SB621: Bill Text

SB621,7,6 a. A statement that the sale will be conducted using an Internet-based auction.

SB621,7,8 b. The address of the Internet site where the Internet-based auction will be conducted.

SB621,7,10 c. The time period during which bids for the mortgaged premises may be submitted.

SB621,7,14 d. Instructions on how the general public may observe the Internet-based auction and on how a person may participate in the auction, including any prerequisites to participation that may apply, or the address of an Internet site where those instructions are posted.

SB621,7,15 e. A description of the terms of sale that apply to the Internet-based auction.

SB621,14 Section 14. 846.16 (2) of the statutes is renumbered 846.16 (2m) (a) 2. and amended to read:

SB621,7,25 846.16 (2m) (a) 2. If the judgment creditor is the purchaser at a sale of mortgaged premises, the judgment creditor may give his or her the judgment creditor's receipt to the sheriff or referee for any sum not exceeding the amount of the judgment creditor's judgment and such. The receipt shall be deemed is considered a down payment, but in every case the purchaser shall pay the cost of sale; and if the sum due the creditor under subd. 1. If the judgment creditor is the purchaser and the sum due to the creditor is less than the purchase price, the judgment creditor shall pay the difference to the sheriff or referee at the time of sale.

SB621,15 Section 15. 846.16 (2m) (title) of the statutes is created to read:

SB621,8,2 846.16 (2m) (title) Sale of mortgaged premises.

SB621,16 Section 16. 846.16 (2m) (a) (title) of the statutes is created to read:

SB621,8,5 846.16 (2m) (a) (title) Payment of purchase price and costs of sale; deposit or down payment.

SB621,17 Section 17. 846.16 (2m) (a) 1. of the statutes is created to read:

SB621,8,15 846.16 (2m) (a) 1. The sheriff or referee may accept not less than $100 as a deposit or down payment from the purchaser at a sale of mortgaged premises. If the purchaser gives a deposit or down payment, the sheriff or referee shall deliver the amount of the deposit or down payment to the clerk of court as provided in sub. (3) (bm) or (c), and the purchaser shall pay the balance of the purchase price to the clerk of court upon the confirmation of the sale as provided in s. 846.17 (5). If the highest bid is less than $100 and the purchaser gives that amount as a deposit or down payment, the sheriff or referee shall deliver the whole amount of the deposit or down payment to the clerk of court.

SB621,18 Section 18. 846.16 (2m) (a) 3. of the statutes is created to read:

SB621,8,18 846.16 (2m) (a) 3. In all cases, the purchaser at a sale of mortgaged premises shall pay the costs of the sale.

SB621,19 Section 19. 846.16 (2m) (b) of the statutes is created to read:

SB621,8,24 846.16 (2m) (b) Internet-based sale. 1. A county may enact an ordinance that requires the sheriff or referee to conduct, or engage a 3rd party to conduct, sales of mortgaged premises in the county using an Internet-based auction. The sheriff or referee in a county that enacts such an ordinance shall conduct all sales of mortgaged premises in the county using Internet-based auctions.

SB621,9,5 2. If the sheriff or referee conducts a sale using an Internet-based auction, the sheriff or referee may accept payment of any amounts paid to the sheriff or referee under par. (a) by credit card, debit card, or other electronic payment method and may charge a surcharge to the payer to recover charges associated with accepting the electronic payment.

SB621,20 Section 20. 846.16 (3) (title) of the statutes is created to read:

SB621,9,7 846.16 (3) (title) Procedures after sale.

SB621,21 Section 21. 846.16 (3) of the statutes is renumbered 846.16 (3) (c).

SB621,22 Section 22. 846.16 (3) (am) of the statutes is created to read:

SB621,9,14 846.16 (3) (am) Execution of deed. After a sale of mortgaged premises under sub. (2m) and upon compliance with the terms of the sale, the sheriff or referee shall make and execute to the purchaser, the purchaser's assigns, or personal representatives a deed of the mortgaged premises sold that sets forth each parcel of land sold to the purchaser and the purchase price paid for each parcel.

SB621,23 Section 23. 846.16 (3) (bm) of the statutes is created to read:

SB621,9,18 846.16 (3) (bm) Deductions from proceeds; transmittals to clerk of court. Except as provided in par. (c) and s. 846.167, after a sale of mortgaged premises under sub. (2m), the sheriff or referee shall do all of the following:

SB621,9,20 1. No later than 10 days after the sale, file with the clerk of court a report of the sale.

SB621,9,24 2. Immediately after the sale, deduct any transfer fee due under s. 77.22 (1) and, upon compliance with the terms of the sale, deliver the transfer fee, a transfer return under s. 77.22, and the deed executed under par. (am) to the clerk of court for transmittal to the register of deeds.

SB621,10,3 3. Immediately after the sale, deduct the costs and expenses of the sale, unless the court orders otherwise, and deliver the proceeds of the sale ordered by the court to the clerk of court.

SB621,24 Section 24. 846.16 (3) (c) (title) of the statutes is created to read:

SB621,10,6 846.16 (3) (c) (title) Deductions from proceeds and transmittals to clerk of court in populous counties.

SB621,25 Section 25. 846.16 (3) (d) of the statutes is created to read:

SB621,10,10 846.16 (3) (d) Deed held until confirmation. The clerk of court shall hold a deed delivered to the clerk of court under par. (bm) 2. or (c) 2. a. until confirmation of the sale under s. 846.17.

