AB970, s. 126
22Section
126. 128.18 (3) (a) of the statutes is created to read:
AB970,70,2
1128.18
(3) (a) In this subsection, "preference" has the meaning given in s.
2128.07 (1) (a).
AB970, s. 127
3Section
127. 128.18 (5) of the statutes is amended to read:
AB970,70,104
128.18
(5) All conveyances, transfers, assignments or encumbrances of a
5debtor's property, or any part
thereof of a debtor's property, made or given by the
6debtor within 4 months prior to the filing of a petition or assignment
hereunder 7under this chapter with the intent and purpose on the debtor's part to hinder, delay
8or defraud
any of the debtor's creditors
, or any of them, shall be
null and void as
9against the
debtor's creditors
of such debtor except as to purchasers in good faith and
10for a present fair consideration.
Note: Replaces disfavored term and nonspecific references.
AB970, s. 128
11Section
128. 128.18 (6) of the statutes is amended to read:
AB970,70,2312
128.18
(6) All levies, judgments, attachments or other liens obtained through
13legal proceedings against a person who is insolvent at any time within 4 months prior
14to the filing of a petition or assignment
hereunder shall be deemed null and under
15this chapter are void in case a receiver is appointed or an assignee qualifies
16hereunder, and the. The property affected by the levy, judgment, attachment or other
17lien shall be
deemed wholly discharged and released from the
same levy, judgment,
18attachment or lien, and shall pass to the receiver or assignee as a part of the estate
19of the debtor unless the court shall, on due notice, order that the right under
such 20the levy, judgment, attachment or
other lien shall be preserved for the benefit of the
21estate
; and thereupon the same. In that case, the right under the levy, judgment,
22attachment or lien may pass to and shall be preserved by the receiver or assignee for
23the benefit of the estate.
Note: Breaks up long sentence, replaces and deletes disfavored terms and
nonspecific references.
AB970, s. 129
1Section
129. 128.20 (1) of the statutes is renumbered 128.20 (1) (a) (intro.) and
2amended to read:
AB970,71,73
128.20
(1) (a) (intro.) Every receiver or assignee shall, within 6 months after
4the time limited for filing claims or within
such
any further time
as that the court
5shall allow allows, file with the clerk of
the circuit court a full and itemized
6statement
, verified by the receiver's or assignee's oath
of the, showing all of the
7following in regard to the receivership or assignment:
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81. The property received by the receiver or assignee
, the.
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92. The manner of the receiver's or assignee's dealing
therewith, with the
10property received.
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113. The amount of money realized by the receiver or assignee
, the.
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124. The condition of the property and funds in the receiver's or assignee's
13possession
, the.
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145. The names and residences of the debtor's creditors
, the.
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156. The dividends paid
them, the
to the debtor's creditors.
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167. The receiver's or assignee's receipts and disbursements
with the,
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178. The receiver's or assignee's claim for compensation and administration
18expenses.
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19(b) If any receiver or assignee
shall neglect neglects to apply promptly for a
20settlement of
the receiver's or assignee's his or her account, the court may, upon
21application of any creditor, compel the making and filing of
such the account or
22settlement
thereof of the account and in
such that case the receiver or assignee may
23be denied compensation.
Note: Subdivides provision and replaces and deletes disfavored terms and
nonspecific references.
AB970, s. 130
1Section
130. 128.20 (2) of the statutes is amended to read:
AB970,72,132
128.20
(2) Upon filing the report
described in sub. (1) (a), the receiver or
3assignee may apply to the court upon not less than 10 days' notice
thereof by mail
4to the respective creditors named in the report, for a final settlement of the account.
5The court shall fix a time and place for the hearing of objections or taking of evidence
6and by order settle and adjust the accounts and the compensation and expenses of
7the receiver or assignee, regardless of whether objection is made. The order shall be
8conclusive upon all parties including the sureties of the receiver or assignee
, but the.
9The receiver or assignee or any creditor may appeal from the order in the manner
10prescribed for appeals in civil actions except that the receiver or assignee may file
11a notice and undertaking with the clerk without other service
thereof of the notice
12and undertaking. The receiver or assignee shall be discharged of the trust and the
13bond canceled upon compliance with the final order of the court.
Note: Inserts specific cross-reference, breaks up long sentence and replaces
disfavored terms.
AB970, s. 131
14Section
131. 128.21 (4) (intro.) of the statutes is amended to read:
AB970,72,2015
128.21
(4) (intro.) If the plan recommended under sub. (3) (b) or a modification
16thereof of the plan is approved under sub. (3r), the debtor shall make the periodic
17payments
therein provided for
in the plan to the trustee, and may make additional
18payments from time to time to the trustee, and the trustee shall distribute the
19payments proportionally among the creditors listed in the plan, less all of the
20following:
Note: Inserts specific reference.
AB970, s. 132
21Section
132. 128.21 (5) of the statutes is amended to read:
AB970,73,15
1128.21
(5) If the debtor defaults in any payment provided for under the plan
2for a period of more than
thirty 30 days the trustee shall, and before the end of
any
3such the 30-day period may, report the matter to the court with the trustee's
4recommendations
, and the. The court shall
thereupon either dismiss the
5proceedings or, if satisfied from the trustee's report that the debtor is in good faith
6and should be able to make good the default, extend the period of grace for not to
7exceed
thirty 30 days
, at. At the end of
which the grace period
, the trustee shall again
8report to the court and if all defaults have not then been cured the court shall
9forthwith immediately dismiss the proceedings. If the debtor makes preferential
10payments to creditors during the pendency of the proceedings, or appears for any
11reason to be abusing the privileges of this section, the trustee shall promptly report
12the matter to the court and the court may dismiss the proceedings. If the claims of
13all creditors as listed in the plan are satisfied in full, the trustee shall, upon
14completion of the final distribution, report to the court and the court shall
thereupon 15dismiss the proceedings.
Note: Inserts specific references, breaks up long sentence, replaces word form of
number with digits and deletes disfavored terms.
AB970, s. 133
16Section
133. 128.21 (7) of the statutes is amended to read:
AB970,73,2217
128.21
(7) Neither the determination of the amount of any claim for the
18purposes of the plan, nor the acceptance of payments
thereunder under the plan,
19shall affect the right of any creditor to litigate the creditor's claim and obtain
20judgment
thereon on the claim, or the right of the debtor to dispute
it, and the the
21claim. The amount of any judgment shall be substituted by the trustee for the
22amount fixed in the plan.
Note: Inserts specific references and breaks up long sentence.
AB970, s. 134
23Section
134. 128.21 (8) of the statutes is amended to read:
AB970,74,5
1128.21
(8) Any secured creditor who wishes to realize on his or her security
2shall give the trustee at least
five 5 days' notice in writing of the time, place and
3manner of the proposed realization, and shall notify the trustee of the amount
4realized, by which amount the creditor's claim as listed under the plan shall be
5reduced.
Note: Replaces word form of number with digit.
AB970, s. 135
6Section
135. 128.25 (5) (a) of the statutes is amended to read:
AB970,74,107
128.25
(5) (a)
By collection. When the asset constituting the security is an
8obligation for the payment of money, the secured creditor may determine
its the
9security's value by collection or by exhausting his or her remedies
thereon against
10the security and then surrendering the obligation to the liquidator.
Note: Inserts specific references.