AB933,34,105
223.03
(6) (b) The accounts of
said corporation as such trustee, receiver,
6assignee, executor, administrator, or guardian a trust company bank appointed by
7a court to act in a capacity described in this subsection shall be regularly settled and
8adjusted by the proper officers or tribunals
;, and all
proper, legal
, usual, and
9customary charges, costs
, and expenses shall be allowed to
such corporation the trust
10company bank for the care and management of the estate
so committed to it.
AB933, s. 72
11Section
72. 223.03 (13) of the statutes is amended to read:
AB933,34,1712
223.03
(13) It shall be lawful for any such corporation to To lease, purchase,
13hold
, and convey
such any land
as that may be necessary to carry on its business, and
14to execute any trust committed to it, as well as
such any real or personal estate
as
15it may deem that the trust company bank may consider necessary to acquire in the
16enforcement or settlement of any claims or demands arising out of its business
17transactions
, and to.
AB933,34,20
18(13m) To execute and issue in the transaction of its business all necessary
19receipts, certificates
, and contracts, which shall be signed by
such the person
or
20persons as may be designated by its bylaws.
AB933, s. 73
21Section
73. 223.05 (1) of the statutes is renumbered 223.05 (1) (a) and
22amended to read:
AB933,35,523
223.05
(1) (a) Every
such corporation
trust company bank shall keep its trust
24accounts in books separate from its own general books of account. All funds and
25property held by
it a trust company bank in a trust capacity shall, at all times, be kept
1separate from the funds and property of the
corporation trust company bank, and all
2deposits by it of
such funds
held in a trust capacity in any banking institution shall
3be deposited as trust funds to its credit as trustee
and not otherwise. Trust funds may
4be deposited with funds belonging to other trusts in one account in any banking
5institution to the credit of
such corporation the trust company bank as trustee.
AB933,35,14
6(b) Every security in which trust funds or property are invested shall
at once, 7immediately upon the receipt
thereof
of the security by the bank, be transferred to
8it, as trustee, executor, administrator, guardian, receiver, assignee or other trustee
9as the case may be for each the bank in its fiduciary capacity for the particular trust
10or fund by name and
immediately be entered in the proper
books records as belonging
11to the particular trust whose funds have been invested
therein in the security. Any
12change in
such the investment
of trust funds or property shall be fully specified in
13and under the account of the particular trust to which it belongs, so that all trust
14funds and property shall be readily identified at any time by any person.
AB933, s. 74
15Section
74. 223.05 (2) of the statutes is renumbered 223.05 (2) (a) and
16amended to read:
AB933,35,1917
223.05
(2) (a)
Any In this subsection, "bank" means a trust company bank, or
18any a state bank or national banking association authorized to exercise trust powers
19in this state
,.
AB933,35,25
20(b) 1. Any bank acting as
executor, administrator personal representative,
21guardian, testamentary trustee
, or trustee of
any an inter vivos trust
, unless
22prohibited by the terms of the trust instrument,
whether alone or may have any of
23the stock or other securities that are held in the fiduciary capacity described in this
24subdivision registered and held in the name of a nominee of the bank, except as
25provided under subd. 2.
AB933,36,8
12. Any bank acting jointly with an individual or individuals
as personal
2representative, guardian, testamentary trustee, or trustee of any inter vivos trust,
3unless prohibited by the terms of the trust instrument, may
, with the consent of the
4individual fiduciary
or fiduciaries, if any (,who
are hereby is authorized
by this
5subdivision to give
such consent
) cause, have any
of the stock or other securities
that
6are held in
any such the fiduciary capacity
to be described in this subdivision 7registered and held in the name of a nominee
or nominees of
such trust company the 8bank
or bank exercising trust powers; and provided further, that any bank,.
