Statutory Interpretation Uniform Fiduciaries Act.
Byline: Derek Hawkins
WI Supreme Court
Case Name: Koss Corporation v. Park Bank, et al.
Case No.: 2019 WI 7
Focus: Statutory Interpretation Uniform Fiduciaries Act
We review a published decision of the court of appeals that affirmed an order of the circuit court granting summary judgment dismissing Koss Corporation's Uniform Fiduciaries Act (UFA) claim against Park Bank. Our review centers on two related issues: First, consistent with the UFA, we interpret and apply the terms "good faith" as set out in Wis. Stat. 112.01(1)(c) and "bad faith" employed in 112.01(9); and second, we determine whether summary judgment dismissing Koss Corporation's claim was properly granted.
We conclude Wis. Stat. 112.01(1)(c) describes the term "good faith" as honest bank acts, even when negligently done, and consistent with the majority of jurisdictions' interpretations of the UFA, "bad faith" is inconsistent with the statutory criteria for "good faith." Therefore, bad faith pursuant to 112.01(9), which is an intentional tort, may be shown by acts evidencing bank dishonesty such as a bank willfully failing to further investigate compelling and obvious known facts suggesting fiduciary misconduct because of a deliberate desire to evade knowledge of fiduciary misconduct.
We further conclude that given the allegations that Koss Corporation asserts in regard to its claim that Park Bank is liable for the intentional tort of bad faith, no proof has been proffered of bank...
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