s procedures do not vary unreasonably from general banking usage not disapproved by this chapter or ch. 404.

403.103(1)(h)(h) “Party” means a party to an instrument.

403.103(1)(i)(i) “Promise” means a written undertaking to pay money signed by the person undertaking to pay. An acknowledgment of an obligation by the obligor is not a promise unless the obligor also undertakes to pay the obligation.

403.103(1)(j)(j) “Prove” with respect to a fact means to meet the burden of establishing a fact, as defined in s. 401.201 (2) (e).

403.103(1)(k)(k) “Remitter” means a person who purchases an instrument from its issuer if the instrument is payable to an identified person other than the purchaser.

403.103(2)(2) Other definitions applying to this chapter and the sections in which they appear are:

403.103(2)(ae)(ae) “Acceptance” — s. 403.409 (1).

403.103(2)(am)(am) “Accommodated party” — s. 403.419 (1).

403.103(2)(as)(as) “Accommodation party” — s. 403.419 (1).

403.103(2)(b)(b) “Alteration” — s. 403.407 (1).

403.103(2)(c)(c) “Anomalous endorsement” — s. 403.205 (4).

403.103(2)(d)(d) “Blank endorsement” — s. 403.205 (2).

403.103(2)(e)(e) “Cashier’s check” — s. 403.104 (7).

403.103(2)(fg)(fg) “Certificate of deposit” — s. 403.104 (10).

403.103(2)(fr)(fr) “Certified check” — s. 403.409 (4).

403.103(2)(g)(g) “Check” — s. 403.104 (6).

403.103(2)(h)(h) “Consideration” — s. 403.303 (2).

403.103(2)(hr)(hr) “Demand draft” — s. 403.104 (11).

403.103(2)(i)(i) “Draft” — s. 403.104 (5).

403.103(2)(jg)(jg) “Endorsement” — s. 403.204 (1).

403.103(2)(jr)(jr) “Endorser” — s. 403.204 (2).

403.103(2)(k)(k) “Holder in due course” — s. 403.302 (1).

403.103(2)(L)(L) “Incomplete instrument” — s. 403.115 (1).

403.103(2)(m)(m) “Instrument” — s. 403.104 (2).

403.103(2)(ng)(ng) “Issue” — s. 403.105 (1).

403.103(2)(nr)(nr) “Issuer” — s. 403.105 (3).

403.103(2)(og)(og) “Negotiable instrument” — s. 403.104 (1).

403.103(2)(or)(or) “Negotiation” — s. 403.201 (1).

403.103(2)(p)(p) “Note” — s. 403.104 (5).

403.103(2)(qd)(qd) “Payable at a definite time” — s. 403.108 (2).

403.103(2)(qh)(qh) “Payable on demand” — s. 403.108 (1).

403.103(2)(qp)(qp) “Payable to bearer” — s. 403.109 (1).

403.103(2)(qt)(qt) “Payable to order” — s. 403.109 (2).

403.103(2)(r)(r) “Payment” — s. 403.602 (1).

403.103(2)(s)(s) “Person entitled to enforce” — s. 403.301.

403.103(2)(t)(t) “Presentment” — s. 403.501 (1).

403.103(2)(u)(u) “Reacquisition” — s. 403.207.

403.103(2)(v)(v) “Special endorsement” — s. 403.205 (1).

403.103(2)(w)(w) “Teller’s check” — s. 403.104 (8).

403.103(2)(xg)(xg) “Transfer of instrument” — s. 403.203 (1).

403.103(2)(xr)(xr) “Traveler’s check” — s. 403.104 (9).

403.103(2)(y)(y) “Value” — s. 403.303 (1).

403.103(3)(3) The following definitions in other chapters apply to this chapter:

403.103(3)(a)(a) “Bank” — s. 404.105 (1).

403.103(3)(b)(b) “Banking day” — s. 404.104 (1) (c).

403.103(3)(c)(c) “Clearinghouse” — s. 404.104 (1) (d).

403.103(3)(d)(d) “Collecting bank” — s. 404.105 (2).

403.103(3)(e)(e) “Depositary bank” — s. 404.105 (3).

403.103(3)(f)(f) “Documentary draft” — s. 404.104 (1) (f).

403.103(3)(g)(g) “Intermediary bank” — s. 404.105 (4).

403.103(3)(h)(h) “Item” — s. 404.104 (1) (i).

403.103(3)(i)(i) “Payer bank” — s. 404.105 (5).

403.103(3)(j)(j) “Suspends payments” — s. 404.104 (1) (L).

403.103(4)(4) In addition, ch. 401 contains general definitions and principles of construction and interpretation applicable throughout this chapter.

403.103 HistoryHistory: 1995 a. 449; 2003 a. 86; 2009 a. 320.

Notes of Decisions

Cited in 4 cases, 2000–2008 · leading case: United Catholic Par. Schs. of Beaver Dam Educ. Ass'n v. Card Servs. Ctr., 2001 WI App 229 (Wis. Ct. App. 2001).

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United Catholic Par. Schs. of Beaver Dam Educ. Ass'n v. Card Servs. Ctr., 2001 WI App 229 (Wis. Ct. App. 2001). · cites it 2× “9 Glytas avers that First Financial had no reason to suspect there was any problem with collecting payment on the checks when it accepted them, as they appeared to be authentic, did not have any facial irregularities and were accepted to pay Gittus's credit card debts.”

Willowglen Academy - Wisconsin, Inc. v. Connelly Interiors, Inc., 2008 WI App 35 (Wis. Ct. App. 2008). · cites it 2× “" 4 Both parties rely on the definition of "drawer" found in Wis. Stat. § 403.103 (l)(c), which provides: " 'Drawer' means a person who signs or is identified in a draft as a person ordering payment.”

Weber, Leicht, Gohr & Assocs. v. Liberty Bank, 2000 WI App 249 (Wis. Ct. App. 2000). · cites it 2× “The predecessor provisions, found in Wis. Stat. § 403.103 (1991-92), were substantially similar.”

Mid Wisconsin Bank v. Forsgard Trading, Inc., 2003 WI App 186 (Wis. Ct. App. 2003). “§ 403.103(l)(d) defines good faith as "honesty in fact and the observance of reasonable commercial standards of fair dealing.”

— Wis. Stat. § 403.103(l)(d) — 1 case

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