112.02 (1m) In this section, "fiduciary" means a personal representative, guardian, or testamentary trustee.
102,44
Section
44. 112.02 (2) (intro.) of the statutes is amended to read:
112.02 (2) (intro.) For the purposes of In this section a fiduciary shall be deemed considered to be engaged in war service in any of the following cases:
102,45
Section
45. 112.02 (4) of the statutes is amended to read:
112.02 (4) Upon the filing of the petition and the proof of service of the notice prescribed, the court may, notwithstanding any other provision of law, suspend the a fiduciary engaged in war service from the exercise of all of the fiduciary's powers and duties while such
the fiduciary remains engaged in war service and until the further order of the court. The decree may further provide that the remaining executor, administrator, guardian or testamentary trustee fiduciary or, if there be is none, the successor named in the will or appointed by the court is possessed of and may exercise all of the powers and duties incidental to the person's office as fiduciary.
102,46
Section
46. 112.02 (5) of the statutes is renumbered 112.02 (5) (a) and amended to read:
112.02 (5) (a) When the suspended fiduciary ceases to be engaged in war service the suspended fiduciary may be reinstated as executor, administrator, guardian or testamentary trustee if any of the duties of such
the office remain unexecuted, upon application to the court and upon such any notice as that the presiding judge thereof may direct. If of the court directs. Upon reinstatement of the suspended fiduciary is reinstated, the court shall thereupon remove the suspended fiduciary's successor and revoke the successor fiduciary's letters, and make such any other order or decree as that justice requires, but such removal.
(b) Removal and revocation of letters under par. (a) shall not bar the successor from subsequently again qualifying as a fiduciary in accordance with the provisions of the will or if for any reason it thereafter becomes necessary that the appointment of a successor fiduciary be appointed is required subsequently.
102,47
Section
47. 113.06 of the statutes is amended to read:
113.06 Death of obligor, estate liable. On the death of a joint obligor in contract, the joint obligor's executor or administrator (personal representative or estate
) shall be bound as such jointly and severally bound with the surviving obligor or obligors.
137.01 (7) Official records to be filed. When any notary public ceases to hold office, the notary public, or in case of the notary public's death the notary public's executor or administrator personal representative, shall deposit the notary public's official records and papers in the office of the secretary of state. If any such
the notary or any executor or administrator personal representative, after such the records and papers come to his or her hands, neglects for 3 months to deposit them, he or she shall forfeit not less than $50 nor more than $500. If any person knowingly destroys, defaces, or conceals any records or papers of any notary public, the person shall forfeit not less than $50 nor more than $500, and shall be liable for all damages resulting to the party injured for all damages thereby sustained. The secretary of state shall receive and safely keep all such papers and records in their office.
102,49
Section
49. 179.65 of the statutes is amended to read:
179.65 Power of estate of deceased or incompetent partner. If a partner who is an individual dies or is adjudged incompetent to manage his or her person or property, the partner's executor, administrator personal representative, guardian, conservator, or other legal representative may exercise all of the partner's rights for the purpose of settling his or her estate or administering his or her property, including any power the partner had to give an assignee the right to become a limited partner. If a partner is a corporation, limited liability company, trust, or other entity and is dissolved or terminated, the powers of that partner may be exercised by its legal representative or successor.
102,50
Section
50. 180.0622 (4) of the statutes is renumbered 180.0622 (4) (a) and amended to read:
180.0622 (4) (a) An executor, administrator, In this subsection, "fiduciary" means a personal representative, conservator, guardian, trustee, assignee for the benefit of creditors, or receiver.
(b) A fiduciary is not personally liable as a holder of or subscriber to shares of a corporation, but the estate and funds in his or her the fiduciary's hands are so liable. A pledgee or other holder of shares as collateral security is not personally liable as a shareholder.
Note: Creates a definition to allow the replacement of personal pronouns.
102,51
Section
51. 180.0724 (2) (b) of the statutes is amended to read:
180.0724 (2) (b) The name signed purports to be that of a personal representative, administrator, executor, guardian, or conservator representing the shareholder and, if the corporation requests, evidence of fiduciary status acceptable to the corporation is presented with respect to the vote, consent, waiver, or proxy appointment.
