Wis. Stat. » CHAPTER 405 — UNIFORM COMMERCIAL CODE — LETTERS OF CREDIT
Wisconsin Statutes

Wis. Stat. § 405.103 (2026)

Scope

✓ current as of July 2026
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405.103405.103 Scope.
405.103(1)(1) This chapter applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit.
405.103(2)(2) The statement of a rule in this chapter does not by itself require, imply, or negate application of the same or a different rule to a situation not provided for, or to a person not specified, in this chapter.
405.103(3)(3) With the exception of this subsection, subs. (1) and (4), ss. 405.102 (1) (i) and (j), 405.106 (4) and 405.114 (4), and except to the extent prohibited in ss. 401.302 and 405.117 (4), the effect of this chapter may be varied by agreement or by a provision stated or incorporated by reference in an undertaking. A term in an agreement or undertaking generally excusing liability or generally limiting remedies for failure to perform obligations is not sufficient to vary obligations prescribed by this chapter.
405.103(4)(4) Rights and obligations of an issuer to a beneficiary or a nominated person under a letter of credit are independent of the existence, performance, or nonperformance of a contract or arrangement out of which the letter of credit arises or which underlies it, including contracts or arrangements between the issuer and the applicant and between the applicant and the beneficiary.
405.103 HistoryHistory: 2005 a. 213; 2011 a. 257.
Notes of Decisions
Cited in 7 cases, 1987–2010 · leading case: ADMANCO, Inc. ex rel. Polsky v. 700 Stanton Drive, LLC, 2010 WI 76 (Wis. 2010).
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ADMANCO, Inc. ex rel. Polsky v. 700 Stanton Drive, LLC, 2010 WI 76 (Wis. 2010). · cites it 4× “Wis. Stat. § 405.103 (4). As Eakin explained, "Letters of credit are designed to avoid complex disputes about how much the beneficiaries 'really' [are] owe[d].”
Beach v. First Union Nat'l Bank of North Carolina (In Re Carley Capital Grp.), 118 B.R. 982 (Bankr. W.D. Wis. 1990). · cites it 12× “” Wis. Stat. § 405.103 (l)(g) (1984). A “beneficiary” of a letter of credit is “a person who is entitled under its terms to draw or demand payment.”
Whinnery v. Bank of Onalaska (In Re Taggatz), 106 B.R. 983 (Bankr. W.D. Wis. 1989). · cites it 2× “§ 405.103(l)(b). Only a beneficiary under WIS.”
Admanco, Inc. v. 700 Stanton Drive, LLC, 2009 WI App 57 (Wis. Ct. App. 2009). · cites it 2× “The rights and obligations of an issuer of a letter of credit 13 are set forth under Wis. Stat. § 405.103 (4): *248 Rights and obligations of an issuer to a beneficiary or a nominated person under a letter of credit are independent of the existence, performance, or…”
Datapoint Corp. v. M & I Bank of Hilldale, 665 F. Supp. 722 (W.D. Wis. 1987). “*724 § 405.103(1). The Letter of Credit provided that any draft be presented between June 10 and June 20, 1986, that the draft identify the Letter by use of specified language, that the draft be accompanied by the Letter, and that it contain proof of shipment of the items listed…”
Admanco, Inc. Ex Rel. Polsky v. Stanton, 2009 WI App 57 (Wis. Ct. App. 2009). “§ 405.103(4): Rights and obligations of an issuer to a beneficiary or a nominated person under *40 a letter of credit are independent of the existence, performance, or nonperformance of a contract or arrangement out of which the letter of credit arises or which underlies it,…”
Artex S.R.L. v. Bank One, Milwaukee, Nat'l Ass'n, 801 F. Supp. 228 (E.D. Wis. 1992). · cites it 4× “” Wis.Stat. § 405.103(l)(e). Under the Uniform Commercial Code, a bank acting only as an advising bank “does not assume any obligation to honor .”
— Wis. Stat. § 405.103(1) — 1 case
Datapoint Corp. v. M & I Bank of Hilldale, 665 F. Supp. 722 (W.D. Wis. 1987). “*724 § 405.103(1). The Letter of Credit provided that any draft be presented between June 10 and June 20, 1986, that the draft identify the Letter by use of specified language, that the draft be accompanied by the Letter, and that it contain proof of shipment of the items listed…”
— Wis. Stat. § 405.103(4) — 1 case
Admanco, Inc. Ex Rel. Polsky v. Stanton, 2009 WI App 57 (Wis. Ct. App. 2009). “§ 405.103(4): Rights and obligations of an issuer to a beneficiary or a nominated person under *40 a letter of credit are independent of the existence, performance, or nonperformance of a contract or arrangement out of which the letter of credit arises or which underlies it,…”
— Wis. Stat. § 405.103(l)(b) — 2 cases
Whinnery v. Bank of Onalaska (In Re Taggatz), 106 B.R. 983 (Bankr. W.D. Wis. 1989). “§ 405.103(l)(b). Only a beneficiary under WIS.”
Beach v. First Union Nat'l Bank of North Carolina (In Re Carley Capital Grp.), 118 B.R. 982 (Bankr. W.D. Wis. 1990). “” Wis. Stat. § 405.103 (l)(g) (1984). A “beneficiary” of a letter of credit is “a person who is entitled under its terms to draw or demand payment.”
— Wis. Stat. § 405.103(l)(d) — 2 cases
Beach v. First Union Nat'l Bank of North Carolina (In Re Carley Capital Grp.), 118 B.R. 982 (Bankr. W.D. Wis. 1990). “” Wis. Stat. § 405.103 (l)(g) (1984). A “beneficiary” of a letter of credit is “a person who is entitled under its terms to draw or demand payment.”
Whinnery v. Bank of Onalaska (In Re Taggatz), 106 B.R. 983 (Bankr. W.D. Wis. 1989). “§ 405.103(l)(b). Only a beneficiary under WIS.”
— Wis. Stat. § 405.103(l)(e) — 2 cases
Beach v. First Union Nat'l Bank of North Carolina (In Re Carley Capital Grp.), 118 B.R. 982 (Bankr. W.D. Wis. 1990). “” Wis. Stat. § 405.103 (l)(g) (1984). A “beneficiary” of a letter of credit is “a person who is entitled under its terms to draw or demand payment.”
Artex S.R.L. v. Bank One, Milwaukee, Nat'l Ass'n, 801 F. Supp. 228 (E.D. Wis. 1992). “” Wis.Stat. § 405.103(l)(e). Under the Uniform Commercial Code, a bank acting only as an advising bank “does not assume any obligation to honor .”
— Wis. Stat. § 405.103(l)(f) — 1 case
Artex S.R.L. v. Bank One, Milwaukee, Nat'l Ass'n, 801 F. Supp. 228 (E.D. Wis. 1992). “” Wis.Stat. § 405.103(l)(e). Under the Uniform Commercial Code, a bank acting only as an advising bank “does not assume any obligation to honor .”
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