AB933, s. 39 3Section 39. 109.03 (3) of the statutes is renumbered 109.03 (3) (a) and
4amended to read:
AB933,22,105 109.03 (3) (a) In case of the death of an employee to whom wages are due, the
6full amount of the wages due shall upon demand be paid by the employer to the
7spouse, children, or other dependent living with such the employee at the time of
8death. In the case of an employee of the state, the amount of the wage due includes
9all unused vacation allowance. Any county or municipality may include unused
10vacation allowances for any employee who died after January 1, 1961.
AB933,22,16 11(b) An employer may, not less than 5 days after the death of an employee and
12before the filing of a petition or application for letters testamentary or of
13administration in the matter of the decedent's estate, make payments of the wage
14due the deceased employee to the spouse, children, parent, brother or sister parents,
15or siblings
of the decedent, giving preference in the foregoing order; or, if no such
16listed.
AB933,22,21 17(c) If none of the relatives survive listed in par. (b) survives, the employer may
18apply such the payment of the wage or so much thereof of the wage as may be
19necessary to paying creditors of the decedent in the order of preference prescribed
20in s. 859.25 for satisfaction of debts by executors and administrators personal
21representatives
.
AB933,22,23 22(d) The making of payment in such the manner described in this subsection
23shall be a discharge and release of the employer to the amount of such the payment.
Note: Subdivides provision, reorders text, and inserts specific references for
greater conformity with current style and improved readability. In addition, the
references to the unused vacation allowances of state, county, and municipal employees

are removed as obsolete in that the definition of "wage" in s. 109.01 (3), stats., includes
vacation pay. As such, no specific mention of unused vacation allowances due a state,
county, or municipal employee is necessary as those allowances are already included in
the term "wage" by definition.
AB933, s. 40 1Section 40. 112.01 (1) (b) of the statutes is amended to read:
AB933,23,72 112.01 (1) (b) "Fiduciary" includes a trustee under any trust, expressed,
3implied, resulting, or constructive, executor, administrator personal representative,
4guardian, conservator, curator, receiver, trustee in bankruptcy, assignee for the
5benefit of creditors, prime contractor or subcontractor who is a trustee under ch. 779,
6partner, agent, officer of a corporation, public or private, public officer, or any other
7person acting in a fiduciary capacity for any person, trust, or estate.
AB933, s. 41 8Section 41. 112.01 (11) of the statutes is amended to read:
AB933,23,219 112.01 (11) Deposit or safe deposit box rental in name of estate or two or
10more fiduciaries.
When a deposit is made in a bank account or a safe deposit box or
11storage space rented, in the name names of 2 or more persons as trustees, executors
12or administrators personal representatives, or in the name of an estate having 2 or
13more executors or administrators personal representatives, and a check is drawn
14upon such the account, or access to said the safe deposit box or storage space is sought
15by any one or more of such the fiduciaries authorized by the other fiduciary or
16fiduciaries to draw checks upon such the account, or to enter said the safe deposit box
17or said storage space, neither the payee nor the other holder nor the bank is bound
18to inquire whether it is a breach of trust to authorize such the fiduciary or fiduciaries
19to draw checks upon such the account, or to enter said the safe deposit box or storage
20space, and is not liable unless the circumstances be are such that the action of the
21payee or other holder or the bank amounts to bad faith.
AB933, s. 42 22Section 42. 112.02 (1) of the statutes is renumbered 112.02 (2m) and amended
23to read:
AB933,24,12
1112.02 (2m) Whenever an executor, administrator, guardian or testamentary
2trustee
a fiduciary is engaged in war service as defined in this section, such, the
3fiduciary, or any other person interested in the estate or fund for which the fiduciary
4is acting,
may present a petition to the court having jurisdiction praying for a decree
5suspending the powers of such the fiduciary while the fiduciary is engaged in war
6service and until the further order of the court, and if. If the suspension of such the
7fiduciary will leave no person acting as executor, administrator, guardian or
8testamentary trustee
fiduciary, or will leave the sole beneficiary of a trust as the only
9acting trustee thereof of the trust, the petition must pray for the appointment of a
10successor unless a successor has been named in the will and such the named
11successor is not engaged in war service or is not for other reasons unable or unwilling
12to act as a fiduciary.
Note: Fiduciary is made a defined term to eliminate duplication. See the next
section of this bill.
AB933, s. 43 13Section 43. 112.02 (1m) of the statutes is created to read:
AB933,24,1514 112.02 (1m) In this section, "fiduciary" means a personal representative,
15guardian, or testamentary trustee.
