AB253: Bill Text

AB253,8,9 846.16 (1) (c) 3. In all cases, the purchaser at the sale of the mortgaged premises shall pay the cost of sale.

AB253,14 Section 14. 846.16 (2) of the statutes is renumbered 846.16 (1) (c) 2. and amended to read:

AB253,8,19 846.16 (1) (c) 2. If the judgment creditor is the purchaser at the sale of the mortgaged premises, the judgment creditor may give his or her the judgment creditor's receipt to the sheriff or referee for any sum not exceeding the judgment creditor's judgment and such. The judgment creditor's receipt shall be deemed is considered a down payment, but in every case the purchaser shall pay the cost of sale; and if the sum due the creditor. If the judgment creditor is the purchaser and the judgment amount is less than the purchase price, the judgment creditor shall pay the difference to the sheriff or referee at the time of sale.

AB253,15 Section 15. 846.16 (2m) (title) of the statutes is created to read:

AB253,8,21 846.16 (2m) (title) Confirmation.

AB253,16 Section 16. 846.16 (3) of the statutes is renumbered 846.16 (1) (b), and 846.16 (1) (b) (intro.), as renumbered, is amended to read:

AB253,9,3 846.16 (1) (b) (intro.) If the mortgaged premises are located in a county having a population of 750,000 or more, no No later than 10 days after the sale of the mortgaged premises, the sheriff or referee shall do all of the following:

AB253,17 Section 17. 846.16 (3m) (title) of the statutes is created to read:

AB253,9,5 846.16 (3m) (title) Transmittal to register of deeds.

AB253,18 Section 18 . 846.16 (3m) (a) 1. and 2. of the statutes are created to read:

AB253,9,11 846.16 (3m) (a) 1. Deliver the deed to the mortgaged premises received under sub. (1) (b), the receipt for submitting a transfer return under s. 77.22, any certificate, waiver, or stipulation required under s. 101.122, the amount due under s. 59.43 (2) to record the deed and any other document required to record the deed, and the transfer fee, if any, to the register of deeds.

AB253,9,18 2. Notify the register of deeds that the deed to the mortgaged premises received under sub. (1) (b), the receipt for submitting a transfer return under s. 77.22, any certificate, waiver, or stipulation required under s. 101.122, the amount due under s. 59.43 (2) to record the deed and any other document required to record the deed, and the transfer fee, if any, are available in the clerk's office. If a register of deeds is notified under this subdivision, the register of deeds shall retrieve the documents and fees from the clerk of courts within a reasonable period of time.

AB253,19 Section 19. 846.16 (3m) (b) of the statutes is created to read:

AB253,9,25 846.16 (3m) (b) Upon confirmation of the sale, the deed executed under sub. (1) (a) shall vest in the purchaser, the purchaser's assigns, or personal representatives all the right, title, and interest of the mortgagor, the mortgagor's heirs, personal representatives, and assigns in and to the premises sold and shall be a bar to all claim, right of equity of redemption therein, of and against the parties to such action, their heirs, and personal representatives, and against all persons claiming under them subsequent to the filing of the notice of the pendency of the action in which such judgment was rendered; and the purchaser, the purchaser's heirs, or assigns shall be let into the possession of the premises so sold on production of such deed or a duly certified copy thereof, and the court may, if necessary, issue a writ of assistance to deliver such possession.

AB253,20 Section 20. 846.16 (4) of the statutes is created to read:

AB253,10,13 846.16 (4) No confirmation of sale; resale. (a) If any of the requirements under sub. (2m) are not satisfied and the purchaser is not the judgment creditor, the court shall order the purchaser to forfeit the amount of the purchaser's deposit or down payment and that amount shall be paid to the parties who would be entitled to the proceeds of the sale as ordered by the court. The court shall also order that the mortgaged premises be resold. The clerk of court shall destroy the deed executed to the defaulting purchaser and it shall be of no effect.

AB253,10,17 (b) If any of the requirements under sub. (2m) are not satisfied and the purchaser is the judgment creditor, the court may order the purchaser to forfeit the greater of the purchaser's deposit or $500, and order the purchaser to comply with sub. (2) so that the mortgaged property may be sold to the purchaser.

AB253,10,22 (c) If the court does not confirm the sale of the mortgaged premises for a reason other than a failure to satisfy a requirement under sub. (2m), the clerk of court shall return the deposit or down payment to the purchaser and order the mortgaged premises to be resold. The clerk of court shall destroy the deed received under sub. (1) (b) and it shall be of no effect.

AB253,21 Section 21. 846.167 (title) and (1) of the statutes are repealed.

AB253,22 Section 22. 846.167 (2) (intro.) of the statutes is renumbered 846.16 (2m) (intro.) and amended to read:

AB253,11,3 846.16 (2m) (intro.) If a sheriff or referee makes a sale of mortgaged premises located in a county under a judgment of foreclosure and sale, all of the following apply:

AB253,23 Section 23. 846.167 (2) (a) of the statutes is renumbered 846.16 (2m) (a).

AB253,24 Section 24. 846.167 (2) (b) of the statutes is renumbered 846.16 (2m) (b), and 846.16 (2m) (b) 2. a., as renumbered, is amended to read:

AB253,11,8 846.16 (2m) (b) 2. a. The deed to the mortgaged premises delivered under s. 846.16 sub. (1) (b).

AB253,25 Section 25. 846.167 (2) (c) of the statutes is renumbered 846.16 (2m) (c).

AB253,26 Section 26 . 846.167 (3) of the statutes is renumbered 846.16 (3m) (a) (intro.) and amended to read:

AB253,11,20 846.16 (3m) (a) (intro.) Upon the court confirming the sale of mortgaged premises located in a county and upon compliance by the purchaser with the terms of the sale and the payment of any balance of the sale price to be paid, unless otherwise ordered by the court, the clerk of the court shall do one of the following to transmit the deed to the mortgaged premises received under s. 846.16, sub. (1) (b) the receipt for submitting a transfer return under s. 77.22, any certificate, waiver, or stipulation required under s. 101.122, the amount due under s. 59.43 (2) to record the deed and any other document required to record the deed, and the transfer fee, if any, to the register of deeds of the county. for recording:

AB253,27 Section 27. 846.17 of the statutes is repealed.

AB253,28 Section 28. Initial applicability.

AB253,11,24 (1) This act first applies to a sale of mortgaged premises held by a sheriff or referee that occurs on the effective date of this subsection.

AB253,11,25 (End)