Wisconsin Statutes
Wis. Stat. § 403.408 (2026)
Drawee not liable on unaccepted draft
✓ current as of July 2026
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403.408403.408 Drawee not liable on unaccepted draft. A check or other draft does not of itself operate as an assignment of funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until the drawee accepts it.
Notes of Decisions
Cited in 3
cases, 1969–1995 · leading case: Kane v. Kroll, 538 N.W.2d 605 (Wis. Ct. App. 1995).
Kane v. Kroll, 538 N.W.2d 605 (Wis. Ct. App. 1995). “Section 403.408, Stats. Therefore, the fact that Gerald broke his promise to repay Grace the day after the check was issued does not affect Kane's status as a holder in due course.”
Co-Operative v. Kellogg-Citizens Nat'l Bank, 386 N.W.2d 510 (Wis. Ct. App. 1986). “Sections 403.408 and 403.306(2), Stats. There was a failure of consideration here because Kellogg received Borlee's stop payment order before it issued the cashier's check and thus had no right to charge the Borlees' account.”
Seventeen Seventy-Six Peachtree Corp. v. Miller, 164 N.W.2d 278 (Wis. 1969). “In view of the complicated nature of facts and of any defense, we think the trial court was correct in denying summary judgment.”
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