AB933: Bill Text

AB933, s. 39 Section 39. 109.03 (3) of the statutes is renumbered 109.03 (3) (a) and amended to read:

AB933,22,10 109.03 (3) (a) In case of the death of an employee to whom wages are due, the full amount of the wages due shall upon demand be paid by the employer to the spouse, children, or other dependent living with such the employee at the time of death. In the case of an employee of the state, the amount of the wage due includes all unused vacation allowance. Any county or municipality may include unused vacation allowances for any employee who died after January 1, 1961.

AB933,22,16 (b) An employer may, not less than 5 days after the death of an employee and before the filing of a petition or application for letters testamentary or of administration in the matter of the decedent's estate, make payments of the wage due the deceased employee to the spouse, children, parent, brother or sister parents, or siblings of the decedent, giving preference in the foregoing order; or, if no such listed.

AB933,22,21 (c) If none of the relatives survive listed in par. (b) survives, the employer may apply such the payment of the wage or so much thereof of the wage as may be necessary to paying creditors of the decedent in the order of preference prescribed in s. 859.25 for satisfaction of debts by executors and administrators personal representatives.

AB933,22,23 (d) The making of payment in such the manner described in this subsection shall be a discharge and release of the employer to the amount of such the payment.

Note: Subdivides provision, reorders text, and inserts specific references for greater conformity with current style and improved readability. In addition, the references to the unused vacation allowances of state, county, and municipal employees are removed as obsolete in that the definition of "wage" in s. 109.01 (3), stats., includes vacation pay. As such, no specific mention of unused vacation allowances due a state, county, or municipal employee is necessary as those allowances are already included in the term "wage" by definition.

AB933, s. 40 Section 40. 112.01 (1) (b) of the statutes is amended to read:

AB933,23,7 112.01 (1) (b) "Fiduciary" includes a trustee under any trust, expressed, implied, resulting, or constructive, executor, administrator personal representative, guardian, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, prime contractor or subcontractor who is a trustee under ch. 779, partner, agent, officer of a corporation, public or private, public officer, or any other person acting in a fiduciary capacity for any person, trust, or estate.

AB933, s. 41 Section 41. 112.01 (11) of the statutes is amended to read:

AB933,23,21 112.01 (11) Deposit or safe deposit box rental in name of estate or two or more fiduciaries. When a deposit is made in a bank account or a safe deposit box or storage space rented, in the name names of 2 or more persons as trustees, executors or administrators personal representatives, or in the name of an estate having 2 or more executors or administrators personal representatives, and a check is drawn upon such the account, or access to said the safe deposit box or storage space is sought by any one or more of such the fiduciaries authorized by the other fiduciary or fiduciaries to draw checks upon such the account, or to enter said the safe deposit box or said storage space, neither the payee nor the other holder nor the bank is bound to inquire whether it is a breach of trust to authorize such the fiduciary or fiduciaries to draw checks upon such the account, or to enter said the safe deposit box or storage space, and is not liable unless the circumstances be are such that the action of the payee or other holder or the bank amounts to bad faith.

AB933, s. 42 Section 42. 112.02 (1) of the statutes is renumbered 112.02 (2m) and amended to read:

AB933,24,12 112.02 (2m) Whenever an executor, administrator, guardian or testamentary trustee a fiduciary is engaged in war service as defined in this section, such, the fiduciary, or any other person interested in the estate or fund for which the fiduciary is acting, may present a petition to the court having jurisdiction praying for a decree suspending the powers of such the fiduciary while the fiduciary is engaged in war service and until the further order of the court, and if. If the suspension of such the fiduciary will leave no person acting as executor, administrator, guardian or testamentary trustee fiduciary, or will leave the sole beneficiary of a trust as the only acting trustee thereof of the trust, the petition must pray for the appointment of a successor unless a successor has been named in the will and such the named successor is not engaged in war service or is not for other reasons unable or unwilling to act as a fiduciary.

Note: Fiduciary is made a defined term to eliminate duplication. See the next section of this bill.

AB933, s. 43 Section 43. 112.02 (1m) of the statutes is created to read:

AB933,24,15 112.02 (1m) In this section, "fiduciary" means a personal representative, guardian, or testamentary trustee.

AB933, s. 44 Section 44. 112.02 (2) (intro.) of the statutes is amended to read:

AB933,24,18 112.02 (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:

AB933, s. 45 Section 45. 112.02 (4) of the statutes is amended to read:

AB933,25,4 112.02 (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.

AB933, s. 46 Section 46. 112.02 (5) of the statutes is renumbered 112.02 (5) (a) and amended to read:

AB933,25,14 112.02 (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.

AB933,25,18 (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.

