1999 Wisconsin Act 85

Note: Replaces punctuation for internal consistency and conformity with current style.

85,116 Section 116. 623.06 (4m) of the statutes is amended to read:

623.06 (4m) This subsection applies to all annuity and pure endowment contracts other than group annuity and pure endowment contracts purchased under a retirement plan or plan of deferred compensation, established or maintained by an employer (, including a partnership or sole proprietorship), or by an employe organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under section 408 of the U.S. internal revenue code, as now or hereafter amended Internal Revenue Code. Reserves according to the commissioners annuity reserve method for benefits under annuity or pure endowment contracts, excluding any disability and accidental death benefits in such contracts, shall be the greatest of the respective excesses of the present values, at the date of valuation, of the future guaranteed benefits, including guaranteed nonforfeiture benefits, provided for by such contracts at the end of each respective contract year, over the present value, at the date of valuation, of any future valuation considerations derived from future gross considerations, required by the terms of such contract, that become payable prior to the end of such respective contract year. The future guaranteed benefits shall be determined by using the mortality table, if any, and the interest rate specified in such contracts for determining guaranteed benefits. The valuation considerations are the portions of the respective gross considerations applied under the terms of such contracts to determine nonforfeiture values.

Note: Replaces parentheses consistent with current style and amends reference to Internal Revenue Code.

85,117 Section 117. 625.03 (intro.) and (1) to (6) of the statutes are renumbered 625.03 (1m) (intro.) and (a) to (e).

Note: The subject matter of this sub. (7) does not fit within the series under, and is grammatically incompatible with, s. 625.03 (intro.) and the renumbering by this section of this bill is made to separate sub. (7) from that list.

85,118 Section 118. 631.07 (3) (a) (intro.), 1. to 3. and 4. of the statutes are amended to read:

631.07 (3) (a) (intro.) Consent unnecessary. A life or disability insurance policy may be taken out without consent in any of the following cases:

1. A person may obtain insurance on a dependent who does not have legal capacity;.

2. A creditor may at the expense of the creditor obtain life or disability insurance on the debtor in an amount reasonably related to the amount of the debt;.

3. A person may obtain a life or disability insurance policy on members of the person's family living with or dependent on the person;.

4. A person may obtain a disability insurance policy on others that would merely indemnify against expenses the policyholder would be legally or morally obligated to pay; and.

Note: Amends subsection (intro.) to conform with current style for (intro.) provisions and replaces punctuation for internal consistency and conformity with current style.

85,119 Section 119. 631.07 (3) (a) 5. of the statutes is renumbered 631.07 (3) (am) and amended to read:

631.07 (3) (am) Insurance for persons in international public service. The commissioner may promulgate rules permitting issuance of insurance for a limited term on the life or health of a person serving outside the continental United States in the public service of the United States, provided the policyholder is closely related by blood or by marriage to the person whose life or health is insured.

Note: The subject matter of this provision does not correspond to, nor does it fit grammatically within, the list of persons under s. 631.07 (3) (a) (intro.) and accordingly it is renumbered to a separate paragraph. A title is created because the other paragraphs have titles.

85,120 Section 120. 655.25 (1) of the statutes is renumbered 655.25.

Note: Eliminates unnecessary subsection designation. Section 655.25 is not divided into multiple subsections.

85,121 Section 121. 700.06 of the statutes is amended to read:

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 ( , if the owner's death is 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.

Note: Replaces parentheses consistent with current style and inserts clarifying language.

85,122 Section 122. 700.08 of the statutes is amended to read:

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. If the same instrument attempts to create a future interest after the interest which that is made a fee simple by reason of this section, the future interest is valid.

Note: Replaces parentheses consistent with current style, divides long sentence and replaces improperly used "which".

85,123 Section 123. 700.17 (3) of the statutes is amended to read:

700.17 (3) Characteristics of tenancy in common. Each of 2 or more tenants in common has an undivided interest in the whole property for the duration of the tenancy. There is no right of survivorship incident to a tenancy in common;, but a remainder may be created to vest ownership in the survivor of several persons who own as tenants in common other preceding interests (, such as a life interest), in the same property.

Note: Replaces parentheses and punctuation consistent with current style.

85,124 Section 124. 700.22 (1) of the statutes is renumbered 700.22 (1) (a) and amended to read:

700.22 (1) (a) Nothing in ss. 700.17 to 700.21 governs the determination of rights to In this subsection, "deposits (including" include checking accounts or instruments deposited therein into or drawn thereon on checking accounts, savings accounts, certificates of deposit, investment shares or any other form of deposit) .

(b) Nothing in ss. 700.17 to 700.21 governs the determination of rights to deposits in banks, building and loan associations, savings banks, savings and loan associations, credit unions or other financial institutions.

Note: Subdivides provision and reorders text to accommodate the replacement of parentheses and for improved readability and conformity with current style.

