LRBa1324/2
PJK:jlg:hmh
1997 - 1998 LEGISLATURE
ASSEMBLY AMENDMENT 2,
TO ASSEMBLY SUBSTITUTE AMENDMENT 1,
TO 1997 ASSEMBLY BILL 645
January 6, 1998 - Offered by
Committee on Judiciary.
AB645-ASA1-AA2,1,6
3"
854.23 Protection of payers and other 3rd parties. (1) Definition. In
4this section, "governing instrument" includes a filed verified statement under s.
5865.201, a certificate under s. 867.046 (1m) or a recorded application under s.
6867.046 (5).
AB645-ASA1-AA2,1,8
7(2) Liability depends on notice. (a) A payer or other 3rd party is not liable for
8having transferred property".
AB645-ASA1-AA2,2,1
1"
(5) Protection of financial institutions. (a) In this subsection:
AB645-ASA1-AA2,2,22
1. "Account" has the meaning given in s. 705.01 (1) or 710.05 (1) (a).
AB645-ASA1-AA2,2,33
2. "Financial institution" has the meaning given in s. 705.01 (3).
AB645-ASA1-AA2,2,114
(b) Notwithstanding sub. (2), in addition to the protections afforded a financial
5institution under ss. 701.19 (11) and 710.05 and chs. 112 and 705 a financial
6institution is not liable for having transferred an account to a beneficiary designated
7in a governing instrument who, under this chapter, is not entitled to the account, or
8for having taken any other action in reliance on the beneficiary's apparent
9entitlement under the terms of a governing instrument, regardless of whether the
10financial institution received written notice of a claimed lack of entitlement under
11this chapter.
AB645-ASA1-AA2,2,1412
(c) If a financial institution has reason to believe that a dispute exists as to the
13rights of parties, or their successors, to an account subject to a governing instrument,
14the financial institution may, but is not required to, do any of the following:
AB645-ASA1-AA2,2,1515
1. Deposit the account with a court as provided in sub. (4).
AB645-ASA1-AA2,2,1616
2. Refuse to transfer the account to any person.
AB645-ASA1-AA2,2,1917
(d) The protection afforded a financial institution under this subsection does
18not affect the rights of parties or their successors in disputes concerning the
19beneficial ownership of accounts.".
AB645-ASA1-AA2,3,2
22"
861.11 Protection of payers and other 3rd parties. (1) Definition. In
23this section, "governing instrument" includes a filed verified statement under s.
1865.201, a certificate under s. 867.046 (1m) or a recorded application under s.
2867.046 (5).
AB645-ASA1-AA2,3,4
3(2) Payer not liable until notice received. (a) Upon a beneficiary's request
4for payment, a payer or other".
AB645-ASA1-AA2,3,8
8"
(5) Protection of financial institutions. (a) In this subsection:
AB645-ASA1-AA2,3,99
1. "Account" has the meaning given in s. 705.01 (1) or 710.05 (1) (a).
AB645-ASA1-AA2,3,1010
2. "Financial institution" has the meaning given in s. 705.01 (3).
AB645-ASA1-AA2,3,1811
(b) Notwithstanding sub. (2), in addition to the protections afforded a financial
12institution under ss. 701.19 (11) and 710.05 and chs. 112 and 705 a financial
13institution is not liable for having transferred an account included in the augmented
14deferred marital property estate under s. 861.03 to a beneficiary designated in a
15governing instrument, or for having taken any other action in reliance on the
16beneficiary's apparent entitlement under the terms of a governing instrument,
17regardless of whether the financial institution received written notice of an intent
18to file, or the filing of, a petition for the deferred marital property elective share.
AB645-ASA1-AA2,3,2119
(c) If a financial institution has reason to believe that a dispute exists as to the
20rights of parties, or their successors, to an account subject to a governing instrument,
21the financial institution may, but is not required to, do any of the following:
AB645-ASA1-AA2,3,2222
1. Deposit the account with a court as provided in sub. (4).
AB645-ASA1-AA2,3,2323
2. Refuse to transfer the account to any person.
AB645-ASA1-AA2,4,3
1(d) The protection afforded a financial institution under this subsection does
2not affect the rights of parties or their successors in disputes concerning the
3beneficial ownership of accounts.".