AB933, s. 47 Section 47. 113.06 of the statutes is amended to read:

AB933,25,23 113.06 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.

AB933, s. 48 Section 48. 137.01 (7) of the statutes, as affected by 2001 Wisconsin Act 16, is amended to read:

AB933,26,11 137.01 (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.

AB933, s. 49 Section 49. 179.65 of the statutes is amended to read:

AB933,26,21 179.65 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.

AB933, s. 50 Section 50. 180.0622 (4) of the statutes is renumbered 180.0622 (4) (a) and amended to read:

AB933,27,3 180.0622 (4) (a) An executor, administrator, In this subsection, "fiduciary" means a personal representative, conservator, guardian, trustee, assignee for the benefit of creditors, or receiver.

AB933,27,7 (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.

AB933, s. 51 Section 51. 180.0724 (2) (b) of the statutes is amended to read:

AB933,27,13 180.0724 (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.

AB933, s. 52 Section 52. 214.01 (1) (jg) of the statutes is amended to read:

AB933,27,17 214.01 (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.

AB933, s. 53 Section 53. 215.14 (6) of the statutes is amended to read:

AB933,28,2 215.14 (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.

AB933, s. 54 Section 54. 215.14 (9) of the statutes is amended to read:

AB933,28,9 215.14 (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.

AB933, s. 55 Section 55. 218.0101 (23) (b) 1. of the statutes is amended to read:

AB933,28,13 218.0101 (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.

AB933, s. 56 Section 56. 218.10 (1g) (a) of the statutes is amended to read:

AB933,28,17 218.10 (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.

AB933, s. 57 Section 57. 219.01 (intro.) of the statutes is amended to read:

AB933,29,2 219.01 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:

AB933, s. 58 Section 58. 219.04 (1) (a) 2. of the statutes is amended to read:

AB933,29,5 219.04 (1) (a) 2. All executors, administrators personal representatives, guardians, trustees, and other fiduciaries.

AB933, s. 59 Section 59. 219.06 (1) of the statutes is renumbered 219.06 (1) (a) (intro.) and amended to read:

AB933,29,22 219.06 (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:

AB933,29,24 (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.

AB933, s. 60 Section 60. 219.06 (1) (a) 1. to 3. of the statutes are created to read:

AB933,30,3 219.06 (1) (a) 1. The state and all public officers, municipal corporations, political subdivisions, and public bodies.

AB933,30,6 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.

AB933,30,7 3. All personal representatives, guardians, trustees, and other fiduciaries.

Note: See the previous section of this bill.

AB933, s. 61 Section 61. 219.07 (1) (a) 2. of the statutes is amended to read:

AB933,30,10 219.07 (1) (a) 2. All executors, administrators personal representatives, guardians, trustees, and other fiduciaries.

AB933, s. 62 Section 62. 220.17 (2) of the statutes is renumbered 220.17 (2) (intro.) and amended to read:

AB933,30,16 220.17 (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:

AB933,31,2 (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.

AB933,31,6 (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

AB933,31,13 (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.

AB933, s. 63 Section 63. 221.0316 (1) of the statutes is amended to read:

AB933,31,24 221.0316 (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).

AB933, s. 64 Section 64. 221.0324 (4) of the statutes is amended to read:

AB933,32,5 221.0324 (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).

AB933, s. 65 Section 65. 221.0521 (2) (b) of the statutes is amended to read:

AB933,32,10 221.0521 (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.

AB933, s. 66 Section 66. 223.03 (intro.) of the statutes is amended to read:

AB933,32,13 223.03 Corporate powers. (intro.) Any such corporation A trust company bank shall have the following powers:

AB933, s. 67 Section 67. 223.03 (6) of the statutes is renumbered 223.03 (6) (intro.) and amended to read:

AB933,32,20 223.03 (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.

AB933, s. 68 Section 68. 223.03 (6) (c) of the statutes is created to read:

AB933,33,3 223.03 (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.

AB933, s. 69 Section 69. 223.03 (7) of the statutes is amended to read:

AB933,33,16 223.03 (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.

AB933, s. 70 Section 70. 223.03 (8) of the statutes is renumbered 223.03 (6) (a) and amended to read:

AB933,34,2 223.03 (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.

AB933, s. 71 Section 71. 223.03 (9) of the statutes is renumbered 223.03 (6) (b) and amended to read:

AB933,34,10 223.03 (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.

AB933, s. 72 Section 72. 223.03 (13) of the statutes is amended to read:

AB933,34,17 223.03 (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.

AB933,34,20 (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.

AB933, s. 73 Section 73. 223.05 (1) of the statutes is renumbered 223.05 (1) (a) and amended to read:

AB933,35,5 223.05 (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.