Wisconsin Legislature: 225,480

3) information. Information about the existence of a security fund under ch. 646.

Note: Subdivides provision for greater readability and consistency with current style.

225,475 Section 475 . 645.54 (1) (b) of the statutes is renumbered 645.54 (1) (b) 1. (intro.) and amended to read:

645.54 (1) (b) 1. (intro.) Any preference may be avoided by the liquidator, if 1) any of the following conditions is met:

a. The insurer was insolvent at the time of the transfer, or 2) the.

b. The transfer was made within 4 months before the filing of the petition, or 3) the.

c. The creditor receiving it the preference or to be benefited thereby or his or her agent acting with reference thereto had reasonable cause to believe at the time when the transfer was made that the insurer was insolvent or was about to become insolvent, or 4) the.

d. The creditor receiving it the preference was an officer, employe, attorney or other person who was in fact in a position of comparable influence in the insurer to an officer whether or not he or she held such position, or any shareholder holding directly or indirectly more than 5% of any class of any equity security issued by the insurer, or any other person with whom the insurer did not deal at arm's length. Where the

2. If a preference is voidable, the liquidator may recover the property or, if it the property has been converted, the liquidator may recover its value from any person who has received or converted the property, except a bona fide purchaser from or lienor of the debtor's transferee for a present fair equivalent value. Where If the bona fide purchaser or lienor has given less than fair equivalent value, he or she shall have a lien upon the property to the extent of the consideration actually given by him or her. Where If a preference by way of lien or security title is voidable, the court may on due notice order the lien or title to be preserved for the benefit of the estate, in which event the lien or title shall pass to the liquidator.

Note: Subdivides provision and replaces language for greater readability and conformity with current style.

225,476 Section 476 . 645.64 (3) of the statutes is renumbered 645.64 (3) (a) and amended to read:

645.64 (3) (a) The liquidator shall make recommendations to the court under s. 645.71 for the allowance of an insured's claim under sub. (2) after consideration of the probable outcome of any pending action against the insured on which the claim is based, the probable damages recoverable in the action and the probable costs and expenses of defense. After allowance by the court, the liquidator shall withhold any dividends payable on the claim, pending the outcome of litigation and negotiation with the insured. Whenever it seems appropriate, the liquidator shall reconsider the claim on the basis of additional information and amend the recommendations to the court. The insured shall be afforded the same notice and opportunity to be heard on all changes in the recommendation as in its initial determination. The court may amend its allowance as it thinks appropriate.

(b) As claims against the insured are settled or barred, the insured shall be paid from the amount withheld the same percentage dividend as was paid on other claims of like priority, based on the lesser of a) the following:

1. The amount actually recovered from the insured by action or paid by agreement plus the reasonable costs and expenses of defense, or b) the.

2. The amount allowed on the claims by the court.

(c) After all claims are settled or barred, any sum remaining from the amount withheld shall revert to the undistributed assets of the insurer. Delay in final payment under this subsection shall not be a reason for unreasonable delay of final distribution and discharge of the liquidator.

Note: Subdivides provision for greater readability and conformity with current style.

225,477 Section 477 . 645.81 (1) (e) of the statutes is amended to read:

645.81 (1) (e) That 1) its certificate of authority to do business in this state has been revoked or that none was ever issued, and 2) that there are residents of this state with outstanding claims or outstanding policies.

Note: Deletes improper subdivision designations.

225,478 Section 478 . 703.15 (2) (c) of the statutes is renumbered 703.15 (2) (c) 1. (intro.) and amended to read:

703.15 (2) (c) 1. (intro.) Except as provided in par. (d), a declarant may authorize the declarant or persons designated by him or her to appoint and remove the officers of the association or to exercise the powers and responsibilities otherwise assigned by the declaration or this chapter to the association or its officers. A declaration may not authorize any declarant control of the association for a period exceeding the earlier of 1) 10: any of the following:

a. Ten years in the case of an expandable condominium; 2) 3.

b. Three years in the case of any other condominium ; or 3) 30.

c. Thirty days after the conveyance of 75% of the common element interest to purchasers.

2. The period of declarant control begins on the date that the first condominium unit is conveyed by a declarant to any person other than the declarant. If there is any other unit owner other than a declarant, a declaration may not be amended to increase the scope nor or the period of the declarant control.

Note: Subdivides provision for greater conformity with current style.

225,479 Section 479 . 703.15 (3) (b) 4. of the statutes is amended by replacing “incumber" with “encumber".

Note: Inserts preferred spelling.

225,480 Section 480 . 704.19 (2) of the statutes is renumbered 704.19 (2) (a) (intro.) and amended to read:

704.19 (2) (a) (intro.) Such A periodic tenancy or a tenancy at will can be terminated by either the landlord or the tenant only by giving to the other party written notice complying with this section, unless a) the any of the following conditions is met:

1. The parties have agreed expressly upon another method of termination and such the parties' agreement is established by clear and convincing proof, b) termination.

2. Termination has been effected by a surrender of the premises, or c) sub.

3. Subsection (6) applies.

(b) A periodic tenancy can be terminated by notice under this section only at the end of a rental period; in. In the case of a tenancy from year-to-year the end of the rental period is the end of the rental year even though rent is payable on a more frequent basis. Nothing in this section prevents termination of a tenancy for nonpayment of rent or breach of any other condition of the tenancy, as provided in s. 704.17.

Note: Subdivides provision and replaces language for greater readability and conformity with current style.

225,481 Section 481 . 707.37 (4) (d) of the statutes is amended by replacing “144.47 (6) (d)" with “144.77 (6) (d)".

Note: Corrects cross-reference inserted by 1993 Wis. Act 453. There is no s. 144.47 (6) (d).

225,482 Section 482 . 753.06 (1) (a) of the statutes is amended to read:

753.06 (1) (a) Milwaukee county County. The circuit has 45 branches. Commencing August 1, 1994, the circuit has 46 branches.