102,52
Section
52. 214.01 (1) (jg) of the statutes is amended to read:
214.01 (1) (jg) "Fiduciary" means a trustee, executor, administrator personal representative, guardian, agent, receiver, trustee in bankruptcy, assignee for creditors, or any holder of a similar position of trust.
102,53
Section
53. 215.14 (6) of the statutes is amended to read:
215.14 (6) Savings accounts eligible investment for trust funds. An administrator, executor,
A personal representative, guardian, trustee, or other fiduciary authorized to invest trust funds, may acquire, own, or hold savings accounts in an association, within the limits of standards contained in s. 881.01, and shall have the same rights and be subject to the same obligations and limitations as other savings account owners, except the right to be an officer or director. Savings accounts owned or held by an administrator, executor, a personal representative, guardian, trustee, or other fiduciary shall specifically name the trust represented.
102,54
Section
54. 215.14 (9) of the statutes is amended to read:
215.14 (9) Savings accounts of deceased or incompetent persons. The savings account of a deceased individual decedent may be held and controlled by the administrator, executor, personal representative or trustee of the estate, or after 60 days after death, the legal representative may be paid the withdrawal value of such the savings accounts account. If the savings account is pledged to the association for a loan, such the loan shall first be fully repaid.
102,55
Section
55. 218.0101 (23) (b) 1. of the statutes is amended to read:
218.0101 (23) (b) 1. Receivers, trustees, administrators, executors personal representatives, guardians
, or other persons appointed by or acting under the judgment or order of any court.
102,56
Section
56. 218.10 (1g) (a) of the statutes is amended to read:
218.10 (1g) (a) A receiver, trustee, administrator, executor personal representative, guardian, or other person appointed by or acting under the judgment or order of any court.
102,57
Section
57. 219.01 (intro.) of the statutes is amended to read:
219.01 Loans, advances of credit, investment in securities, insured or guaranteed by specified agencies. (intro.) Credit unions, savings and loan associations, investment associations, state banks, savings banks, trust company banks, land mortgage associations, executors personal representatives, guardians, trustees, administrators, and other fiduciaries, except where it is contrary to the will or other instrument of trust, the state of Wisconsin and its agencies and its municipalities, districts, and other subdivisions, and all institutions and agencies thereof of the state, and all other persons, associations, and corporations, subject to the laws of this state, are authorized:
102,58
Section
58. 219.04 (1) (a) 2. of the statutes is amended to read:
219.04 (1) (a) 2. All executors, administrators personal representatives, guardians, trustees, and other fiduciaries.
102,59
Section
59. 219.06 (1) of the statutes is renumbered 219.06 (1) (a) (intro.) and amended to read:
219.06 (1) (a) (intro.) The state and all public officers, municipal corporations, political subdivisions, and public bodies, all banks, bankers, savings and loan associations, credit unions, trust companies, savings banks and institutions, investment companies and other persons carrying on a banking business, and all executors, administrators, guardians, trustees and other fiduciaries, Any of the following may legally invest any sinking funds, moneys, or other funds belonging to them or within their control in any bonds or other obligations issued by a metropolitan sewerage district under ss. 200.21 to 200.65 or by a housing authority created by or pursuant to under the housing authorities law of this state or issued by any public housing authority or agency in the United States, when such if the bonds or other obligations are secured by a pledge of annual contributions to be paid by the United States U.S. government or any agency thereof of the U.S. government, by the city, village, town, or county in which operates the housing authority issuing such the bonds or other obligations operates or by the district under s. 200.55 or are guaranteed by the state. Such:
(b) The bonds and other obligations described in par. (a) shall be authorized security for all public deposits and shall be fully negotiable in this state.
Note: Subdivides provision, reorders text, and inserts specific references for greater conformity with current style and improved readability. See also the next section of this bill.
102,60
Section
60. 219.06 (1) (a) 1. to 3. of the statutes are created to read:
219.06 (1) (a) 1. The state and all public officers, municipal corporations, political subdivisions, and public bodies.