AB933, s. 44 16Section 44. 112.02 (2) (intro.) of the statutes is amended to read:
AB933,24,1817 112.02 (2) (intro.) For the purposes of In this section a fiduciary shall be deemed
18considered to be engaged in war service in any of the following cases:
AB933, s. 45 19Section 45. 112.02 (4) of the statutes is amended to read:
AB933,25,420 112.02 (4) Upon the filing of the petition and the proof of service of the notice
21prescribed, the court may, notwithstanding any other provision of law, suspend the
22a fiduciary engaged in war service from the exercise of all of the fiduciary's powers
23and duties while such the fiduciary remains engaged in war service and until the

1further order of the court. The decree may further provide that the remaining
2executor, administrator, guardian or testamentary trustee fiduciary or, if there be is
3none, the successor named in the will or appointed by the court is possessed of and
4may exercise all of the powers and duties incidental to the person's office as fiduciary.
AB933, s. 46 5Section 46. 112.02 (5) of the statutes is renumbered 112.02 (5) (a) and
6amended to read:
AB933,25,147 112.02 (5) (a) When the suspended fiduciary ceases to be engaged in war service
8the suspended fiduciary may be reinstated as executor, administrator, guardian or
9testamentary trustee
if any of the duties of such the office remain unexecuted, upon
10application to the court and upon such any notice as that the presiding judge thereof
11may direct. If
of the court directs. Upon reinstatement of the suspended fiduciary
12is reinstated, the court shall thereupon remove the suspended fiduciary's successor
13and revoke the successor fiduciary's letters, and make such any other order or decree
14as that justice requires, but such removal.
AB933,25,18 15(b) Removal and revocation of letters under par. (a) shall not bar the successor
16from subsequently again qualifying as a fiduciary in accordance with the provisions
17of the will or if for any reason it thereafter becomes necessary that the appointment
18of
a successor fiduciary be appointed is required subsequently.
AB933, s. 47 19Section 47. 113.06 of the statutes is amended to read:
AB933,25,23 20113.06 Death of obligor, estate liable. On the death of a joint obligor in
21contract, the joint obligor's executor or administrator (personal representative or
22estate) shall be bound as such jointly and severally bound with the surviving obligor
23or obligors.
AB933, s. 48 24Section 48. 137.01 (7) of the statutes, as affected by 2001 Wisconsin Act 16,
25is amended to read:
AB933,26,11
1137.01 (7) Official records to be filed. When any notary public ceases to hold
2office, the notary public, or in case of the notary public's death the notary public's
3executor or administrator personal representative, shall deposit the notary public's
4official records and papers in the office of the secretary of state. If any such the notary
5or any executor or administrator personal representative, after such the records and
6papers come to his or her hands, neglects for 3 months to deposit them, he or she shall
7forfeit not less than $50 nor more than $500. If any person knowingly destroys,
8defaces, or conceals any records or papers of any notary public, the person shall
9forfeit not less than $50 nor more than $500, and shall be liable for all damages
10resulting
to the party injured for all damages thereby sustained. The secretary of
11state shall receive and safely keep all such papers and records in their office.
AB933, s. 49 12Section 49. 179.65 of the statutes is amended to read:
AB933,26,21 13179.65 Power of estate of deceased or incompetent partner. If a partner
14who is an individual dies or is adjudged incompetent to manage his or her person or
15property, the partner's executor, administrator personal representative, guardian,
16conservator, or other legal representative may exercise all of the partner's rights for
17the purpose of settling his or her estate or administering his or her property,
18including any power the partner had to give an assignee the right to become a limited
19partner. If a partner is a corporation, limited liability company, trust, or other entity
20and is dissolved or terminated, the powers of that partner may be exercised by its
21legal representative or successor.
AB933, s. 50 22Section 50. 180.0622 (4) of the statutes is renumbered 180.0622 (4) (a) and
23amended to read:
AB933,27,3
1180.0622 (4) (a) An executor, administrator, In this subsection, "fiduciary"
2means a
personal representative, conservator, guardian, trustee, assignee for the
3benefit of creditors, or receiver.
AB933,27,7 4(b) A fiduciary is not personally liable as a holder of or subscriber to shares of
5a corporation, but the estate and funds in his or her the fiduciary's hands are so liable.
6A pledgee or other holder of shares as collateral security is not personally liable as
7a shareholder.
Note: Creates a definition to allow the replacement of personal pronouns.