85,125 Section 125. 701.13 (3) of the statutes is amended to read:

701.13 (3) Termination. In the case of a living trust where the whose settlor is deceased and in the case of any testamentary trust, regardless in either case of spendthrift or similar protective provisions, a court with the consent of the trustee may order termination of the trust, in whole or in part, and the distribution of the assets that it considers appropriate if the court is satisfied that because of any substantial reason existing at the inception of a testamentary trust or, in the case of any trust, arising from a subsequent change in circumstances (, including but not limited to the amount of principal in the trust, income produced by the trust and the cost of administering the trust), continuation of the trust, in whole or in part, is impractical. In any event, if the trust property is valued at less than $50,000, the court may order termination of the trust and the distribution of the assets that it considers appropriate.

Note: Replaces parentheses consistent with current style. "Where" is replaced as it does not denote place.

85,126 Section 126. 701.13 (5) of the statutes is renumbered 701.13 (5) (b), and 701.13 (5) (b) (intro.), 1., 2. and 3., as renumbered, are amended to read:

701.13 (5) (b) (intro.) Subsections (2) and (3) do not apply to a trust where under which a future interest is indefeasibly vested in any of the following:

1. The United States or a political subdivision for exclusively public purposes;.

2. A corporation that is organized exclusively for religious, charitable, scientific, literary or educational purposes, including the encouragement of art and the prevention of cruelty to children or animals, no part of the net earnings of which inures to the benefit of any private shareholder or individual and no substantial part of the activities of which is carrying on propaganda or otherwise attempting to influence legislation, and which that does not participate or intervene in (including the publishing or distributing of statements) any political campaign on behalf of any candidate for public office;.

3. A trustee or a fraternal society, order or association operating under the lodge system, provided the principal or income of such trust is to be used by such trustee or by such fraternal society, order or association exclusively for religious, charitable, scientific, literary or educational purposes or for the prevention of cruelty to children and animals, and no substantial part of the activities of such trustee or of such fraternal society, order or association is carrying on propaganda or otherwise attempting to influence legislation, and such trustee or such fraternal society, order, or association does not participate or intervene in (including the publishing or distributing of statements) any political campaign on behalf of any candidate for public office; or.

Note: To remove parentheses, the material contained in the parentheses is moved to a separate definition provision by the next section of this bill. Replaces punctuation consistent with current style and "where" is replaced as it is not used to denote place. See the next section of the this bill.

85,127 Section 127. 701.13 (5) (a) of the statutes is created to read:

701.13 (5) (a) In this subsection, "participate or intervene in any political campaign" includes the publishing or distributing of statements.

Note: See the previous section of this bill.

85,128 Section 128. 701.19 (4) (intro.) and (a) to (d) of the statutes are renumbered 701.19 (4) (am) (intro.) and 1. to 4., and 701.19 (4) (am) 4., as renumbered, is amended to read:

701.19 (4) (am) 4. As to For the period of time for which the business may be conducted and such any other conditions, restrictions, regulations, requirements and authorizations as the court orders.

Note: The subject matter of s. 701.19 (4) (e) does not correspond to, nor does it fit grammatically within, the list of persons under s. 701.19 (4) (intro.), and accordingly the provision is renumbered to separate par. (e) from that list. "As to" and "such" are replaced to improve clarity.

85,129 Section 129. 701.19 (4) (e) of the statutes is amended to read:

701.19 (4) (e) Nothing in this subsection shall be construed as requiring a trustee to liquidate a business, including a business operated as a closely held corporation, when such action liquidating the business is not required by the creating instrument or other applicable law.

Note: Inserts specific reference to improve clarity and readability.

85,130 Section 130. 701.20 (4) (c) (intro.) of the statutes is amended to read:

701.20 (4) (c) (intro.) On termination of an income interest, the following amounts shall be classified as income and treated as if received prior to the termination.:

Note: Inserts correct punctuation.

85,131 Section 131. 701.20 (4) (d) 2. of the statutes is amended to read:

701.20 (4) (d) 2. Income Except for corporate distributions to stockholders, income in the form of periodic payments (other than corporate distributions to stockholders), including interest, rent and annuities, shall be treated as accruing from day to day.

Note: Reorders text to eliminate the need for parentheses, consistent with current style.

85,132 Section 132. 701.20 (5) (b) 1. of the statutes is renumbered 701.20 (5) (b) 1. (intro.) and amended to read:

701.20 (5) (b) 1. (intro.) To legatees and devisees of specific property other than money, the income from the property bequeathed or devised to them less any of the following recurrent and other ordinary expenses attributable to the specific property: property

a. Property taxes (, excluding taxes prorated to the date of death), interest (.

b. Interest, excluding interest accrued to the date of death), income.

c. Income taxes (, excluding taxes on income in respect of a decedent, capital gains and any other income taxes chargeable against principal) which, that accrue during the period of administration, ordinary.

d. Ordinary repairs, and other expenses of management and operation of the property.

Note: Subdivides provision in outline form, replaces parentheses, replaces incorrectly used "which" and deletes comma for improved readability and conformity with current style.

