AB933: Bill Text

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;

AB933, s. 93 Section 93. 551.23 (6) of the statutes is amended to read:

AB933,42,23 551.23 (6) Any judicial sale or any transaction by an executor, administrator a personal representative, sheriff, marshal, receiver, trustee in bankruptcy, guardian, or conservator.

AB933, s. 94 Section 94. 551.65 (1) of the statutes is amended to read:

AB933,43,19 551.65 (1) Every applicant for license or registration under this chapter, every person filing a notice filing under this chapter and every issuer that proposes to offer a security in this state through any person acting as agent shall file with the division or, if applying for a license, with the organization designated by the division under s. 551.32 (1) (a), an irrevocable consent appointing the division to be his or her attorney to receive service of any lawful process in any noncriminal suit, action, or proceeding against him or her or a successor, executor or administrator personal representative that arises under this chapter or any rule or order under this chapter after the consent has been filed, with the same validity as if served personally on the person filing the consent. The consent shall be in the form the division by rule prescribes. The consent need not be filed by a person who has filed a consent in connection with a previous registration or notice filing or license that is then in effect. Service may be made by leaving a copy of the process at the office of the division, but it is not effective unless the plaintiff, who may be the division in a suit, action, or proceeding instituted by the division, promptly sends notice of the service and a copy of the process by registered or certified mail to the defendant or respondent at the person's last address on file with the division, and the plaintiff's affidavit of compliance with this subsection is filed in the case on or before the return day of the process, or within such time as the court allows.

AB933, s. 95 Section 95. 551.65 (2) of the statutes is amended to read:

AB933,44,13 551.65 (2) When any person, including any nonresident of this state, engages in conduct prohibited or made actionable by this chapter or any rule or order under this chapter, and the person has not filed a consent to service of process under sub. (1) and personal jurisdiction over the person cannot otherwise be obtained in this state, that conduct shall be considered equivalent to the person's appointment of the division to be his or her attorney to receive service of any lawful process in any noncriminal suit, action, or proceeding against the person or the person's successor, executor or administrator which personal representative that arises out of that conduct and which that is brought under this chapter or any rule or order under this chapter, with the same validity as if served on him or her personally. Service may be made by leaving a copy of the process at the office of the division, but it is not effective unless the plaintiff, who may be the division in a suit, action, or proceeding instituted by the division, promptly sends notice of the service and a copy of the process by registered or certified mail to the defendant or respondent at the person's last-known address or takes other steps which that are reasonably calculated to give actual notice;, and the plaintiff's affidavit of compliance with this subsection is filed in the case on or before the return day of the process, or within such time as the court allows.

AB933, s. 96 Section 96. 553.27 (10) of the statutes is amended to read:

AB933,45,4 553.27 (10) Every franchisor who files a notification shall file with the division, in the form that the division by rule prescribes, an irrevocable consent appointing the division to be the applicant's attorney to receive service of any lawful process in any civil action against the applicant or the applicant's successor, executor or administrator personal representative that arises under this chapter or any rule or order under this chapter after the consent has been filed, with the same force and validity as if served personally on the person filing the consent. A person who has filed a consent in connection with a previous registration or exemption under this chapter need not file another. Service may be made by leaving a copy of the process in the office of the division, but it is not effective unless the plaintiff, who may be the division in an action instituted by the division, sends notice of the service and a copy of the process by registered or certified mail to the defendant or respondent at his or her last address on file with the division, and the plaintiff's affidavit of compliance with this subsection is filed in the case on or before the return day of the process, if any, or within the time that the court allows.

AB933, s. 97 Section 97. 553.73 of the statutes is amended to read:

AB933,45,24 553.73 Service of process. When any person, including any nonresident of this state, engages in conduct prohibited or made actionable by this chapter or any rule or order under this chapter, whether or not the person has filed a consent to service of process under s. 553.27 (10), and personal jurisdiction over the person cannot otherwise be obtained in this state, that conduct shall be considered equivalent to the person's appointment of the division to be the person's attorney to receive service of any lawful process in any noncriminal suit, action , or proceeding against the person or the person's successor, executor or administrator which personal representative that grows out of that conduct and which that is brought under this law or any rule or order under this chapter, with the same force and validity as if served on the person personally. Service may be made by leaving a copy of the process at the office of the division, but it is not effective unless the plaintiff, who may be the division in a suit, action, or proceeding instituted by the division, forthwith immediately sends notice of the service and a copy of the process by registered or certified mail to the defendant or respondent at his or her last-known address or takes other steps which that are reasonably calculated to give actual notice, and the plaintiff's affidavit of compliance with this section is filed in the case on or before the return day of the process, if any, or within such any further time as that the court allows.

AB933, s. 98 Section 98. 601.72 (3) of the statutes is amended to read:

AB933,46,4 601.72 (3) Others affected. The commissioner and department of financial institutions shall also be attorneys for the executors, administrators or personal representatives, receivers, trustees, or other successors in interest of the persons specified in sub. (1).

AB933, s. 99 Section 99. Chapter 777 (title) of the statutes is renumbered Chapter 877 (title) and amended to read:

AB933,46,11 Chapter 877 Actions by and against executors, administrators personal representatives, heirs, and legatees

AB933, s. 100 Section 100. 777.01 of the statutes is renumbered 877.01 and amended to read:

AB933,46,20 877.01 Tort actions on surviving causes. If the a cause of action survives under ch. 895, the executors or administrators a personal representative may maintain an action thereon on the cause of action against the wrongdoer, in every case where their in which the decedent could, if living, maintain the action and, after the wrongdoer's death, against the wrongdoer's executors or administrators. But personal representative, except that this section shall not extend to actions for slander or libel.

AB933, s. 101 Section 101. 777.03 of the statutes is renumbered 877.03 and amended to read:

AB933,47,6 877.03 Executors, etc., Multiple personal representatives to be considered one. In actions an action or proceedings proceeding against executors or administrators they more than one personal representative of an estate, all of the personal representatives shall all be considered as to be representing their testator or intestate, and service the decedent. Service of the summons on one personal representative shall constitute service on all, although the plaintiff may serve each of them. Judgment shall be rendered as if all had been served and execution may be issued against the property of the testator or intestate decedent as if all had appeared. But the plaintiff may actually serve each of them.

Note: Text is reordered for more logical placement.

AB933, s. 102 Section 102. 777.05 of the statutes is renumbered 877.05 and amended to read:

AB933,47,13 877.05 Judgment not to bind realty. The A decedent's real estate which belonged to any deceased person shall not be bound or in any way affected by any judgment against the deceased person's executors or administrators, nor shall it be, or liable to be sold by virtue of any execution issued upon such, any judgment against the decedent's personal representative except as provided in s. 811.25.

AB933, s. 103 Section 103. 777.06 of the statutes is renumbered 877.06 and amended to read:

AB933,48,2 877.06 Executor may prosecute; set-off; judgment Prosecution and defense of actions by personal representatives; setoff of claims against decedent; judgments, how appealed and paid. (1) An executor or administrator A personal representative may commence and prosecute an action and may prosecute any action commenced by his or her predecessor or decedent for the recovery of any claim or cause of action which that survived and may have execution on any judgment. In the action the defendant may set off any claim pleadable as a counterclaim which that he or she may have against the decedent, instead of presenting it to the court. If judgment is rendered in favor of the defendant the claim shall be certified to the circuit court, and paid as other claims allowed against the estate.

AB933,48,11 (2) An administrator of effects which were left unadministered by a previous administration of the same estate A successor personal representative may bring a writ of error or appeal upon any judgment against the his or her predecessor or the decedent and shall defend any writ of error or appeal brought upon any such judgment, and against his or her predecessor or the decedent. The successor personal representative shall have the same remedies in the prosecution or defense of any action by or against the his or her predecessor or the decedent and to collect and enforce in the collection and enforcement of any judgment as the his or her predecessor or the decedent had.

AB933, s. 104 Section 104. 777.07 of the statutes is renumbered 877.07 and amended to read:

AB933,48,18 877.07 Executor's executor not to sue Authority of deceased personal representative's personal representative. An executor of the will The personal representative of a deceased executor personal representative shall not meddle with the estate which that the latter deceased personal representative was entrusted with or take any charge or control thereof of the estate.

AB933, s. 105 Section 105. 777.08 of the statutes is renumbered 877.08 and amended to read: