AB872, s. 42 13Section 42. 223.12 (1) of the statutes, as affected by 1995 Wisconsin Act 27,
14is amended to read:
AB872,144,2015 223.12 (1) Any trust company or bank, incorporated under the laws of any other
16state, named by any resident of this state, as executor or trustee, or both, under that
17person's last will and testament or any codicil thereto, may be appointed and may
18accept appointment and
may act as executor of, or trustee under, the last will and
19testament of any such person in this state, or both, provided trust if all of the
20following conditions are met:
AB872,144,23 211. Trust companies and banks of this state are permitted to act as such executor
22or trustee, or both, in the state where such foreign corporation the foreign trust
23company or bank
has its domicile, and such foreign corporation shall have.
AB872,145,5 242. The foreign trust company or bank has executed and filed with the division
25of banking a written instrument appointing the division its true and lawful attorney

1upon whom all process may be served in any action or proceeding against such
2executor or trustee, affecting or relating to the estate represented or held by such
3executor or trustee, or the acts or defaults of such corporation the foreign trust
4company or bank
in reference to such estate, with the same effect as if it existed in
5this state and had been lawfully served with process therein, and shall also have.
AB872,145,9 63. The foreign trust company or bank has filed with the division a copy of its
7charter, articles of organization and all amendments thereto certified to by the
8secretary of state or other proper officer of said foreign state under the seal of office
9together with the post-office address of its principal office and shall further have.
AB872,145,11 104. The foreign trust company or bank has complied with s. ss. 223.02 and
11701.16
.
AB872, s. 43 12Section 43. 223.12 (2) and (3) of the statutes are amended to read:
AB872,145,2013 223.12 (2) Any A trust company or bank, incorporated under the laws of any
14other state, duly acting and qualified as executor or trustee under any foreign will,
15shall have has the same rights and authority under such the will as to real estate
16within this state which that any natural person who is duly acting as such foreign
17executor or trustee may have under the laws of this state, without such the foreign
18trust company or bank being required to do any act qualifying it to do business within
19this state that is not required of a natural person acting as such foreign executor or
20trustee.
AB872,146,3 21(3) No such foreign corporation A trust company or bank, incorporated under
22the laws of any other state
, having authority to act as executor or trustee under the
23last will and testament of any person, shall may not establish or maintain directly
24or indirectly any branch office or agency in this state or shall and may not in any way
25solicit directly or indirectly any business as executor or trustee therein in this state.

1If any such A foreign corporation trust company or bank that violates this provision,
2such foreign corporation shall
may not thereafter be appointed or act as executor or
3trustee in this state.
AB872, s. 44 4Section 44. 223.12 (4) and (5) of the statutes are repealed.
AB872, s. 45 5Section 45. Subchapter III (title) of chapter 223 [precedes 223.20] of the
6statutes is created to read:
AB872,146,77 Chapter 223
AB872,146,88 Subchapter III
AB872,146,109 Trust company bank
10 consolidation and reorganization
AB872,146,17 11223.20 Reorganization of a trust company bank. (1) Conversion into a
12state bank.
A trust company bank may, by amendment to its articles of
13incorporation, duly adopted by its stockholders and approved by the division, in the
14manner provided under s. 221.0211, convert its corporate organization into that of
15a state bank with all the powers of a state banking corporation under the statutes
16under such name as shall be declared by such amendment and approved by the
17division, which name may include the word "trust".
AB872,147,3 18(2) Powers of a converted trust company bank. The converted trust company
19bank continues to have all the powers previously held by it as a trust company bank
20and shall be a continuation, for all purposes, of the trust company bank so converted
21into a state bank. These powers include holding and performing all trusts and
22fiduciary relations for which the trust company bank was fiduciary at the time of the
23conversion. These powers also include the converted trust company bank acting in
24any fiduciary capacity by any court or otherwise, and the holding, accepting and
25performing of trusts and fiduciary relations as to or for which the trust company bank