85,133 Section 133. 703.02 (15) of the statutes is amended to read:

703.02 (15) "Unit" means a part of a condominium intended for any type of independent use, including one or more cubicles of air at one or more levels of space or one or more rooms or enclosed spaces located on one or more floors (, or parts thereof), in a building. A unit may include 2 or more noncontiguous areas.

Note: Replaces parentheses consistent with current style.

85,134 Section 134. 704.29 (2) of the statutes is renumbered 704.29 (2) (a) and amended to read:

704.29 (2) (a) In any claim against a tenant for rent and damages, or for either, the amount of recovery is reduced by the net rent obtainable by reasonable efforts to rerent the premises. Reasonable this subsection, "reasonable efforts" mean those steps which that the landlord would have taken to rent the premises if they had been vacated in due course, provided that such those steps are in accordance with local rental practice for similar properties.

(b) In any claim against a tenant for rent and damages, or for either, the amount of recovery is reduced by the net rent obtainable by reasonable efforts to rerent the premises. In the absence of proof that greater net rent is obtainable by reasonable efforts to rerent the premises, the tenant is credited with rent actually received under a rerental agreement minus expenses incurred as a reasonable incident of acts under sub. (4), including a fair proportion of any cost of remodeling or other capital improvements. In any case the landlord can recover, in addition to rent and other elements of damage, all reasonable expenses of listing and advertising incurred in rerenting and attempting to rerent (, except as taken into account in computing the net rent under the preceding sentence). If the landlord has used the premises as part of reasonable efforts to rerent, under sub. (4) (c), the tenant is credited with the reasonable value of the use of the premises, which is presumed to be equal to the rent recoverable from the defendant unless the landlord proves otherwise. If the landlord has other similar premises for rent and receives an offer from a prospective tenant not obtained by the defendant, it is reasonable for the landlord to rent the other premises for the landlord's own account in preference to those vacated by the defaulting tenant.

Note: Subdivides provision to properly locate a definition, replaces parentheses and replaces improperly used "which" and disfavored term consistent with current style.

85,135 Section 135. 706.001 (title) of the statutes is created to read:

706.001 (title) Scope and construction.

Note: The nondefinition statutes in s. 706.01 are renumbered s. 706.001. The definitions in s. 706.01 require a separate section, in accordance with current style.

85,136 Section 136. 706.01 (title) of the statutes is repealed.

Note: Section 706.01 contained nondefinitions and definitions. The nondefinitions are being renumbered to s. 706.00l. The new title for 706.01 is created in the next section of this bill.

85,137 Section 137. 706.01 (intro.) of the statutes is created to read:

706.01 Definitions. (intro.) In this chapter:

Note: Creates an (intro.) that explicitly limits existing definitions to the chapter in accordance with current style.

85,138 Section 138. 706.01 (1) to (3) of the statutes are renumbered 706.001 (1) to (3).

Note: Separates the nondefinitions in this section into a separate section in accordance with current style by renumbering them into a new section.

85,139 Section 139. 706.01 (4) to (7m) (intro.) and (10) of the statutes are amended to read:

706.01 (4) A "conveyance" is "Conveyance" means a written instrument, evidencing a transaction governed by this chapter, which that satisfies the requirements of s. 706.02.

(5) "Conveyance of mineral interests" means any transaction under sub. s. 706.001 (1) entered into for the purpose of determining the presence, location, quality or quantity of metalliferous minerals or for the purpose of mining, developing or extracting metalliferous minerals, or both. Any transaction under sub. s. 706.001 (1) entered into by a mining company is rebuttably presumed to be a conveyance of mineral interests.

(6) "Grantor" means the person from whom an interest in lands passes by conveyance and includes, including, without limitation, lessors, vendors, mortgagors, optionors, releasors, assignors and trust settlors of interest in lands. "Grantee", and "grantee" means the person to whom such the interest in land passes. Whenever consistent with the context, reference to the interest of a party includes the interest of the party's heirs, successors, personal representatives and assigns.

(7) "Homestead", as used in this chapter, means the dwelling, and so much of the land surrounding it as is reasonably necessary for use of the dwelling as a home, but not less than one-fourth acre (, if available), and not exceeding 40 acres.

(7m) (intro.) "Interest in minerals" means any fee simple interest in minerals beneath the surface of land which that is:

(10) "Signed" includes any handwritten signature or symbol on a conveyance intended by the person affixing or adopting the same signature or symbol to constitute an execution of the conveyance.

Note: Specific references are added, parentheses replaced and other modifications made to improve readability and conformity with current style. Replaces improperly used "which". Section 706.01 (1) is renumbered s. 706.001 (1) by this bill.

85,140 Section 140. 706.02 (1) (intro.) of the statutes is amended to read:

706.02 (1) (intro.) Transactions under s. 706.01 706.001 (1) shall not be valid unless evidenced by a conveyance which that satisfies all of the following: