AB970: Bill Text

AB970,70,23 128.18 (6) All levies, judgments, attachments or other liens obtained through legal proceedings against a person who is insolvent at any time within 4 months prior to the filing of a petition or assignment hereunder shall be deemed null and under this chapter are void in case a receiver is appointed or an assignee qualifies hereunder, and the. The property affected by the levy, judgment, attachment or other lien shall be deemed wholly discharged and released from the same levy, judgment, attachment or lien, and shall pass to the receiver or assignee as a part of the estate of the debtor unless the court shall, on due notice, order that the right under such the levy, judgment, attachment or other lien shall be preserved for the benefit of the estate; and thereupon the same. In that case, the right under the levy, judgment, attachment or lien may pass to and shall be preserved by the receiver or assignee for the benefit of the estate.

Note: Breaks up long sentence, replaces and deletes disfavored terms and nonspecific references.

AB970, s. 129 Section 129. 128.20 (1) of the statutes is renumbered 128.20 (1) (a) (intro.) and amended to read:

AB970,71,7 128.20 (1) (a) (intro.) Every receiver or assignee shall, within 6 months after the time limited for filing claims or within such any further time as that the court shall allow allows, file with the clerk of the circuit court a full and itemized statement, verified by the receiver's or assignee's oath of the, showing all of the following in regard to the receivership or assignment:

AB970,71,8 1. The property received by the receiver or assignee , the.

AB970,71,10 2. The manner of the receiver's or assignee's dealing therewith, with the property received.

AB970,71,11 3. The amount of money realized by the receiver or assignee, the.

AB970,71,13 4. The condition of the property and funds in the receiver's or assignee's possession, the.

AB970,71,14 5. The names and residences of the debtor's creditors , the.

AB970,71,15 6. The dividends paid them, the to the debtor's creditors.

AB970,71,16 7. The receiver's or assignee's receipts and disbursements with the,

AB970,71,18 8. The receiver's or assignee's claim for compensation and administration expenses.

AB970,71,23 (b) If any receiver or assignee shall neglect neglects to apply promptly for a settlement of the receiver's or assignee's his or her account, the court may, upon application of any creditor, compel the making and filing of such the account or settlement thereof of the account and in such that case the receiver or assignee may be denied compensation.

Note: Subdivides provision and replaces and deletes disfavored terms and nonspecific references.

AB970, s. 130 Section 130. 128.20 (2) of the statutes is amended to read:

AB970,72,13 128.20 (2) Upon filing the report described in sub. (1) (a), the receiver or assignee may apply to the court upon not less than 10 days' notice thereof by mail to the respective creditors named in the report, for a final settlement of the account. The court shall fix a time and place for the hearing of objections or taking of evidence and by order settle and adjust the accounts and the compensation and expenses of the receiver or assignee, regardless of whether objection is made. The order shall be conclusive upon all parties including the sureties of the receiver or assignee, but the. The receiver or assignee or any creditor may appeal from the order in the manner prescribed for appeals in civil actions except that the receiver or assignee may file a notice and undertaking with the clerk without other service thereof of the notice and undertaking. The receiver or assignee shall be discharged of the trust and the bond 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 Section 131. 128.21 (4) (intro.) of the statutes is amended to read:

AB970,72,20 128.21 (4) (intro.) If the plan recommended under sub. (3) (b) or a modification thereof of the plan is approved under sub. (3r), the debtor shall make the periodic payments therein provided for in the plan to the trustee, and may make additional payments from time to time to the trustee, and the trustee shall distribute the payments proportionally among the creditors listed in the plan, less all of the following:

Note: Inserts specific reference.

AB970, s. 132 Section 132. 128.21 (5) of the statutes is amended to read:

AB970,73,15 128.21 (5) If the debtor defaults in any payment provided for under the plan for a period of more than thirty 30 days the trustee shall, and before the end of any such the 30-day period may, report the matter to the court with the trustee's recommendations, and the. The court shall thereupon either dismiss the proceedings or, if satisfied from the trustee's report that the debtor is in good faith and should be able to make good the default, extend the period of grace for not to exceed thirty 30 days, at. At the end of which the grace period, the trustee shall again report to the court and if all defaults have not then been cured the court shall forthwith immediately dismiss the proceedings. If the debtor makes preferential payments to creditors during the pendency of the proceedings, or appears for any reason to be abusing the privileges of this section, the trustee shall promptly report the matter to the court and the court may dismiss the proceedings. If the claims of all creditors as listed in the plan are satisfied in full, the trustee shall, upon completion of the final distribution, report to the court and the court shall thereupon dismiss the proceedings.

Note: Inserts specific references, breaks up long sentence, replaces word form of number with digits and deletes disfavored terms.

AB970, s. 133 Section 133. 128.21 (7) of the statutes is amended to read:

AB970,73,22 128.21 (7) Neither the determination of the amount of any claim for the purposes of the plan, nor the acceptance of payments thereunder under the plan, shall affect the right of any creditor to litigate the creditor's claim and obtain judgment thereon on the claim, or the right of the debtor to dispute it, and the the claim. The amount of any judgment shall be substituted by the trustee for the amount fixed in the plan.

Note: Inserts specific references and breaks up long sentence.

AB970, s. 134 Section 134. 128.21 (8) of the statutes is amended to read:

AB970,74,5 128.21 (8) Any secured creditor who wishes to realize on his or her security shall give the trustee at least five 5 days' notice in writing of the time, place and manner of the proposed realization, and shall notify the trustee of the amount realized, by which amount the creditor's claim as listed under the plan shall be reduced.

Note: Replaces word form of number with digit.

AB970, s. 135 Section 135. 128.25 (5) (a) of the statutes is amended to read:

AB970,74,10 128.25 (5) (a) By collection. When the asset constituting the security is an obligation for the payment of money, the secured creditor may determine its the security's value by collection or by exhausting his or her remedies thereon against the security and then surrendering the obligation to the liquidator.

Note: Inserts specific references.

AB970,74,11 (End)