702.09(1)(b)3.
3. So as to limit in any other respect the extent to or manner in which it may be exercised.
702.09(2)
(2) A release may be effected, either with or without consideration, by written instrument signed by the donee and delivered.
702.09(3)
(3) Delivery of a release may be accomplished in any of the following manners, but this subsection is permissive and does not preclude a determination that a release has been delivered in some other manner:
702.09(3)(a)
(a) Delivery to any person specified in the creating instrument;
702.09(3)(b)
(b) Delivery to a trustee or to one of several trustees of the property to which the power relates, or filing with the court having jurisdiction over the trust;
702.09(3)(c)
(c) Delivery to any person, other than the donee, who could be adversely affected by an exercise of the power; or
702.09(3)(d)
(d) Recording in the office of register of deeds in the county where the property is located.
702.09 History
History: 1993 a. 301,
486.
702.11
702.11
Irrevocability of creation, exercise and release of powers. The creation, exercise or release of a power is irrevocable unless the power to revoke is reserved in the creation, exercise or release of the power.
702.13
702.13
Recording instruments relating to powers. 702.13(1)(1) Any of the following instruments relating to powers is entitled to be recorded as a conveyance upon compliance with
s. 706.05 (1):
702.13(1)(a)
(a) An instrument, other than a will, exercising a power;
702.13(1)(b)
(b) An instrument expressing consent to exercise;
702.13(2)
(2) If a power is exercised by a will, a certified copy of the will and of the certificate of probate thereof may be recorded.
702.13 History
History: 1971 c. 41 s.
11;
1977 c. 309.
702.15
702.15
Disposition when special power is unexercised. If the donee of a special power fails to exercise effectively the power, the interests which might have been appointed under the power pass:
702.15(1)
(1) If the creating instrument contains an express gift in default, then in accordance with the terms of such gift;
702.15(2)
(2) If the creating instrument contains no express gift in default and does not clearly indicate that the permissible appointees are to take only if the donee exercises the power, then to the permissible appointees equally, but if the power is to appoint among a class such as "relatives," "issue" or "heirs," then to those persons who would have taken had there been an express gift to the described class; or
702.15(3)
(3) If the creating instrument contains no express gift in default and clearly indicates that the permissible appointees are to take only if the donee exercises the power, then by reversion to the donor or the donor's estate. But if the creating instrument expressly states that there is no reversion in the donor, then any language in the creating instrument indicating or stating that the permissible appointees are to take only if the donee exercises the power is to be disregarded and the interests shall pass in accordance with
sub. (2).
702.15 History
History: 1993 a. 486.
702.17
702.17
Rights of creditors of the donee. 702.17(1)
(1)
General policy. If the donee has either a general power or an unclassified power which is unlimited as to permissible appointees except for exclusion of the donee, the donee's estate, the donee's creditors and the creditors of the donee's estate, or a substantially similar exclusion, any interest which the donee has power to appoint or has appointed is to be treated as property of the donee for purposes of satisfying claims of the donee's creditors, as provided in this section.
702.17(2)
(2) During lifetime of the donee. If the donee has an unexercised power of the kinds specified in
sub. (1), and can presently exercise such a power, any creditor of the donee may by appropriate proceedings reach any interest which the donee could appoint, to the extent that the donee's individual assets are insufficient to satisfy the creditor's claim. Such an interest is to be treated as property of the donee within
ch. 816. If the donee has exercised such a power, the creditor can reach the appointed interests to the same extent that under the law relating to fraudulent conveyances the creditor could reach property which the donee has owned and transferred.
702.17(3)
(3) At death of the donee. If the donee has at the time of his or her death a power of the kinds specified in
sub. (1), whether or not the donee exercises the power, any creditor of the donee may reach any interest which the donee could have appointed or has appointed, to the extent that the claim of the creditor has been filed and allowed in the donee's estate but not paid because the assets of the estate are insufficient.
702.17(4)
(4) Assignment for benefit of creditors. Under a general assignment by the donee for the benefit of the donee's creditors, the assignee may exercise any right which a creditor of the donee would have under
sub. (2).
702.17(5)
(5) Third parties in good faith protected. Any person acting without actual notice of claims of creditors under this section incurs no liability to such creditors in transferring property which is subject to a power or which has been appointed; and a purchaser without actual notice and for a valuable consideration of any interest in property, legal or equitable, takes such interest free of any rights which a creditor of the donee might have under this section.
702.17 History
History: Sup. Ct. Order,
67 Wis. 2d 585, 777 (1975);
1975 c. 218;
1993 a. 486.
702.19
702.19
Matters governed by common law. As to all matters within the scope of those sections of ch.
232, 1963 stats., which have been repealed, and not within this chapter or any other applicable statute, the common law is to govern. This section is not intended to restrict in any manner the meaning of any provision of this chapter or any other applicable statute.
702.19 History
History: 1983 a. 192 s.
304.
702.21
702.21
Applicability of chapter. The provisions of this chapter are applicable to any power existing on May 16, 1965, as well as a power created after such date.
702.22
702.22
Applicability of general transfers at death provisions. Chapter 854 applies to transfers at death under an instrument that creates or exercises a power of appointment.
702.22 History
History: 1997 a. 188.