AB933, s. 51 8Section 51. 180.0724 (2) (b) of the statutes is amended to read:
AB933,27,139 180.0724 (2) (b) The name signed purports to be that of a personal
10representative, administrator, executor, guardian , or conservator representing the
11shareholder and, if the corporation requests, evidence of fiduciary status acceptable
12to the corporation is presented with respect to the vote, consent, waiver, or proxy
13appointment.
AB933, s. 52 14Section 52. 214.01 (1) (jg) of the statutes is amended to read:
AB933,27,1715 214.01 (1) (jg) "Fiduciary" means a trustee, executor, administrator personal
16representative
, guardian, agent, receiver, trustee in bankruptcy, assignee for
17creditors, or any holder of a similar position of trust.
AB933, s. 53 18Section 53. 215.14 (6) of the statutes is amended to read:
AB933,28,219 215.14 (6) Savings accounts eligible investment for trust funds. An
20administrator, executor,
A personal representative, guardian, trustee, or other
21fiduciary authorized to invest trust funds, may acquire, own, or hold savings
22accounts in an association, within the limits of standards contained in s. 881.01, and
23shall have the same rights and be subject to the same obligations and limitations as
24other savings account owners, except the right to be an officer or director. Savings

1accounts owned or held by an administrator, executor, a personal representative,
2guardian, trustee, or other fiduciary shall specifically name the trust represented.
AB933, s. 54 3Section 54. 215.14 (9) of the statutes is amended to read:
AB933,28,94 215.14 (9) Savings accounts of deceased or incompetent persons. The
5savings account of a deceased individual decedent may be held and controlled by the
6administrator, executor, personal representative or trustee of the estate, or after 60
7days after death, the legal representative may be paid the withdrawal value of such
8the savings accounts account. If the savings account is pledged to the association for
9a loan, such the loan shall first be fully repaid.
AB933, s. 55 10Section 55. 218.0101 (23) (b) 1. of the statutes is amended to read:
AB933,28,1311 218.0101 (23) (b) 1. Receivers, trustees, administrators, executors personal
12representatives
, guardians, or other persons appointed by or acting under the
13judgment or order of any court.
AB933, s. 56 14Section 56. 218.10 (1g) (a) of the statutes is amended to read:
AB933,28,1715 218.10 (1g) (a) A receiver, trustee, administrator, executor personal
16representative
, guardian, or other person appointed by or acting under the judgment
17or order of any court.
AB933, s. 57 18Section 57. 219.01 (intro.) of the statutes is amended to read:
AB933,29,2 19219.01 Loans, advances of credit, investment in securities, insured or
20guaranteed by specified agencies.
(intro.) Credit unions, savings and loan
21associations, investment associations, state banks, savings banks, trust company
22banks, land mortgage associations, executors personal representatives, guardians,
23trustees, administrators, and other fiduciaries, except where it is contrary to the will
24or other instrument of trust, the state of Wisconsin and its agencies and its
25municipalities, districts, and other subdivisions, and all institutions and agencies

1thereof of the state, and all other persons, associations, and corporations, subject to
2the laws of this state, are authorized:
AB933, s. 58 3Section 58. 219.04 (1) (a) 2. of the statutes is amended to read:
AB933,29,54 219.04 (1) (a) 2. All executors, administrators personal representatives,
5guardians, trustees, and other fiduciaries.
AB933, s. 59 6Section 59. 219.06 (1) of the statutes is renumbered 219.06 (1) (a) (intro.) and
7amended to read:
AB933,29,228 219.06 (1) (a) (intro.) The state and all public officers, municipal corporations,
9political subdivisions, and public bodies, all banks, bankers, savings and loan
10associations, credit unions, trust companies, savings banks and institutions,
11investment companies and other persons carrying on a banking business, and all
12executors, administrators, guardians, trustees and other fiduciaries,
Any of the
13following
may legally invest any sinking funds, moneys, or other funds belonging to
14them or within their control in any bonds or other obligations issued by a
15metropolitan sewerage district under ss. 200.21 to 200.65 or by a housing authority
16created by or pursuant to under the housing authorities law of this state or issued
17by any public housing authority or agency in the United States, when such if the
18bonds or other obligations are secured by a pledge of annual contributions to be paid
19by the United States U.S. government or any agency thereof of the U.S. government,
20by the city, village, town, or county in which operates the housing authority issuing
21such the bonds or other obligations operates or by the district under s. 200.55 or are
22guaranteed by the state. Such:
AB933,29,24 23(b) The bonds and other obligations described in par. (a) shall be authorized
24security for all public deposits and shall be fully negotiable in this state.

Note: Subdivides provision, reorders text, and inserts specific references for
greater conformity with current style and improved readability. See also the next section
of this bill.
AB933, s. 60 1Section 60. 219.06 (1) (a) 1. to 3. of the statutes are created to read:
AB933,30,32 219.06 (1) (a) 1. The state and all public officers, municipal corporations,
3political subdivisions, and public bodies.
AB933,30,64 2. All banks, bankers, savings and loan associations, credit unions, trust
5companies, savings banks and institutions, investment companies, and other
6persons carrying on a banking business.
AB933,30,77 3. All personal representatives, guardians, trustees, and other fiduciaries.
Note: See the previous section of this bill.
AB933, s. 61 8Section 61. 219.07 (1) (a) 2. of the statutes is amended to read:
AB933,30,109 219.07 (1) (a) 2. All executors, administrators personal representatives,
10guardians, trustees, and other fiduciaries.
AB933, s. 62 11Section 62. 220.17 (2) of the statutes is renumbered 220.17 (2) (intro.) and
12amended to read:
AB933,30,1613 220.17 (2) (intro.) And such All of the following apply to a consolidated bank
14or trust company described in sub. (1), if the consolidated bank or trust company is
15authorized to perform fiduciary services, as of at the time of the taking effect of such
16consolidation shall:
AB933,31,2 17(a) The consolidated bank or trust company shall succeed to all rights,
18obligations, relations, and trusts, and the duties and liabilities connected therewith
19with the performance of fiduciary services, held by any bank or trust company party
20to such the consolidation, and without further appointment shall act as trustee,
21executor, administrator
or personal representative or in any other fiduciary capacity

1in which any such consolidating bank or trust company party to the consolidation
2was acting at the time of such the consolidation, and.
AB933,31,6 3(b) The consolidated bank or trust company shall execute and perform each and
4every such
trust or relation described in par. (a) in the same manner as if the
5consolidated bank or trust company itself had assumed the trust or relation,
6including the obligations and liabilities connected therewith. And such
AB933,31,13 7(c) The consolidated bank or trust company shall be entitled to be appointed
8or to act as trustee or executor personal representative or other fiduciary to the same
9extent and with the same effect as would any bank or trust company party to such
10the consolidation if prior thereto to the consolidation any bank or trust company
11party to such the consolidation has been designated as trustee or any other fiduciary
12in any trust deed or other writing, or has been nominated named to act as executor
13personal representative in any will.
AB933, s. 63 14Section 63. 221.0316 (1) of the statutes is amended to read:
AB933,31,2415 221.0316 (1) General. When authorized by the division, and after the bank has
16in good faith complied with all requirements of law and fulfilled all the conditions
17precedent to the exercise of trust powers imposed by law upon trust company banks,
18a bank may act as trustee, executor, administrator personal representative, registrar
19of stocks and bonds, guardian of estates, assignee, receiver, and in any other
20fiduciary capacity in which trust company banks are permitted to act. A bank
21authorized by the division to exercise trust powers under this section shall comply
22with s. 223.02 before exercising such authority. Upon compliance with s. 223.02, the
23bank is entitled to the same exemption as to making and filing any oath or giving any
24bond or security as is conferred on trust company banks by s. 223.03 (8) (6) (a).
AB933, s. 64 25Section 64. 221.0324 (4) of the statutes is amended to read:
AB933,32,5
1221.0324 (4) Bond requirements. A bank that is authorized to exercise trust
2powers and that complies with s. 223.02 is exempt from furnishing the bond specified
3in s. 221.0316 and is entitled to the same exemption as to making and filing any oath
4or giving any bond or security as is conferred on trust company banks by s. 223.03
5(8) (6) (a).
AB933, s. 65 6Section 65. 221.0521 (2) (b) of the statutes is amended to read:
AB933,32,107 221.0521 (2) (b) The name signed purports to be that of a personal
8representative, administrator, executor, guardian , or conservator representing the
9shareholder and, if the bank requests, evidence of fiduciary status acceptable to the
10bank is presented with respect to the vote, consent, waiver, or proxy appointment.