2. All banks, bankers, savings and loan associations, credit unions, trust companies, savings banks and institutions, investment companies, and other persons carrying on a banking business.
3. All personal representatives, guardians, trustees, and other fiduciaries.
Note: See the previous section of this bill.
102,61
Section
61. 219.07 (1) (a) 2. of the statutes is amended to read:
219.07 (1) (a) 2. All executors, administrators personal representatives, guardians, trustees, and other fiduciaries.
102,62
Section
62. 220.17 (2) of the statutes is renumbered 220.17 (2) (intro.) and amended to read:
220.17 (2) (intro.) And such All of the following apply to a consolidated bank or trust company described in sub. (1), if the consolidated bank or trust company is authorized to perform fiduciary services, as of at the time of the taking effect of such consolidation shall:
(a) The consolidated bank or trust company shall succeed to all rights, obligations, relations, and trusts, and the duties and liabilities connected therewith
with the performance of fiduciary services, held by any bank or trust company party to such the consolidation, and without further appointment shall act as trustee, executor, administrator or personal representative or in any other fiduciary capacity in which any such consolidating bank or trust company party to the consolidation was acting at the time of such the consolidation
, and.
(b) The consolidated bank or trust company shall execute and perform each and every such trust or relation described in par. (a) in the same manner as if the consolidated bank or trust company itself had assumed the trust or relation, including the obligations and liabilities connected therewith. And such
(c) The consolidated bank or trust company shall be entitled to be appointed or to act as trustee or executor personal representative or other fiduciary to the same extent and with the same effect as would any bank or trust company party to such the consolidation if prior thereto to the consolidation any bank or trust company party to such the consolidation has been designated as trustee or any other fiduciary in any trust deed or other writing, or has been nominated named to act as executor personal representative in any will.
102,63
Section
63. 221.0316 (1) of the statutes is amended to read:
221.0316 (1) General. When authorized by the division, and after the bank has in good faith complied with all requirements of law and fulfilled all the conditions precedent to the exercise of trust powers imposed by law upon trust company banks, a bank may act as trustee, executor, administrator personal representative, registrar of stocks and bonds, guardian of estates, assignee, receiver, and in any other fiduciary capacity in which trust company banks are permitted to act. A bank authorized by the division to exercise trust powers under this section shall comply with s. 223.02 before exercising such authority. Upon compliance with s. 223.02, the bank is entitled to the same exemption as to making and filing any oath or giving any bond or security as is conferred on trust company banks by s. 223.03 (8) (6) (a).
102,64
Section
64. 221.0324 (4) of the statutes is amended to read:
221.0324 (4) Bond requirements. A bank that is authorized to exercise trust powers and that complies with s. 223.02 is exempt from furnishing the bond specified in s. 221.0316 and is entitled to the same exemption as to making and filing any oath or giving any bond or security as is conferred on trust company banks by s. 223.03 (8) (6) (a).
102,65
Section
65. 221.0521 (2) (b) of the statutes is amended to read:
221.0521 (2) (b) The name signed purports to be that of a personal representative, administrator, executor, guardian, or conservator representing the shareholder and, if the bank requests, evidence of fiduciary status acceptable to the bank is presented with respect to the vote, consent, waiver, or proxy appointment.
102,66
Section
66. 223.03 (intro.) of the statutes is amended to read:
223.03 Corporate powers. (intro.)
Any such corporation A trust company bank shall have the following powers:
102,67
Section
67. 223.03 (6) of the statutes is renumbered 223.03 (6) (intro.) and amended to read:
223.03 (6) (intro.) To act as trustee, executor, administrator personal representative, registrar of stocks and bonds, custodian, agent, guardian of estates, guardian of any person subject to guardianship, assignee, receiver, and in any other fiduciary capacity authorized by the division., subject to all of the following conditions:
Note: Subsections (8) and (9) are renumbered sub. (6) (a) and (b) by this bill for more logical placement within the section.
102,68
Section
68. 223.03 (6) (c) of the statutes is created to read:
223.03 (6) (c) In all cases in which application is made to a court for the appointment of a person to act in a capacity described in this subsection, it shall be lawful to appoint a trust company bank, with its consent, to hold the office or offices.