1may have been appointed, nominated or designated by any will or conveyance or
2otherwise, whether or not the trust or fiduciary relation came into being and took
3effect at the conversion.
AB872,147,11 4(3) Surrender of trust powers. If a converted trust company bank has been
5fully discharged of all trusts committed to it, it may, by amendment to its articles of
6incorporation, duly adopted by its stockholders and approved by the division,
7surrender its powers to act in a fiduciary capacity. A trust company bank that
8surrenders its trust powers under this subsection shall eliminate from its corporate
9name the word "trust;" and may thereupon withdraw from the state treasurer all
10securities and cash that it has deposited with the state treasurer pursuant to s.
11223.02.
AB872, s. 46 12Section 46. 224.075 of the statutes, as affected by 1995 Wisconsin Act 27, is
13repealed.
AB872, s. 47 14Section 47. 224.08 of the statutes is repealed.
AB872, s. 48 15Section 48. 224.092 of the statutes is renumbered 224.092 (1) and amended
16to read:
AB872,147,2217 224.092 (1) If Except as provided in sub. (2), if requested by an individual who
18is a customer, loan applicant or credit applicant, a financial institution, as defined
19in s. 705.01 (3), shall provide that individual with a copy of any written appraisal
20report which is held by the financial institution, which relates to residential real
21estate that the individual owns or has agreed to purchase and for which a fee is
22imposed.
AB872, s. 49 23Section 49. 224.092 (2) of the statutes is created to read:
AB872,147,2524 224.092 (2) Subsection (1) does not apply to a financial institution that
25complies with 12 CFR 202.5a.
AB872, s. 50
1Section 50. 404.213 (4m) of the statutes is repealed.
AB872, s. 51 2Section 51. 701.19 (2) (d) of the statutes is amended to read:
AB872,148,63 701.19 (2) (d) Except as otherwise provided in s. 223.03 (10), a A trustee may
4not sell individually owned assets to the trust unless the sale is authorized in the
5creating instrument, made with the written consent of all beneficiaries or made with
6the approval of the court upon notice and hearing.
AB872, s. 52 7Section 52. 946.82 (4) of the statutes, as affected by 1995 Wisconsin Act 133,
8is amended to read:
AB872,148,219 946.82 (4) "Racketeering activity" means any activity specified in 18 USC 1961
10(1) in effect as of April 27, 1982 or the attempt, conspiracy to commit, or commission
11of any of the felonies specified in: chs. 161 and 945 and ss. 49.49, 134.05, 139.44 (1),
12180.0129, 181.69, 184.09 (2), 185.825, 215.12, 221.17, 221.31, 221.39, 221.40,
13221.0625, 221.0636, 221.0637, 221.1004, 551.41, 551.42, 551.43, 551.44, 553.41 (3)
14and (4), 553.52 (2), 940.01, 940.19 (3) to (6), 940.20, 940.203, 940.21, 940.30, 940.305,
15940.31, 941.20 (2) and (3), 941.26, 941.28, 941.298, 941.31, 941.32, 943.01 (2) or (2g),
16943.012, 943.013, 943.02, 943.03, 943.04, 943.05, 943.06, 943.10, 943.20 (3) (b) to (d),
17943.23 (1g), (1m), (1r), (2) and (3), 943.24 (2), 943.25, 943.27, 943.28, 943.30, 943.32,
18943.34 (1) (b) and (c), 943.38, 943.39, 943.40, 943.41 (8) (b) and (c), 943.50 (4) (b) and
19(c), 943.60, 943.70, 944.21 (5) (c) and (e), 944.32, 944.33 (2), 944.34, 945.03, 945.04,
20945.05, 945.08, 946.10, 946.11, 946.12, 946.13, 946.31, 946.32 (1), 946.48, 946.49,
21946.61, 946.64, 946.65, 946.72, 946.76, 947.015, 948.05, 948.08, 948.12 and 948.30.
AB872, s. 53 22Section 53. Initial applicability.
AB872,148,25 23(1) Bank names. The treatment of section 221.0403 of the statutes first applies
24to banks that are created or that change their name on the effective date of this
25subsection.
AB872, s. 54
1Section 54. Effective date.
AB872,149,3 2(1) This act takes effect on July 1, 1996, or on the day after publication,
3whichever is later.
AB872,149,44 (End)
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