SB621,26 Section 26. 846.165 (1) of the statutes is renumbered 846.165.

SB621,27 Section 27. 846.165 (2) of the statutes is renumbered 846.17 (1) and amended to read:

SB621,10,20 846.17 (1) Determination of fair value of mortgaged premises. In case the If mortgaged premises sell for less than the amount due and to become due on the mortgage debt and costs of sale, there shall be is no presumption that such the mortgaged premises sold for their fair value, and no sale shall be confirmed and the court may not confirm the sale or render a judgment for deficiency rendered, until the court is satisfied that the fair value of the mortgaged premises sold has been credited on the mortgage debt, interest, and costs.

SB621,28 Section 28. 846.167 (2) (b) 2. a. of the statutes is amended to read:

SB621,10,23 846.167 (2) (b) 2. a. The deed to the mortgaged premises delivered under s. 846.16 (3) (c) 2. a.

SB621,29 Section 29. 846.167 (3) of the statutes, as affected by 2017 Wisconsin Act 59, is amended to read:

SB621,11,8 846.167 (3) Upon the court confirming the sale of mortgaged premises located in a county and upon compliance by the purchaser with the terms of the sale and the payment of any balance of the sale price to be paid, unless otherwise ordered by the court, the clerk of the court shall transmit the deed to the mortgaged premises received under s. 846.16 (3) (c) 2. a., the receipt for submitting a transfer return under s. 77.22, the amount due under s. 59.43 (2) to record the deed and any other document required to record the deed, and the transfer fee, if any, to the register of deeds of the county.

SB621,30 Section 30. 846.17 (title) of the statutes is amended to read:

SB621,11,11 846.17 (title) Deed, execution and Confirmation of sale; payment of sale proceeds; effect of deed.

SB621,31 Section 31. 846.17 of the statutes is renumbered 846.17 (4) and amended to read:

SB621,12,7 846.17 (4) Effect of deed upon confirmation. Upon any such sale being made the sheriff or referee making the same, on compliance with its terms, shall make and execute to the purchaser, the purchaser's assigns or personal representatives, a deed of the premises sold, setting forth each parcel of land sold to the purchaser and the sum paid therefor, which deed, upon Except as provided in sub. (5), upon confirmation of such a sale , of mortgaged premises, the deed executed under s. 846.16 (3) (am) shall vest in the purchaser, the purchaser's assigns , or personal representatives, all the right, title, and interest of the mortgagor, the mortgagor's heirs, personal representatives, and assigns in and to the premises sold and shall be is a bar to all claim, right of equity of redemption therein, of and against the parties to such the action, their heirs and, personal representatives, and also against all persons claiming under them subsequent to the filing of the notice of the pendency of the action in which such judgment was rendered; and the purchaser, the purchaser's heirs, or assigns shall be let into the possession of the premises so sold on production of such the deed or a duly certified copy thereof of the deed, and the court may, if necessary, issue a writ of assistance to deliver such that possession. Such deed or deeds so executed by the sheriff as above set forth shall be forthwith delivered by the sheriff to the clerk of the court to be held by the clerk until the confirmation of the sale, and upon the

SB621,12,16 (3) Payment of sale proceeds and delivery of deed upon confirmation. Upon confirmation thereof of a sale of mortgaged premises, the clerk of the court shall thereupon pay to the parties entitled thereto, or to their attorneys, the proceeds of the sale, and, except as provided in sub. (5) and s. 846.167, and upon compliance by the purchaser with the terms of the sale, the clerk of court shall deliver to the purchaser, the purchaser's assigns, or personal representatives, at the sale such of the mortgage premises the deed upon compliance by such purchaser with the terms of such sale, and the payment of any balance of the sale price to be paid delivered to the clerk of court under s. 846.16 (3) (bm) 2. or (c) 2. a.

SB621,12,21 (5) Payment of purchase price; failure of purchaser to pay. In the event of the failure of such Within 10 days after the court confirms a sale of mortgaged premises, the purchaser to shall pay any part of the purchase price remaining to be paid within 10 days after the confirmation of such sale, the. If the purchaser fails to make that payment, all of the following apply:

SB621,12,23 (a) The purchaser shall forfeit the amount so deposited shall be forfeited and paid delivered to the clerk of court under s. 846.16 (3) (bm) 2. and 3. or (c) 2. b.

SB621,13,3 (b) The clerk of court shall pay the amount forfeited under par. (a) to the parties who that would be entitled to the proceeds of such the sale as ordered by the court, and a resale.

SB621,13,5 (c) The mortgaged premises shall be had of said premises, and in such event such resold.

SB621,13,8 (d) The clerk of court shall destroy the deed so executed to the defaulting purchaser shall be destroyed by said clerk under s. 846.16 (3) (am), and shall be that deed is of no effect.

SB621,13,15 (2) No confirmation of sale. In the event that such sale is not confirmed by If the court does not confirm a sale of mortgaged premises, the clerk of court shall forthwith refund to the purchaser at such the sale the amount so paid or deposited by the purchaser, delivered to the clerk of court under s. 846.16 (3) (bm) 2. and 3. or (c) 2. b. and shall likewise destroy such the sheriff's deed so executed under s. 846.16 (3) (am), and the same shall be that deed is of no effect, and a resale of the mortgaged premises shall be had upon due notice thereof of the resale.

SB621,13,16 (End)