102,69
Section
69. 223.03 (7) of the statutes is amended to read:
223.03 (7) And any such corporation may To act generally as agent or attorney for the transaction of business, the management of estates, the collection of rents, interests, dividends, mortgages, bonds, bills, notes, and other securities, or moneys, and also
to act as agent also for the purpose of issuing, negotiating, registering, transferring, or countersigning certificates of stock, bonds, or other obligations of any corporation, association, or municipality, and to manage any sinking fund or debt service fund therefor, on such terms as may be agreed upon; and may also accept and execute the offices of executor, administrator, trustee, receiver, assignee, or guardian of any minor or insane or incompetent person or any person subject to guardianship; and in all cases in which application shall be made to any court for the appointment of any person in any such capacity, it shall be lawful to appoint such corporation, with its consent, to hold such office or offices.
Note: Deletes redundant language. The authority to so act is under sub. (6) after the repeal and recreation of that provision by
1995 Wis. Act 336, except for the authority to serve as guardian of a person which is moved to sub. (6) by this bill.
102,70
Section
70. 223.03 (8) of the statutes is renumbered 223.03 (6) (a) and amended to read:
223.03 (6) (a) In case of such appointment, or in case such corporation shall be named as an executor in any will or as assignee in any assignment for the benefit of creditors, it A trust company bank appointed by a court to act in a capacity described in this subsection shall not be required to make and file any oath or give any bond or security, except in the discretion of the court making such the appointment, or having jurisdiction of such will or assignment over the matter.
102,71
Section
71. 223.03 (9) of the statutes is renumbered 223.03 (6) (b) and amended to read:
223.03 (6) (b) The accounts of said corporation as such trustee, receiver, assignee, executor, administrator, or guardian a trust company bank appointed by a court to act in a capacity described in this subsection shall be regularly settled and adjusted by the proper officers or tribunals;, and all proper, legal, usual, and customary charges, costs, and expenses shall be allowed to such corporation the trust company bank for the care and management of the estate so committed to it.
102,72
Section
72. 223.03 (13) of the statutes is amended to read:
223.03 (13) It shall be lawful for any such corporation to To lease, purchase, hold, and convey such any land as that may be necessary to carry on its business, and to execute any trust committed to it, as well as such
any real or personal estate as it may deem that the trust company bank may consider necessary to acquire in the enforcement or settlement of any claims or demands arising out of its business transactions, and to.
(13m) To execute and issue in the transaction of its business all necessary receipts, certificates, and contracts, which shall be signed by such the person or persons as may be designated by its bylaws.
102,73
Section
73. 223.05 (1) of the statutes is renumbered 223.05 (1) (a) and amended to read:
223.05 (1) (a) Every such corporation
trust company bank shall keep its trust accounts in books separate from its own general books of account. All funds and property held by it a trust company bank in a trust capacity shall, at all times, be kept separate from the funds and property of the corporation trust company bank, and all deposits by it of such funds held in a trust capacity in any banking institution shall be deposited as trust funds to its credit as trustee and not otherwise. Trust funds may be deposited with funds belonging to other trusts in one account in any banking institution to the credit of such corporation
the trust company bank as trustee.
(b) Every security in which trust funds or property are invested shall at once, immediately upon the receipt thereof of the security by the bank, be transferred to it, as trustee, executor, administrator, guardian, receiver, assignee or other trustee as the case may be for each the bank in its fiduciary capacity for the particular trust or fund by name and immediately be entered in the proper books records as belonging to the particular trust whose funds have been invested therein in the security. Any change in such the investment of trust funds or property shall be fully specified in and under the account of the particular trust to which it belongs, so that all trust funds and property shall be readily identified at any time by any person.
102,74
Section
74. 223.05 (2) of the statutes is renumbered 223.05 (2) (a) and amended to read:
223.05 (2) (a) Any In this subsection, "bank" means a trust company bank, or any a state bank or national banking association authorized to exercise trust powers in this state,.
