AB933: Bill Text

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.

AB933,35,14 (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.

AB933, s. 74 Section 74. 223.05 (2) of the statutes is renumbered 223.05 (2) (a) and amended to read:

AB933,35,19 223.05 (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,.

AB933,35,25 (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.

AB933,36,8 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,.

AB933,37,8 (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.

AB933,37,16 (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.

AB933, s. 75 Section 75. 223.12 (title) of the statutes is amended to read:

AB933,37,19 223.12 (title) Foreign trust company as executor personal representative or trustee in this state.

AB933, s. 76 Section 76. 223.12 (1) (intro.) of the statutes is amended to read:

AB933,38,6 223.12 (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:

AB933, s. 77 Section 77. 223.12 (4) (a) (intro.) of the statutes is amended to read:

AB933,38,12 223.12 (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:

AB933, s. 78 Section 78. 223.12 (5) of the statutes is amended to read:

AB933,38,23 223.12 (5) Rights and authority of foreign corporation. Any foreign corporation that is eligible to act in this state in a fiduciary capacity, duly and that is acting and qualified as executor personal representative or trustee under any foreign will, or any declaration, agreement, or other instrument of trust, shall have the same rights and authority under such the will or trust document as to real estate within in this state which that any natural person duly acting as such a foreign executor personal representative or trustee may have under the laws of this state, without the foreign corporation being required to do any act qualifying it to do business within in this state that is not required of a natural person acting as such a foreign executor personal representative or trustee.

AB933, s. 79 Section 79. 234.26 of the statutes is renumbered 234.26 (1) (intro.) and amended to read:

AB933,39,9 234.26 (1) (intro.) The state, the investment board, all public officers, municipal corporations, political subdivisions and public bodies, all banks and bankers, savings and loan associations, credit unions, trust companies, savings banks, investment companies, insurance companies, insurance associations and other persons carrying on a banking or insurance business, and all executors, administrators, guardians, trustees and other fiduciaries, Any of the following persons or entities may legally invest any sinking funds, moneys , or other funds belonging to them or within their control in any notes or bonds issued by the authority. Such:

AB933,39,11 (2) The notes and bonds described in sub. (1) 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 consistent with the treatment of ss. 219.06 (1) and 219.07 by this bill. See also the next section of this bill.

AB933, s. 80 Section 80. 234.26 (1) (a) to (c) of the statutes are created to read:

AB933,39,14 234.26 (1) (a) The state, the investment board, all public officers, municipal corporations, political subdivisions, and public bodies.

AB933,39,17 (b) All banks, bankers, savings and loan associations, credit unions, trust companies, savings banks, investment companies, insurance companies, insurance associations, and other persons carrying on a banking or insurance business.

AB933,39,18 (c) All personal representatives, guardians, trustees, and other fiduciaries.

Note: See the previous section of this bill.

AB933, s. 81 Section 81. 254.55 (2) (b) of the statutes is amended to read:

AB933,39,22 254.55 (2) (b) A person who has charge, care, or control of a dwelling or unit of a dwelling as an agent of or as executor, administrator personal representative, trustee, or guardian of the estate of a person under par. (a).

AB933, s. 82 Section 82. 292.01 (16) of the statutes is amended to read:

AB933,40,5 292.01 (16) "Representative" means any person acting in the capacity of a conservator, guardian, court-appointed receiver, personal representative, executor, administrator, testamentary trustee of a deceased person, trustee of a living trust, or fiduciary of real or personal property.

AB933, s. 83 Section 83. 340.01 (11) (a) of the statutes is amended to read:

AB933,40,9 340.01 (11) (a) A receiver, trustee, administrator, executor personal representative, guardian, or other person appointed by or acting under the judgment or order of any court; or

AB933, s. 84 Section 84. 342.17 (4) (a) 1. of the statutes is amended to read:

AB933,40,14 342.17 (4) (a) 1. Evidence satisfactory to the department of the issuance of the letters of administration, letters testamentary or other letters authorizing the administration of an estate, letters of guardianship, or letters of trust, or of the appointment of the trustee in bankruptcy;

AB933, s. 85 Section 85. 342.17 (4) (a) 2. of the statutes is amended to read:

AB933,40,17 342.17 (4) (a) 2. The title executed by such administrator, executor the personal representative, guardian, or trustee; and

AB933, s. 86 Section 86. 344.52 (2) of the statutes is renumbered 344.52 (2) (a) and amended to read:

AB933,41,6 344.52 (2) (a) If a motor vehicle rented for compensation outside this state is operated in this state, the lessor of such the vehicle is deemed considered to have irrevocably appointed the secretary as the agent or attorney upon whom legal process may be served in any action or proceeding against such the lessor or the lessor's executor, administrator, personal representative, successors, or assigns, growing out of the operation of such the rented motor vehicle in this state. Such, which appointment is binding upon the lessor's executor, administrator, personal representative, successors, or assigns. The operation of such the rented motor vehicle in this state is a signification of the lessor's agreement that such legal process or notice may be served upon the lessor or the lessor's executor, administrator, personal representative, successors, or assigns and that process or notice so served has the same legal force as if personally served upon them in this state.

AB933,41,9 (b) Service of such process or notice under par. (a) shall be made as provided in s. 345.09. This section does not affect the right to serve process or notice on the nonresident operator of the rented motor vehicle as provided in s. 345.09.

AB933, s. 87 Section 87. 345.09 (1) of the statutes is amended to read:

AB933,41,25 345.09 (1) The use and operation of a motor vehicle over the highways of this state by a nonresident is deemed considered an irrevocable appointment by such the nonresident of the secretary to be the true and lawful attorney upon whom may be served all legal processes process in any action or proceeding against the nonresident or the nonresident's executor, administrator or personal representative, growing out of the use or operation of the motor vehicle in this state and resulting in damage or loss to person or property, whether the damage or loss occurs on a highway or on abutting public or private property. Such The appointment of the secretary as attorney for service of process is binding upon the nonresident's executor, administrator or personal representative. Such The use or operation of a motor vehicle over the highways of this state by such the nonresident is a signification of the nonresident's agreement that any such legal process or notice against such the nonresident or the nonresident's executor, administrator or personal representative which that is so served shall be of the same legal force and validity as if served on them personally.

AB933, s. 88 Section 88. 401.201 (12) of the statutes is amended to read:

AB933,42,5 401.201 (12) "Creditor" includes a general creditor, a secured creditor, a lien creditor, and any representative of creditors, including an assignee for the benefit of creditors, a trustee in bankruptcy, a receiver in equity, and an executor or administrator a personal representative of an insolvent debtor's or assignor's estate.

AB933, s. 89 Section 89. 401.201 (35) of the statutes is amended to read:

AB933,42,9 401.201 (35) "Representative" includes an agent, an officer of a corporation or association, and a trustee, executor or administrator or personal representative of an estate, or any other person empowered to act for another.

AB933, s. 90 Section 90. 406.103 (1) (d) of the statutes is amended to read:

AB933,42,12 406.103 (1) (d) Sales by executors, administrators, receivers, personal representatives, trustees in bankruptcy, or any public officer under judicial process;

AB933, s. 91 Section 91. 452.01 (3) (a) of the statutes is amended to read:

AB933,42,16 452.01 (3) (a) Receivers, trustees, administrators, executors personal representatives, guardians, or other persons appointed by or acting under the judgment or order of any court.

AB933, s. 92 Section 92. 551.02 (3) (d) of the statutes is amended to read:

AB933,42,19 551.02 (3) (d) An executor, administrator A personal representative, guardian, conservator, or pledgee;