CHAPTER 700
INTERESTS IN PROPERTY
700.02 Classification of interests in property as to duration.
700.03 Classification of present and future interests.
700.04 Classification of future interests.
700.05 Classification of remainders.
700.06 Interest for life of another; succession.
700.07 Transferability of future interests.
700.08 Estate tail becomes fee simple; effect of gift over after attempted estate tail.
700.09 Interest contingent on death without issue.
700.10 Remainder to heirs of owner of life interest; abolition of rule in Shelley's case.
700.11 Interests in "heirs" and the like.
700.12 After-born persons included in class gift.
700.13 Remainders presumed not to shorten prior interest; acceleration of remainders.
700.14 Indestructibility of contingent future interests.
700.15 Nominal conditions not enforced.
700.16 Perpetuities and suspension of power of alienation.
700.17 Classification and characteristics of certain concurrent interests.
700.18 Determination of cotenancy generally.
700.19 Creation of joint tenancy.
700.20 Extent of undivided interests in tenancy in common.
700.21 Covendors in contracts to transfer.
700.215 Exception for equitable rights of cotenants and third persons.
700.22 Exception for bank deposits, checks, government bonds and vehicles.
700.23 Liability among cotenants for rents and profits.
700.24 Death of a joint tenant; effect of liens.
700.25 Applicability of chapter.
700.26 Applicability of general transfers at death provisions.
700.35 Renewable energy resource easements.
700.40 Uniform conservation easement act.
700.41 Solar and wind access.
700.01
700.01
Definitions. In this chapter, unless the context indicates otherwise:
700.01(1)
(1) "Bill of sale" means an instrument evidencing a sale of tangible personal property which names the seller and buyer and describes the property sold.
700.01(2)
(2) "Document of title" means a document which is evidence of ownership of certain kinds of personal property, tangible or intangible, the ownership of which may be transferred by transfer of the document; it includes but is not limited to an investment security, a negotiable instrument and a certificate of title to tangible personal property; it does not include items excepted in
s. 700.22.
700.01(3)
(3) "Instrument of transfer" means an instrument which is effective to transfer an interest in property; it includes but is not limited to a will, a deed, a contract to transfer, a real estate mortgage and an instrument creating a security interest in personal property under
ch. 409.
700.01(4)
(4) "Interest" means an interest in property.
700.01(5)
(5) "Property" means real or personal property.
700.01(6)
(6) "Successors in interest" means persons who obtain a reversionary interest by transfer or operation of law.
700.01(7)
(7) "Transfer" means a transfer effective during the lifetime of the transferor or by reason of the transferor's death.
700.01 History
History: 1983 a. 189;
1991 a. 316.
700.01 Cross-reference
Cross-reference: See ss.
990.01 (27) and
(35) which define real and personal property.
700.02
700.02
Classification of interests in property as to duration. Interests in property are classified as to duration as:
700.02(2)
(2) A defeasible fee simple which may be a fee simple determinable automatically expiring upon the occurrence of a stated event, a fee simple subject to a condition subsequent with a power in the transferor or the transferor's successors in interest to reacquire the fee by reason of a breach of the condition, or a fee simple with a remainder over to a person other than the transferor or the transferor's successors in interest to take effect upon the occurrence of a stated event; for purposes of this subsection, a stated event can be either the happening, or the nonhappening, of a specified occurrence, and can be either certain or not certain to happen;
700.02(3)
(3) An interest for life, which may be created for the duration of a life or lives of one or more human beings;
700.02(4)
(4) An interest for years, which is any interest the duration of which is described in units of a year or multiples or divisions thereof;
700.02(5)
(5) A periodic interest, which will continue for successive periods of a year, or successive periods of a fraction of a year, unless terminated;
700.02(6)
(6) An interest at will, which is terminable at the will of either the transferor or the transferee and has no designated period of duration.
700.02 History
History: 1991 a. 316.
700.03
700.03
Classification of present and future interests. Interests in property are classified as to time of enjoyment as:
700.03(1)
(1) A present interest, which entitles the owner to the present possession or enjoyment of the benefits of property; or
700.03(2)
(2) A future interest, which does not entitle the owner to possession or enjoyment of the benefits of property until a future time.
700.04
700.04
Classification of future interests. Future interests are classified as:
700.04(1)
(1) A reversionary interest left in the transferor or the transferor's successors in interest, either as a reversion, a possibility of reverter upon the simultaneous creation of a fee simple determinable, or a power of reacquisition; or
700.04(2)
(2) An interest created in a person other than the transferor or the transferor's successors in interest, called a remainder, to take effect at the termination of a preceding interest created at the same time or without the intervention of such a preceding interest.
700.04 History
History: 1991 a. 316.
700.04 Annotation
Where conditional testamentary disposition failed, court found a gift by implication rather than a reversionary interest which would have contravened the testatrix' intent. In re Trust of Pauly, 71 W (2d) 306, 237 NW (2d) 719.
700.05
700.05
Classification of remainders. Remainders are classified as:
700.05(1)
(1) Indefeasibly vested, if the interest is created in favor of one or more ascertained persons in being and is certain to become a present interest at some time in the future;
700.05(2)
(2) Vested subject to open, if the interest is created in favor of a class of persons, one or more of whom are ascertained and in being, and if the interest is certain to become a present interest at some time in the future, but the share of the ascertained remaindermen is subject to diminution by reason of other persons becoming entitled to share as members of the class;
700.05(3)
(3) Vested subject to complete defeasance, if the interest is created in favor of one or more ascertained persons in being and would become a present interest on the expiration of the preceding interests but may end or may be completely defeated as provided by the transferor at, before or after the expiration of the preceding interests;
700.05(4)
(4) Subject to a condition precedent, if the interest is created in favor of one or more unborn or unascertained persons or in favor of one or more presently ascertainable persons upon the occurrence of an uncertain event.
700.05 History
History: 1971 c. 66.
700.06
700.06
Interest for life of another; succession. An interest measured by the life of a person other than the owner of the interest passes on the death of the owner (prior to the death of the person who is the measuring life) as an asset of the owner's estate and is realty or personalty according to the nature of the property subject to the interest.
700.07
700.07
Transferability of future interests. A future interest is transferable during the lifetime of the owner and passes on the owner's death by will or under the law of intestate succession in the same manner as a present interest; but this section does not make an interest transferable if a valid condition or limitation restricts transfer, nor permit an interest to pass at death if the interest ends at death.
700.07 History
History: 1991 a. 316.
700.08
700.08
Estate tail becomes fee simple; effect of gift over after attempted estate tail. The use of language in an instrument appropriate to create a present or future interest in fee tail (such as to a named person "and the heirs of his body" or "and the heirs of her body" or "and his issue" or "and her issue") creates a present or future interest in fee simple; if the same instrument attempts to create a future interest after the interest which is made a fee simple by reason of this section, the future interest is valid.
700.08 History
History: 1993 a. 486.
700.09
700.09
Interest contingent on death without issue. If an instrument transfers an interest expressly contingent upon the death of a person without "heirs of the body", "descendants", "issue", "children" or relatives described by other terms, the interest takes effect only if that person dies not having such a relative living at the time of death, or conceived then and born alive thereafter.
700.09 History
History: 1991 a. 316.
700.10
700.10
Remainder to heirs of owner of life interest; abolition of rule in Shelley's case. If an instrument purports to transfer an interest for life to one person and a remainder to that person's heirs or the heirs of that person's body, a remainder is created in that person's heirs or heirs of that person's body.
700.10 History
History: 1991 a. 316.