Amendment ASA1-AB690

AB690-ASA1,23 Section 23. 846.16 (2m) (a) (title) of the statutes is created to read:

AB690-ASA1,10,16 846.16 (2m) (a) (title) Preparation of real estate transfer return.

AB690-ASA1,24 Section 24. 846.16 (2m) (am) of the statutes is created to read:

AB690-ASA1,10,20 846.16 (2m) (am) Payment of sale proceeds upon confirmation. Upon confirmation of a sale of mortgaged premises, the clerk of court shall pay to the parties entitled thereto, or to their attorneys, the proceeds of the sale.

AB690-ASA1,25 Section 25. 846.16 (2m) (b) (title) of the statutes is created to read:

AB690-ASA1,10,22 846.16 (2m) (b) (title) Payments by purchaser.

AB690-ASA1,26 Section 26. 846.16 (2m) (b) 2. a. of the statutes, as affected by 2017 Wisconsin Act 104, is amended to read:

AB690-ASA1,11,2 846.16 (2m) (b) 2. a. The deed to the mortgaged premises delivered under sub. (1) (1r) (b) 2. a.

AB690-ASA1,27 Section 27. 846.16 (2m) (b) 3. of the statutes is created to read:

AB690-ASA1,11,4 846.16 (2m) (b) 3. Any part of the purchase price remaining to be paid.

AB690-ASA1,28 Section 28. 846.16 (2m) (c) (title) of the statutes is created to read:

AB690-ASA1,11,6 846.16 (2m) (c) (title) Delivery of real estate transfer return receipt.

AB690-ASA1,29 Section 29. 846.16 (3m) (a) (intro.), 1. and 2. of the statutes, as affected by 2017 Wisconsin Act 104, are renumbered 846.16 (3m) (intro.), (am) and (bm) and amended to read:

AB690-ASA1,11,15 846.16 (3m) Transmittal to register of deeds. (intro.) Upon the court confirming the a sale of mortgaged premises 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 court shall do one of the following to transmit the deed to the mortgaged premises received under sub. (1) (1r) (b) 2. a. to the register of deeds for recording:

AB690-ASA1,11,19 (am) Deliver the deed to the mortgaged premises received under sub. (1) (1r) (b) 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.

AB690-ASA1,12,2 (bm) Notify the register of deeds that the deed to the mortgaged premises received under sub. (1) (1r) (b) 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, are available in the clerk's office. If a register of deeds is notified under this subdivision paragraph, the register of deeds shall retrieve the documents and fees from the clerk of courts within a reasonable period of time.

AB690-ASA1,30 Section 30. 846.16 (3m) (b) of the statutes, as created by 2017 Wisconsin Act 104, is renumbered 846.16 (2m) (as) and amended to read:

AB690-ASA1,12,17 846.16 (2m) (as) Effect of deed upon confirmation. Upon Unless the deed is destroyed as provided in sub. (4) (a), upon confirmation of the a sale of mortgaged premises, the deed executed under sub. (1) (1r) (a) 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 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.

AB690-ASA1,31 Section 31. 846.16 (4) (title) of the statutes, as created by 2017 Wisconsin Act 104, is amended to read:

AB690-ASA1,12,21 846.16 (4) (title) No confirmation of sale; effect of failure to comply with confirmation requirements; resale.

AB690-ASA1,32 Section 32. 846.16 (4) (a) of the statutes, as created by 2017 Wisconsin Act 104, is amended to read:

AB690-ASA1,13,6 846.16 (4) (a) If any of the requirements under sub. (2m) (a) and (b) are not satisfied and the purchaser is not the judgment creditor, the court shall order the purchaser to forfeit the amount of the purchaser's deposit or down payment delivered to the clerk of court under sub. (1r) (b) 2. b., and the clerk of court shall pay that amount shall be paid to the parties who that would be entitled to the proceeds of the sale as ordered by the court. The court shall also order that the mortgaged premises be resold. The clerk of court shall destroy the deed executed to the defaulting purchaser under sub. (1r) (a), and it shall be that deed is of no effect.

AB690-ASA1,33 Section 33. 846.16 (4) (b) of the statutes, as created by 2017 Wisconsin Act 104, is amended to read:

AB690-ASA1,13,13 846.16 (4) (b) If any of the requirements under sub. (2m) (b) and (c) are not satisfied and the purchaser is the judgment creditor, the court may order the purchaser to forfeit the greater of the purchaser's deposit or $500 , and order the purchaser to comply with sub. (2m) (b) and (c) so that the mortgaged property may be sold to the purchaser.

AB690-ASA1,34 Section 34. 846.16 (4) (c) of the statutes, as created by 2017 Wisconsin Act 104, is amended to read:

AB690-ASA1,13,21 846.16 (4) (c) If the court does not confirm the a sale of the mortgaged premises for a reason other than a failure to satisfy a requirement under sub. (2m) (a), (b), or (c), the clerk of court shall return the deposit or down payment delivered to the clerk of court under sub. (1r) (b) 2. b. to the purchaser, and the court shall order the mortgaged premises to be resold. The clerk of court shall destroy the deed received under sub. (1) (1r) (b) 2. a., and it shall be that deed is of no effect.

AB690-ASA1,35 Section 35. 846.165 (1) of the statutes is renumbered 846.165.

AB690-ASA1,36 Section 36. 846.165 (2) of the statutes is renumbered 846.16 (2m) (ae) and amended to read:

AB690-ASA1,14,7 846.16 (2m) (ae) 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.

AB690-ASA1,14,8 (End)