AB933,37,8
9(c) Any individual
or individuals acting as
executor, administrator personal
10representative, guardian, testamentary trustee
, or trustee of
any an inter vivos
11trust
, unless prohibited by the terms of the trust instrument,
is and are authorized
12respectively to may request any bank
or trust company bank incorporated under the
13laws of the state of Wisconsin or any national bank located in this state to
cause have 14any
stock or other securities
that are deposited with
such the bank
or trust company
15bank by
such the individual
or individuals as fiduciary
or fiduciaries to be registered
16and held in the name of a nominee
or nominees of
such the bank
or trust company
17bank. Such. The bank
or trust company bank shall not redeliver
such stock or other 18the securities to
such the individual
as fiduciary
or fiduciaries causing any stock or
19other securities to be so registered in the name of the nominee of such bank or trust
20company bank without first
causing such stock or other having the securities
to be 21registered in the name of
such the individual
as fiduciary
or fiduciaries as such. But
22any. Any sale or transfer of
such stock or other securities made by
such a bank
or
23trust company bank at the direction of
such an individual fiduciary
or fiduciaries 24shall not be construed to be redelivery
;, and
any such the bank
or trust company bank
25or any and the nominee
or nominees in whose name
such the securities
shall be are
1registered shall be
deemed considered to have fully discharged
the its 2responsibilities
of that bank, trust company bank, nominee or nominees if
any such 3the securities are sold or transferred in accordance with the direction of
the 4individual fiduciary
or fiduciaries making such deposit, and the proceeds of
such the 5sale or transfer are accounted for and delivered to
such the individual fiduciary
or
6fiduciaries. Such. The bank
or trust company bank may make any disposition of
7such stock or other securities authorized or directed in an order or decree of any court
8having jurisdiction.
AB933,37,16
9(d) Any
such bank or trust company bank shall be absolutely liable for any loss
10occasioned by the acts of
any the bank's nominee
of such bank or trust company bank 11with respect to
such stock or other securities
so registered
in the name of the nominee
12under this subsection. The
bank's records
of such bank or trust company bank shall
13at all times show the ownership of any
such stock or other securities
. Such stock or
14other registered and held in the name of a nominee under this subsection, and those 15securities shall at all times be kept separate
and apart from the
bank's assets
of such
16bank 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
17Section
75. 223.12 (title) of the statutes is amended to read:
AB933,37,19
18223.12 (title)
Foreign trust company as
executor personal
19representative or trustee in this state.
AB933, s. 76
20Section
76. 223.12 (1) (intro.) of the statutes is amended to read:
AB933,38,621
223.12
(1) Exception from qualification to do business. (intro.)
Any A foreign
22corporation may act in this state as trustee,
executor, administrator personal
1representative, guardian, or in any other like fiduciary capacity, whether the
2appointment is by will, deed, court order
, or otherwise, without complying with any
3laws of this state relating to the qualification of corporations organized under the
4laws of this state to conduct a trust business or laws relating to the qualification of
5foreign corporations other than this section, only if the foreign corporation meets all
6of the following requirements:
AB933, s. 77
7Section
77. 223.12 (4) (a) (intro.) of the statutes is amended to read:
AB933,38,128
223.12
(4) (a) (intro.) Prior to the time that any foreign corporation acts in this
9state as a testamentary trustee, trustee appointed by any court, trustee under any
10written agreement, declaration
, or instrument of trust,
executor, administrator, 11personal representative, or guardian or in any other like fiduciary capacity, the
12foreign corporation shall do all of the following:
AB933, s. 78
13Section
78. 223.12 (5) of the statutes is amended to read:
AB933,38,2314
223.12
(5) Rights and authority of foreign corporation. Any foreign
15corporation that is eligible to act in this state in a fiduciary capacity
, duly and that
16is acting and qualified as
executor personal representative or trustee under any
17foreign will, or any declaration, agreement, or other instrument of trust, shall have
18the same rights and authority under
such the will or trust document as to real estate
19within in this state
which that any natural person
duly acting as
such a foreign
20executor personal representative or trustee may have under the laws of this state,
21without the foreign corporation being required to do any act qualifying it to do
22business
within in this state that is not required of a natural person acting as
such 23a foreign
executor personal representative or trustee.
AB933, s. 79
24Section
79. 234.26 of the statutes is renumbered 234.26 (1) (intro.) and
25amended to read:
AB933,39,9
1234.26
(1) (intro.)