(b) 1. Any bank acting as executor, administrator personal representative, guardian, testamentary trustee, or trustee of any an inter vivos trust
, unless prohibited by the terms of the trust instrument, whether alone or may have any of the stock or other securities that are held in the fiduciary capacity described in this subdivision registered and held in the name of a nominee of the bank, except as provided under subd. 2.
2. Any bank acting jointly with an individual or individuals as personal representative, guardian, testamentary trustee, or trustee of any inter vivos trust, unless prohibited by the terms of the trust instrument, may, with the consent of the individual fiduciary or fiduciaries, if any (,who are hereby is authorized by this subdivision to give such consent) cause, have any of the stock or other securities that are held in any such the fiduciary capacity to be described in this subdivision registered and held in the name of a nominee or nominees of such trust company the bank or bank exercising trust powers; and provided further, that any bank,.
(c) Any individual or individuals acting as executor, administrator personal representative, guardian, testamentary trustee, or trustee of any
an inter vivos trust, unless prohibited by the terms of the trust instrument, is and are authorized respectively to may request any bank or trust company bank incorporated under the laws of the state of Wisconsin or any national bank located in this state to cause have any stock or other securities that are deposited with such the bank or trust company bank by such the individual or individuals as fiduciary or fiduciaries to be registered and held in the name of a nominee or nominees of such the bank or trust company bank. Such. The bank or trust company bank shall not redeliver
such stock or other the securities to such the individual as fiduciary or fiduciaries causing any stock or other securities to be so registered in the name of the nominee of such bank or trust company bank without first causing such stock or other having the securities to be registered in the name of such the individual as fiduciary or fiduciaries as such. But any. Any sale or transfer of such stock or other securities made by such a bank or trust company bank at the direction of such an individual fiduciary or fiduciaries shall not be construed to be redelivery;, and any such the bank or trust company bank or any and the nominee or nominees in whose name such the securities shall be are registered shall be deemed considered to have fully discharged the its responsibilities
of that bank, trust company bank, nominee or nominees if any such the securities are sold or transferred in accordance with the direction of the individual fiduciary or fiduciaries making such deposit, and the proceeds of such the sale or transfer are accounted for and delivered to such
the individual fiduciary or fiduciaries. Such. The bank or trust company bank may make any disposition of such stock or other securities authorized or directed in an order or decree of any court having jurisdiction.
(d) Any such bank or trust company bank shall be absolutely liable for any loss occasioned by the acts of any the bank's nominee of such bank or trust company bank with respect to such stock or other securities so registered in the name of the nominee under this subsection. The bank's records of such bank or trust company bank shall at all times show the ownership of any such stock or other securities. Such stock or other registered and held in the name of a nominee under this subsection, and those securities shall at all times be kept separate and apart from the bank's assets of such bank or trust company bank.
Note: This treatment attempts to reduce wordiness. "Bank" is removed from the list of fiduciaries in par. (c) because that paragraph relates only to individual fiduciaries while par. (b) relates to bank fiduciaries. The plural forms of "nominee," "individual," and "fiduciary" are deleted because under s. 990.001 (1) the singular of a word includes the plural.
102,75
Section
75. 223.12 (title) of the statutes is amended to read:
223.12 (title) Foreign trust company as
executor personal representative or trustee in this state.
102,76
Section
76. 223.12 (1) (intro.) of the statutes is amended to read:
223.12 (1) Exception from qualification to do business. (intro.) Any A foreign corporation may act in this state as trustee, executor, administrator personal representative, guardian, or in any other like fiduciary capacity, whether the appointment is by will, deed, court order, or otherwise, without complying with any laws of this state relating to the qualification of corporations organized under the laws of this state to conduct a trust business or laws relating to the qualification of foreign corporations other than this section, only if the foreign corporation meets all of the following requirements:
102,77
Section
77. 223.12 (4) (a) (intro.) of the statutes is amended to read:
223.12 (4) (a) (intro.) Prior to the time that any foreign corporation acts in this state as a testamentary trustee, trustee appointed by any court, trustee under any written agreement, declaration, or instrument of trust, executor, administrator, personal representative, or guardian or in any other like fiduciary capacity, the foreign corporation shall do all of the following:
