SB175,13
7Section
13. 846.16 (1) (c) 3. of the statutes is created to read:
SB175,8,98
846.16
(1) (c) 3. In all cases, the purchaser at the sale of the mortgaged premises
9shall pay the cost of sale.
SB175,14
10Section
14. 846.16 (2) of the statutes is renumbered 846.16 (1) (c) 2. and
11amended to read:
SB175,8,1912
846.16
(1) (c) 2. If the judgment creditor is the purchaser
at the sale of the
13mortgaged premises, the judgment creditor may give
his or her the judgment
14creditor's receipt to the sheriff or referee for any sum not exceeding the judgment
15creditor's judgment
and such. The judgment creditor's receipt
shall be deemed
is
16considered a down payment
, but in every case the purchaser shall pay the cost of sale;
17and if the sum due the creditor. If the judgment creditor is the purchaser and the
18judgment amount is less than the purchase price, the
judgment creditor shall pay the
19difference
to the sheriff or referee at the time of sale.
SB175,15
20Section
15. 846.16 (2m) (title) of the statutes is created to read:
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846.16
(2m) (title)
Confirmation.
SB175,16
22Section
16. 846.16 (3) of the statutes is renumbered 846.16 (1) (b), and 846.16
23(1) (b) (intro.), as renumbered, is amended to read:
SB175,9,3
1846.16
(1) (b) (intro.)
If the mortgaged premises are located in a county having
2a population of 750,000 or more, no No later than 10 days after the sale of the
3mortgaged premises, the sheriff or referee shall do all of the following:
SB175,17
4Section
17. 846.16 (3m) (title) of the statutes is created to read:
SB175,9,55
846.16
(3m) (title)
Transmittal to register of deeds.
SB175,18
6Section
18. 846.16 (3m) (a) 1. and 2. of the statutes are created to read:
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846.16
(3m) (a) 1. Deliver the deed to the mortgaged premises received under
8sub. (1) (b), the receipt for submitting a transfer return under s. 77.22, any certificate,
9waiver, or stipulation required under s. 101.122, the amount due under s. 59.43 (2)
10to record the deed and any other document required to record the deed, and the
11transfer fee, if any, to the register of deeds.
SB175,9,1812
2. Notify the register of deeds that the deed to the mortgaged premises received
13under sub. (1) (b), the receipt for submitting a transfer return under s. 77.22, any
14certificate, waiver, or stipulation required under s. 101.122, the amount due under
15s. 59.43 (2) to record the deed and any other document required to record the deed,
16and the transfer fee, if any, are available in the clerk's office. If a register of deeds
17is notified under this subdivision, the register of deeds shall retrieve the documents
18and fees from the clerk of courts within a reasonable period of time.
SB175,19
19Section
19. 846.16 (3m) (b) of the statutes is created to read:
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846.16
(3m) (b) Upon confirmation of the sale, the deed executed under sub.
21(1) (a) shall vest in the purchaser, the purchaser's assigns, or personal
22representatives all the right, title, and interest of the mortgagor, the mortgagor's
23heirs, personal representatives, and assigns in and to the premises sold and shall be
24a bar to all claim, right of equity of redemption therein, of and against the parties to
25such action, their heirs, and personal representatives, and against all persons
1claiming under them subsequent to the filing of the notice of the pendency of the
2action in which such judgment was rendered; and the purchaser, the purchaser's
3heirs, or assigns shall be let into the possession of the premises so sold on production
4of such deed or a duly certified copy thereof, and the court may, if necessary, issue a
5writ of assistance to deliver such possession.
SB175,20
6Section
20. 846.16 (4) of the statutes is created to read:
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846.16
(4) No confirmation of sale; resale. (a) If any of the requirements
8under sub. (2m) are not satisfied and the purchaser is not the judgment creditor, the
9court shall order the purchaser to forfeit the amount of the purchaser's deposit or
10down payment and that amount shall be paid to the parties who would be entitled
11to the proceeds of the sale as ordered by the court. The court shall also order that
12the mortgaged premises be resold. The clerk of court shall destroy the deed executed
13to the defaulting purchaser and it shall be of no effect.
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(b) If any of the requirements under sub. (2m) are not satisfied and the
15purchaser is the judgment creditor, the court may order the purchaser to forfeit the
16greater of the purchaser's deposit or $500, and order the purchaser to comply with
17sub. (2) so that the mortgaged property may be sold to the purchaser.
SB175,10,2218
(c) If the court does not confirm the sale of the mortgaged premises for a reason
19other than a failure to satisfy a requirement under sub. (2m), the clerk of court shall
20return the deposit or down payment to the purchaser and order the mortgaged
21premises to be resold. The clerk of court shall destroy the deed received under sub.
22(1) (b) and it shall be of no effect.
SB175,21
23Section
21. 846.167 (title) and (1) of the statutes are repealed.
SB175,22
24Section
22. 846.167 (2) (intro.) of the statutes is renumbered 846.16 (2m)
25(intro.) and amended to read:
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1846.16
(2m) (intro.) If a sheriff or referee makes a sale of mortgaged premises
2located in a county under a judgment of foreclosure and sale, all of the following
3apply:
SB175,23
4Section
23. 846.167 (2) (a) of the statutes is renumbered 846.16 (2m) (a).
SB175,24
5Section
24. 846.167 (2) (b) of the statutes is renumbered 846.16 (2m) (b), and
6846.16 (2m) (b) 2. a., as renumbered, is amended to read:
SB175,11,87
846.16
(2m) (b) 2. a. The deed to the mortgaged premises delivered under
s.
8846.16 sub. (1) (b).
SB175,25
9Section
25. 846.167 (2) (c) of the statutes is renumbered 846.16 (2m) (c).
SB175,26
10Section
26. 846.167 (3) of the statutes is renumbered 846.16 (3m) (a) (intro.)
11and amended to read:
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846.16
(3m) (a) (intro.) Upon the court confirming the sale of mortgaged
13premises located in a county and upon compliance by the purchaser with the terms
14of the sale and the payment of any balance of the sale price to be paid, unless
15otherwise ordered by the court, the clerk of
the court shall
do one of the following to 16transmit the deed to the mortgaged premises received under
s. 846.16, sub. (1) (b)
17the receipt for submitting a transfer return under s. 77.22, any certificate, waiver,
18or stipulation required under s. 101.122, the amount due under s. 59.43 (2) to record
19the deed and any other document required to record the deed, and the transfer fee,
20if any, to the register of deeds
of the county.
for recording:
SB175,27
21Section
27. 846.17 of the statutes is repealed.
SB175,28
22Section
28.
Initial applicability.
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(1) This act first applies to a sale of mortgaged premises held by a sheriff or
24referee that occurs on the effective date of this subsection.