AB933, s. 66 11Section 66. 223.03 (intro.) of the statutes is amended to read:
AB933,32,13 12223.03 Corporate powers. (intro.) Any such corporation A trust company
13bank
shall have the following powers:
AB933, s. 67 14Section 67. 223.03 (6) of the statutes is renumbered 223.03 (6) (intro.) and
15amended to read:
AB933,32,2016 223.03 (6) (intro.) To act as trustee, executor, administrator personal
17representative
, registrar of stocks and bonds, custodian, agent, guardian of estates,
18guardian of any person subject to guardianship, assignee, receiver, and in any other
19fiduciary capacity authorized by the division., subject to all of the following
20conditions:
Note: Subsections (8) and (9) are renumbered sub. (6) (a) and (b) by this bill for
more logical placement within the section.
AB933, s. 68 21Section 68. 223.03 (6) (c) of the statutes is created to read:
AB933,33,3
1223.03 (6) (c) In all cases in which application is made to a court for the
2appointment of a person to act in a capacity described in this subsection, it shall be
3lawful to appoint a trust company bank, with its consent, to hold the office or offices.
AB933, s. 69 4Section 69. 223.03 (7) of the statutes is amended to read:
AB933,33,165 223.03 (7) And any such corporation may To act generally as agent or attorney
6for the transaction of business, the management of estates, the collection of rents,
7interests, dividends, mortgages, bonds, bills, notes, and other securities, or moneys,
8and also to act as agent also for the purpose of issuing, negotiating, registering,
9transferring, or countersigning certificates of stock, bonds, or other obligations of
10any corporation, association, or municipality, and to manage any sinking fund or
11debt service fund therefor, on such terms as may be agreed upon; and may also accept
12and execute the offices of executor, administrator, trustee, receiver, assignee, or
13guardian of any minor or insane or incompetent person or any person subject to
14guardianship; and in all cases in which application shall be made to any court for the
15appointment of any person in any such capacity, it shall be lawful to appoint such
16corporation, with its consent, to hold such office or offices
.
Note: Deletes redundant language. The authority to so act is under sub. (6) after
the repeal and recreation of that provision by 1995 Wis. Act 336, except for the authority
to serve as guardian of a person which is moved to sub. (6) by this bill.
AB933, s. 70 17Section 70. 223.03 (8) of the statutes is renumbered 223.03 (6) (a) and
18amended to read:
AB933,34,219 223.03 (6) (a) In case of such appointment, or in case such corporation shall be
20named as an executor in any will or as assignee in any assignment for the benefit of
21creditors, it
A trust company bank appointed by a court to act in a capacity described
22in this subsection
shall not be required to make and file any oath or give any bond

1or security, except in the discretion of the court making such the appointment, or
2having jurisdiction of such will or assignment over the matter.
AB933, s. 71 3Section 71. 223.03 (9) of the statutes is renumbered 223.03 (6) (b) and
4amended to read:
AB933,34,105 223.03 (6) (b) The accounts of said corporation as such trustee, receiver,
6assignee, executor, administrator, or guardian
a trust company bank appointed by
7a court to act in a capacity described in this subsection
shall be regularly settled and
8adjusted by the proper officers or tribunals;, and all proper, legal, usual, and
9customary charges, costs, and expenses shall be allowed to such corporation the trust
10company bank
for the care and management of the estate so committed to it.
AB933, s. 72 11Section 72. 223.03 (13) of the statutes is amended to read:
AB933,34,1712 223.03 (13) It shall be lawful for any such corporation to To lease, purchase,
13hold, and convey such any land as that may be necessary to carry on its business, and
14to execute any trust committed to it, as well as such any real or personal estate as
15it may deem
that the trust company bank may consider necessary to acquire in the
16enforcement or settlement of any claims or demands arising out of its business
17transactions, and to.
AB933,34,20 18(13m) To execute and issue in the transaction of its business all necessary
19receipts, certificates, and contracts, which shall be signed by such the person or
20persons as may be
designated by its bylaws.
AB933, s. 73 21Section 73. 223.05 (1) of the statutes is renumbered 223.05 (1) (a) and
22amended to read:
AB933,35,523 223.05 (1) (a) Every such corporation trust company bank shall keep its trust
24accounts in books separate from its own general books of account. All funds and
25property held by it a trust company bank in a trust capacity shall, at all times, be kept

1separate from the funds and property of the corporation trust company bank, and all
2deposits by it of such funds held in a trust capacity in any banking institution shall
3be deposited as trust funds to its credit as trustee and not otherwise. Trust funds may
4be deposited with funds belonging to other trusts in one account in any banking
5institution to the credit of such corporation the trust company bank as trustee.
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