Wisconsin Statutes
Wis. Stat. § 404.103 (2026)
Variation by agreement; measure of damages; action constituting ordinary care
✓ current as of July 2026
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404.103(1)(1) The effect of the provisions of this chapter may be varied by agreement, but the parties to the agreement cannot disclaim a bank’s responsibility for its lack of good faith or failure to exercise ordinary care or limit the measure of damages for the lack or failure. However, the parties may determine by agreement the standards by which the bank’s responsibility is to be measured if those standards are not manifestly unreasonable.
404.103(2)(2) Federal reserve regulations and operating circulars, clearinghouse rules, and the like, have the effect of agreements under sub. (1), whether or not specifically assented to by all parties interested in items handled.
404.103(3)(3) Action or nonaction approved by this chapter or pursuant to federal reserve regulations or operating circulars is the exercise of ordinary care and, in the absence of special instructions, action or nonaction consistent with clearinghouse rules and the like or with a general banking usage not disapproved by this chapter, is prima facie the exercise of ordinary care.
404.103(4)(4) The specification or approval of certain procedures by this chapter is not disapproval of other procedures that may be reasonable under the circumstances.
404.103(5)(5) The measure of damages for failure to exercise ordinary care in handling an item is the amount of the item reduced by an amount that could not have been realized by the exercise of ordinary care. If there is also bad faith it includes any other damages the party suffered as a proximate consequence.
Notes of Decisions
Cited in 3
cases, 1986–2000 · leading case: Borowski v. Firstar Bank Milwaukee, N.A., 579 N.W.2d 247 (Wis. Ct. App. 1998).
Borowski v. Firstar Bank Milwaukee, N.A., 579 N.W.2d 247 (Wis. Ct. App. 1998). “Section 404.103(1), STATS., 1991-92. [3] Firstar Bank claims that agreements between Firstar Bank and Borowski *570 reduced § 404.”
Schaller v. Marine Nat'l Bank of Neenah, 388 N.W.2d 645 (Wis. Ct. App. 1986). “See sec. 404.103, Stats.; see also Cairo Cooperative Exchange v.”
Weber, Leicht, Gohr & Assocs. v. Liberty Bank, 2000 WI App 249 (Wis. Ct. App. 2000). “§ 404.103(1) (1997-98) provides: Variation by agreement; measure of damages; action constituting ordinary care.”
Wis. Stat. § 404.103(1): 2 cases
Borowski v. Firstar Bank Milwaukee, N.A., 579 N.W.2d 247 (Wis. Ct. App. 1998). “Section 404.103(1), STATS., 1991-92. [3] Firstar Bank claims that agreements between Firstar Bank and Borowski *570 reduced § 404.”
Weber, Leicht, Gohr & Assocs. v. Liberty Bank, 2000 WI App 249 (Wis. Ct. App. 2000). “§ 404.103(1) (1997-98) provides: Variation by agreement; measure of damages; action constituting ordinary care.”
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