The state, the investment board, all public officers,
2municipal corporations, political subdivisions and public bodies, all banks and
3bankers, savings and loan associations, credit unions, trust companies, savings
4banks, investment companies, insurance companies, insurance associations and
5other persons carrying on a banking or insurance business, and all executors,
6administrators, guardians, trustees and other fiduciaries, Any of the following
7persons or entities may legally invest any sinking funds, moneys
, or other funds
8belonging to them or within their control in any notes or bonds issued by the
9authority
. Such:
AB933,39,11
10(2) The notes and bonds
described in sub. (1) shall be authorized security for
11all 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
12Section
80. 234.26 (1) (a) to (c) of the statutes are created to read:
AB933,39,1413
234.26
(1) (a) The state, the investment board, all public officers, municipal
14corporations, political subdivisions, and public bodies.
AB933,39,1715
(b) All banks, bankers, savings and loan associations, credit unions, trust
16companies, savings banks, investment companies, insurance companies, insurance
17associations, and other persons carrying on a banking or insurance business.
AB933,39,1818
(c) All personal representatives, guardians, trustees, and other fiduciaries.
Note: See the previous section of this bill.
AB933, s. 81
19Section
81. 254.55 (2) (b) of the statutes is amended to read:
AB933,39,2220
254.55
(2) (b) A person who has charge, care
, or control of a dwelling or unit
21of a dwelling as an agent of or as
executor, administrator personal representative,
22trustee
, or guardian of the estate of a person under par. (a).
AB933, s. 82
1Section
82. 292.01 (16) of the statutes is amended to read:
AB933,40,52
292.01
(16) "Representative" means any person acting in the capacity of a
3conservator, guardian, court-appointed receiver, personal representative,
executor,
4administrator, testamentary trustee of a deceased person, trustee of a living trust
, 5or fiduciary of real or personal property.
AB933, s. 83
6Section
83. 340.01 (11) (a) of the statutes is amended to read:
AB933,40,97
340.01
(11) (a) A receiver, trustee,
administrator, executor personal
8representative, guardian
, or other person appointed by or acting under the judgment
9or order of any court; or
AB933, s. 84
10Section
84. 342.17 (4) (a) 1. of the statutes is amended to read:
AB933,40,1411
342.17
(4) (a) 1. Evidence satisfactory to the department of the issuance of the
12letters of administration, letters testamentary
or other letters authorizing the
13administration of an estate, letters of guardianship,
or letters of trust
, or
of the 14appointment of the trustee in bankruptcy;
AB933, s. 85
15Section
85. 342.17 (4) (a) 2. of the statutes is amended to read:
AB933,40,1716
342.17
(4) (a) 2. The title executed by
such administrator, executor the personal
17representative, guardian
, or trustee; and
AB933, s. 86
18Section
86. 344.52 (2) of the statutes is renumbered 344.52 (2) (a) and
19amended to read:
AB933,41,620
344.52
(2) (a) If a motor vehicle rented for compensation outside this state is
21operated in this state, the lessor of
such the vehicle is
deemed considered to have
22irrevocably appointed the secretary as the agent or attorney upon whom legal
23process may be served in any action or proceeding against
such the lessor or the
24lessor's
executor, administrator, personal representative, successors
, or assigns,
25growing out of the operation of
such the rented motor vehicle in this state
. Such,
1which appointment is binding upon the lessor's
executor, administrator, personal
2representative, successors
, or assigns. The operation of
such the rented motor
3vehicle in this state is a signification of the lessor's agreement that
such legal process
4or notice may be served upon the lessor or the lessor's
executor, administrator, 5personal representative, successors
, or assigns and that process or notice so served
6has the same legal force as if personally served upon them in this state.
AB933,41,9
7(b) Service of
such process or notice
under par. (a) shall be made as provided
8in s. 345.09. This section does not affect the right to serve process or notice on the
9nonresident operator of the rented motor vehicle as provided in s. 345.09.
