AB872: Bill Text

AB872, s. 42 Section 42. 223.12 (1) of the statutes, as affected by 1995 Wisconsin Act 27, is amended to read:

AB872,144,20 223.12 (1) Any trust company or bank, incorporated under the laws of any other state, named by any resident of this state, as executor or trustee, or both, under that person's last will and testament or any codicil thereto, may be appointed and may accept appointment and may act as executor of, or trustee under, the last will and testament of any such person in this state, or both, provided trust if all of the following conditions are met:

AB872,144,23 1. Trust companies and banks of this state are permitted to act as such executor or trustee, or both, in the state where such foreign corporation the foreign trust company or bank has its domicile, and such foreign corporation shall have.

AB872,145,5 2. The foreign trust company or bank has executed and filed with the division of banking a written instrument appointing the division its true and lawful attorney upon whom all process may be served in any action or proceeding against such executor or trustee, affecting or relating to the estate represented or held by such executor or trustee, or the acts or defaults of such corporation the foreign trust company or bank in reference to such estate, with the same effect as if it existed in this state and had been lawfully served with process therein, and shall also have.

AB872,145,9 3. The foreign trust company or bank has filed with the division a copy of its charter, articles of organization and all amendments thereto certified to by the secretary of state or other proper officer of said foreign state under the seal of office together with the post-office address of its principal office and shall further have.

AB872,145,11 4. The foreign trust company or bank has complied with s. ss. 223.02 and 701.16.

AB872, s. 43 Section 43. 223.12 (2) and (3) of the statutes are amended to read:

AB872,145,20 223.12 (2) Any A trust company or bank, incorporated under the laws of any other state, duly acting and qualified as executor or trustee under any foreign will, shall have has the same rights and authority under such the will as to real estate within this state which that any natural person who is duly acting as such foreign executor or trustee may have under the laws of this state, without such the foreign trust company or bank being required to do any act qualifying it to do business within this state that is not required of a natural person acting as such foreign executor or trustee.

AB872,146,3 (3) No such foreign corporation A trust company or bank, incorporated under the laws of any other state, having authority to act as executor or trustee under the last will and testament of any person, shall may not establish or maintain directly or indirectly any branch office or agency in this state or shall and may not in any way solicit directly or indirectly any business as executor or trustee therein in this state. If any such A foreign corporation trust company or bank that violates this provision, such foreign corporation shall may not thereafter be appointed or act as executor or trustee in this state.

AB872, s. 44 Section 44. 223.12 (4) and (5) of the statutes are repealed.

AB872, s. 45 Section 45. Subchapter III (title) of chapter 223 [precedes 223.20] of the statutes is created to read:

AB872,146,7 Chapter 223

AB872,146,8 Subchapter III

AB872,146,10 Trust company bank consolidation and reorganization

AB872,146,17 223.20 Reorganization of a trust company bank. (1) Conversion into a state bank. A trust company bank may, by amendment to its articles of incorporation, duly adopted by its stockholders and approved by the division, in the manner provided under s. 221.0211, convert its corporate organization into that of a state bank with all the powers of a state banking corporation under the statutes under such name as shall be declared by such amendment and approved by the division, which name may include the word "trust".

AB872,147,3 (2) Powers of a converted trust company bank. The converted trust company bank continues to have all the powers previously held by it as a trust company bank and shall be a continuation, for all purposes, of the trust company bank so converted into a state bank. These powers include holding and performing all trusts and fiduciary relations for which the trust company bank was fiduciary at the time of the conversion. These powers also include the converted trust company bank acting in any fiduciary capacity by any court or otherwise, and the holding, accepting and performing of trusts and fiduciary relations as to or for which the trust company bank may have been appointed, nominated or designated by any will or conveyance or otherwise, whether or not the trust or fiduciary relation came into being and took effect at the conversion.

AB872,147,11 (3) Surrender of trust powers. If a converted trust company bank has been fully discharged of all trusts committed to it, it may, by amendment to its articles of incorporation, duly adopted by its stockholders and approved by the division, surrender its powers to act in a fiduciary capacity. A trust company bank that surrenders its trust powers under this subsection shall eliminate from its corporate name the word "trust;" and may thereupon withdraw from the state treasurer all securities and cash that it has deposited with the state treasurer pursuant to s. 223.02.

AB872, s. 46 Section 46. 224.075 of the statutes, as affected by 1995 Wisconsin Act 27, is repealed.

AB872, s. 47 Section 47. 224.08 of the statutes is repealed.

AB872, s. 48 Section 48. 224.092 of the statutes is renumbered 224.092 (1) and amended to read:

AB872,147,22 224.092 (1) If Except as provided in sub. (2), if requested by an individual who is a customer, loan applicant or credit applicant, a financial institution, as defined in s. 705.01 (3), shall provide that individual with a copy of any written appraisal report which is held by the financial institution, which relates to residential real estate that the individual owns or has agreed to purchase and for which a fee is imposed.

AB872, s. 49 Section 49. 224.092 (2) of the statutes is created to read:

AB872,147,25 224.092 (2) Subsection (1) does not apply to a financial institution that complies with 12 CFR 202.5a.

AB872, s. 50 Section 50. 404.213 (4m) of the statutes is repealed.

AB872, s. 51 Section 51. 701.19 (2) (d) of the statutes is amended to read:

AB872,148,6 701.19 (2) (d) Except as otherwise provided in s. 223.03 (10), a A trustee may not sell individually owned assets to the trust unless the sale is authorized in the creating instrument, made with the written consent of all beneficiaries or made with the approval of the court upon notice and hearing.

AB872, s. 52 Section 52. 946.82 (4) of the statutes, as affected by 1995 Wisconsin Act 133, is amended to read:

AB872,148,21 946.82 (4) "Racketeering activity" means any activity specified in 18 USC 1961 (1) in effect as of April 27, 1982 or the attempt, conspiracy to commit, or commission of any of the felonies specified in: chs. 161 and 945 and ss. 49.49, 134.05, 139.44 (1), 180.0129, 181.69, 184.09 (2), 185.825, 215.12, 221.17, 221.31, 221.39, 221.40, 221.0625, 221.0636, 221.0637, 221.1004, 551.41, 551.42, 551.43, 551.44, 553.41 (3) and (4), 553.52 (2), 940.01, 940.19 (3) to (6), 940.20, 940.203, 940.21, 940.30, 940.305, 940.31, 941.20 (2) and (3), 941.26, 941.28, 941.298, 941.31, 941.32, 943.01 (2) or (2g), 943.012, 943.013, 943.02, 943.03, 943.04, 943.05, 943.06, 943.10, 943.20 (3) (b) to (d), 943.23 (1g), (1m), (1r), (2) and (3), 943.24 (2), 943.25, 943.27, 943.28, 943.30, 943.32, 943.34 (1) (b) and (c), 943.38, 943.39, 943.40, 943.41 (8) (b) and (c), 943.50 (4) (b) and (c), 943.60, 943.70, 944.21 (5) (c) and (e), 944.32, 944.33 (2), 944.34, 945.03, 945.04, 945.05, 945.08, 946.10, 946.11, 946.12, 946.13, 946.31, 946.32 (1), 946.48, 946.49, 946.61, 946.64, 946.65, 946.72, 946.76, 947.015, 948.05, 948.08, 948.12 and 948.30.

AB872, s. 53 Section 53. Initial applicability.

AB872,148,25 (1) Bank names. The treatment of section 221.0403 of the statutes first applies to banks that are created or that change their name on the effective date of this subsection.

AB872, s. 54 Section 54. Effective date.

AB872,149,3 (1) This act takes effect on July 1, 1996, or on the day after publication, whichever is later.

AB872,149,4 (End)