AB933, s. 87
10Section
87. 345.09 (1) of the statutes is amended to read:
AB933,41,2511
345.09
(1) The use and operation of a motor vehicle over the highways of this
12state by a nonresident is
deemed considered an irrevocable appointment by
such the 13nonresident of the secretary to be the true and lawful attorney upon whom may be
14served all legal
processes process in any action or proceeding against the nonresident
15or the nonresident's
executor, administrator or personal representative, growing out
16of the use or operation of the motor vehicle in this state and resulting in damage or
17loss to person or property, whether the damage or loss occurs on a highway or on
18abutting public or private property.
Such The appointment
of the secretary as
19attorney for service of process is binding upon the nonresident's
executor,
20administrator or personal representative.
Such
The use or operation of a motor
21vehicle
over the highways of this state by
such the nonresident is a signification of
22the nonresident's agreement that any
such legal process or notice against
such the 23nonresident or the nonresident's
executor, administrator or personal representative
24which that is so served shall be of the same legal force and validity as if served on
25them personally.
AB933, s. 88
1Section
88. 401.201 (12) of the statutes is amended to read:
AB933,42,52
401.201
(12) "Creditor" includes a general creditor, a secured creditor, a lien
3creditor
, and any representative of creditors, including an assignee for the benefit of
4creditors, a trustee in bankruptcy, a receiver in equity
, and
an executor or
5administrator a personal representative of an insolvent debtor's or assignor's estate.
AB933, s. 89
6Section
89. 401.201 (35) of the statutes is amended to read:
AB933,42,97
401.201
(35) "Representative" includes an agent, an officer of a corporation or
8association, and a trustee
, executor or administrator
or personal representative of
9an estate, or any other person empowered to act for another.
AB933, s. 90
10Section
90. 406.103 (1) (d) of the statutes is amended to read:
AB933,42,1211
406.103
(1) (d) Sales by
executors, administrators, receivers,
personal
12representatives, trustees in bankruptcy, or any public officer under judicial process;
AB933, s. 91
13Section
91. 452.01 (3) (a) of the statutes is amended to read:
AB933,42,1614
452.01
(3) (a) Receivers, trustees,
administrators, executors personal
15representatives, guardians
, or other persons appointed by or acting under the
16judgment or order of any court.
AB933, s. 92
17Section
92. 551.02 (3) (d) of the statutes is amended to read:
AB933,42,1918
551.02
(3) (d)
An executor, administrator A personal representative, guardian,
19conservator
, or pledgee;
AB933, s. 93
20Section
93. 551.23 (6) of the statutes is amended to read:
AB933,42,2321
551.23
(6) Any judicial sale or any transaction by
an executor, administrator 22a personal representative, sheriff, marshal, receiver, trustee in bankruptcy,
23guardian
, or conservator.
AB933, s. 94
24Section
94. 551.65 (1) of the statutes is amended to read:
AB933,43,19
1551.65
(1) Every applicant for license or registration under this chapter, every
2person filing a notice filing under this chapter and every issuer that proposes to offer
3a security in this state through any person acting as agent shall file with the division
4or, if applying for a license, with the organization designated by the division under
5s. 551.32 (1) (a), an irrevocable consent appointing the division to be his or her
6attorney to receive service of any lawful process in any noncriminal suit, action
, or
7proceeding against him or her or a successor
, executor or
administrator personal
8representative that arises under this chapter or any rule or order under this chapter
9after the consent has been filed, with the same validity as if served personally on the
10person filing the consent. The consent shall be in the form the division by rule
11prescribes. The consent need not be filed by a person who has filed a consent in
12connection with a previous registration or notice filing or license that is then in effect.
13Service may be made by leaving a copy of the process at the office of the division, but
14it is not effective unless the plaintiff, who may be the division in a suit, action
, or
15proceeding instituted by the division, promptly sends notice of the service and a copy
16of the process by registered or certified mail to the defendant or respondent at the
17person's last address on file with the division, and the plaintiff's affidavit of
18compliance with this subsection is filed in the case on or before the return day of the
19process, or within such time as the court allows.
AB933, s. 95
20Section
95. 551.65 (2) of the statutes is amended to read:
AB933,44,1321
551.65
(2) When any person, including any nonresident of this state, engages
22in conduct prohibited or made actionable by this chapter or any rule or order under
23this chapter, and the person has not filed a consent to service of process under sub.
24(1) and personal jurisdiction over the person cannot otherwise be obtained in this
25state, that conduct shall be considered equivalent to the person's appointment of the
1division to be his or her attorney to receive service of any lawful process in any
2noncriminal suit, action
, or proceeding against the person or the person's successor
,
3executor or
administrator which personal representative that arises out of that
4conduct and
which that is brought under this chapter or any rule or order under this
5chapter, with the same validity as if served on him or her personally. Service may
6be made by leaving a copy of the process at the office of the division, but it is not
7effective unless the plaintiff, who may be the division in a suit, action
, or proceeding
8instituted by the division, promptly sends notice of the service and a copy of the
9process by registered or certified mail to the defendant or respondent at the person's
10last-known address or takes other steps
which that are reasonably calculated to give
11actual notice
;, and the plaintiff's affidavit of compliance with this subsection is filed
12in the case on or before the return day of the process
, or within such time as the court
13allows.
AB933, s. 96
14Section
96. 553.27 (10) of the statutes is amended to read:
AB933,45,415
553.27
(10) Every franchisor who files a notification shall file with the division,
16in the form that the division by rule prescribes, an irrevocable consent appointing the
17division to be the applicant's attorney to receive service of any lawful process in any
18civil action against the applicant or the applicant's successor
, executor or
19administrator personal representative that arises under this chapter or any rule or
20order under this chapter after the consent has been filed, with the same force and
21validity as if served personally on the person filing the consent. A person who has
22filed a consent in connection with a previous registration or exemption under this
23chapter need not file another. Service may be made by leaving a copy of the process
24in the office of the division
, but it is not effective unless the plaintiff, who may be the
25division in an action instituted by the division, sends notice of the service and a copy
1of the process by registered or certified mail to the defendant or respondent at his or
2her last address on file with the division, and the plaintiff's affidavit of compliance
3with this subsection is filed in the case on or before the return day of the process, if
4any, or within the time that the court allows.
AB933, s. 97
5Section
97. 553.73 of the statutes is amended to read:
AB933,45,24
6553.73 Service of process. When any person, including any nonresident of
7this state, engages in conduct prohibited or made actionable by this chapter or any
8rule or order under this chapter, whether or not the person has filed a consent to
9service of process under s. 553.27 (10), and personal jurisdiction over the person
10cannot otherwise be obtained in this state, that conduct shall be considered
11equivalent to the person's appointment of the division to be the person's attorney to
12receive service of any lawful process in any noncriminal suit, action
, or proceeding
13against the person or the person's successor
, executor or
administrator which 14personal representative that grows out of that conduct and
which that is brought
15under this law or any rule or order under this chapter, with the same force and
16validity as if served on the person personally. Service may be made by leaving a copy
17of the process at the office of the division, but it is not effective unless the plaintiff,
18who may be the division in a suit, action
, or proceeding instituted by the division,
19forthwith immediately sends notice of the service and a copy of the process by
20registered or certified mail to the defendant or respondent at his or her last-known
21address or takes other steps
which that are reasonably calculated to give actual
22notice, and the plaintiff's affidavit of compliance with this section is filed in the case
23on or before the return day of the process, if any, or within
such any further time
as 24that the court allows.
AB933, s. 98
25Section
98. 601.72 (3) of the statutes is amended to read:
AB933,46,4
1601.72
(3) Others affected. The commissioner and department of financial
2institutions shall also be attorneys for the
executors, administrators or personal
3representatives, receivers, trustees
, or other successors in interest of the persons
4specified in sub. (1).
AB933, s. 99
5Section
99. Chapter 777 (title) of the statutes is renumbered Chapter 877
6(title) and amended to read:
AB933,46,117
Chapter 877
8
Actions by and against
9executors, administrators
10personal representatives, heirs
,11
and legatees
AB933, s. 100
12Section
100. 777.01 of the statutes is renumbered 877.01 and amended to
13read:
AB933,46,20
14877.01 Tort actions on surviving causes. If
the a cause of action survives
15under ch. 895,
the executors or administrators a personal representative may
16maintain an action
thereon on the cause of action against the wrongdoer
, in every
17case
where their in which the decedent could
, if living,
maintain the action and, after
18the wrongdoer's death, against the wrongdoer's
executors or administrators. But 19personal representative, except that this section shall not extend to actions for
20slander or libel.
AB933, s. 101
21Section
101. 777.03 of the statutes is renumbered 877.03 and amended to
22read:
AB933,47,6
23877.03 Executors, etc., Multiple personal representatives to be
24considered one. In
actions an action or
proceedings proceeding against
executors
25or administrators they more than one personal representative of an estate, all of the
1personal representatives shall all be considered
as to be representing
their testator
2or intestate, and service the decedent. Service of
the summons on one
personal
3representative shall constitute service on all
, although the plaintiff may serve each
4of them. Judgment shall be rendered as if all had been served and execution may be
5issued against the property of the
testator or intestate decedent as if all had
6appeared.
But the plaintiff may actually serve each of them.
Note: Text is reordered for more logical placement.
AB933, s. 102
7Section
102. 777.05 of the statutes is renumbered 877.05 and amended to
8read:
AB933,47,13
9877.05 Judgment not to bind realty.
The A decedent's real estate
which
10belonged to any deceased person shall not be bound or in any way affected by
any
11judgment against the deceased person's executors or administrators, nor shall it be,
12or liable to be sold by virtue of any execution issued upon
such, any judgment
against
13the decedent's personal representative except as provided in s. 811.25.
AB933, s. 103
14Section
103. 777.06 of the statutes is renumbered 877.06 and amended to
15read:
AB933,48,2
16877.06 Executor may prosecute; set-off; judgment Prosecution and
17defense of actions by personal representatives; setoff of claims against
18decedent; judgments, how appealed and paid. (1) An executor or
19administrator A personal representative may commence and prosecute an action
20and may prosecute any action commenced by his or her predecessor or decedent for
21the recovery of any claim or cause of action
which
that survived and may have
22execution on any judgment. In the action the defendant may set off any claim
23pleadable as a counterclaim
which that he or she may have against the decedent,
24instead of presenting it to the court. If judgment is rendered in favor of the defendant
1the claim shall be certified to the circuit court
, and paid as other claims allowed
2against the estate.
AB933,48,11
3(2) An administrator of effects which were left unadministered by a previous
4administration of the same estate A successor personal representative may bring a
5writ of error or appeal upon any judgment against
the
his or her predecessor or
the 6decedent and shall defend any writ of error or appeal brought upon any
such 7judgment
, and against his or her predecessor or the decedent. The successor
8personal representative shall have the same remedies in the prosecution or defense
9of any action by or against
the his or her predecessor or
the decedent and
to collect
10and enforce in the collection and enforcement of any judgment as
the his or her
11predecessor or
the decedent had.
AB933, s. 104
12Section
104. 777.07 of the statutes is renumbered 877.07 and amended to
13read:
AB933,48,18
14877.07 Executor's executor not to sue Authority of deceased personal
15representative's personal representative. An executor of the will The personal
16representative of a deceased
executor personal representative shall not meddle with
17the estate
which that the
latter deceased personal representative was entrusted with
18or take any charge or control
thereof of the estate.
AB933, s. 105
19Section
105. 777.08 of the statutes is renumbered 877.08 and amended to
20read:
AB933,48,25
21877.08 Liability as executor of his or her own wrong. No person shall be
22liable to an action as executor of his or her own wrong
, but the wrongdoer shall be
23responsible to the
executors or administrators personal representative for the value
24of any property or effects wrongfully received or taken and for all damages caused
25by his or her acts to the estate of the decedent.
Note: "Executor" is retained here as part of the phrase "executor of his or her own
wrong," which according to Black's Law dictionary is "a stranger who takes upon him (or
her) to act as an executor without any just authority," and is also known as an "executor
de son tort." See also Merrill v. Comstock, 154 Wis. 434 (1913).
AB933, s. 106
1Section
106. 777.14 of the statutes is renumbered 877.14, and 877.14 (1) and
2(2), as renumbered, are amended to read: