AB328,5,5
11. a. Except as provided in subd. 1. b., notice of the sale as provided in par. (c)
2or (d), whichever is applicable, must be published once in each of 3 successive weeks
3in a newspaper having general circulation in the county in which the time-share
4estate is located. The first publication must be no later than 30 days before the date
5of the sale, excluding the date of that first publication and the date of the sale.
AB328,5,176 b. In lieu of publishing the notice of sale in a newspaper as provided in subd.
71. a., notice may be given by posting a copy of the notice of sale as provided in par.
8(c) or (d), whichever is applicable, for 3 successive weeks on the Internet and
9publishing, once a week for 3 successive weeks in a newspaper having general
10circulation in the county in which the time-share estate is located, a notice, in at
11least 10-point boldface type, that states at a minimum that the notice of sale for the
12foreclosure of the time-share estate is posted on the Internet, the Internet site where
13the notice is posted, and the name and street address of the property in which the
14time-share estate exists. The posting on the Internet shall begin on the same date
15as the first newspaper publication, which date must be no later than 30 days before
16the date of the sale, excluding the date of that first publication and the date of the
17sale.
AB328,5,2118 2. At least 30 days before the date of the sale, excluding the date of the sale,
19written notice of the date, time, and place of the sale, which may be a copy of the
20notice under par. (c) or (d), whichever is applicable, must be mailed to all of the
21following:
AB328,5,2422 a. Subject to s.707.38 (5), the time-share owner at the time-share owner's
23last-known address by certified mail, with return receipt requested, and by 1st class
24mail.
AB328,6,2
1b. All persons having a lien of record on the time-share estate by certified mail,
2with return receipt requested.
AB328,6,73 3. The notice provided to the time-share owner under subd. 2. a. must include
4the following language: "You are hereby notified that you have a right to petition the
5Circuit Court for _______ County (the county in which the time-share estate is
6located), with service on _________ (the foreclosing entity) and upon such bond as the
7Court may require, to enjoin the scheduled foreclosure sale."
AB328,6,118 4. If more than one time-share estate in the same time-share property will be
9sold at the foreclosure sale, all such time-share estates may be combined into one
10notice of sale, with one property description, as described in par. (c) or (d), whichever
11is applicable.
AB328,6,1512 5. The notice of sale as provided in par. (c) or (d), whichever is applicable;
13published, or posted and published, and mailed in accordance with the requirements
14under this subsection; together with such other or further notice, if any; constitutes
15sufficient notice of the sale.
AB328,6,1816 (c) Form of notice to foreclose lien for assessments. The notice of foreclosure sale
17for foreclosing a lien for assessments under s. 707.37 on a time-share estate shall be
18in substantially the following form:
AB328,6,2019 NOTICE OF SALE OF TIME-SHARE ESTATE OR ESTATES UNDER
20CHAPTER 707 OF THE WISCONSIN STATUTES
AB328,7,221 By virtue of the (project instrument or time-share instrument, whichever is
22applicable) of the .... (name and address of the time-share property), and Chapter
23707 of the Wisconsin Statutes establishing a lien for failure to pay assessments on
24the time-share estate (or estates, if more than one) held by the time-share owner (or

1owners, if more than one) listed below, the time-share estate (or estates, if more than
2one) will be sold at public auction, commencing at ...., on ...., 20.., at ...., Wisconsin.
AB328,7,63 (For each time-share estate, list the name and address of the time-share
4owner, a general description of the time-share estate, and the recording information
5for the deed or other instrument vesting the time-share estate in the time-share
6owner.)
AB328,7,117 TERMS OF SALE: (State the deposit amount to be paid by the buyer at the time
8and place of the sale and the times for payment of the balance or the whole, as the
9case may be. The time-share estates, if more than one, must be sold in individual
10lots unless there are no individual bidders, in which case they may be sold as a
11group.)
AB328,7,1212 Other terms to be announced at the sale.
AB328,7,1313 Signed ....
AB328,7,1414 Holder of the lien or authorized agent.
AB328,7,1715 (d) Form of notice to foreclose mortgage lien. The notice of foreclosure sale for
16foreclosing a mortgage lien on a time-share estate shall be in substantially the
17following form:
AB328,7,1918 NOTICE OF SALE OF TIME-SHARE ESTATE OR ESTATES UNDER
19CHAPTER 707 OF THE WISCONSIN STATUTES
AB328,8,220 By virtue of Chapter 707 of the Wisconsin Statutes and the rights contained in
21a certain mortgage (or mortgages, if more than one) on the time-share estate (or
22estates, if more than one) given by the time-share owner (or owners, if more than
23one) set forth below for breach of the conditions of the mortgage (or mortgages, if
24more than one) and for the purpose of foreclosing, the time-share estate (or estates,

1if more than one) will be sold at public auction, commencing at ...., on ...., 20.., at ....,
2Wisconsin.
AB328,8,63 (For each time-share estate, list the name and address of the time-share
4owner, a general description of the time-share estate, the recording information for
5the deed or other instrument vesting the time-share estate in the time-share owner,
6and the recording information for the mortgage.)
AB328,8,117 TERMS OF SALE: (State the deposit amount to be paid by the buyer at the time
8and place of the sale and the times for payment of the balance or the whole, as the
9case may be. The time-share estates, if more than one, must be sold in individual
10lots unless there are no individual bidders, in which case they may be sold as a
11group.)
AB328,8,1212 Other terms to be announced at the sale.
AB328,8,1313 Signed ....
AB328,8,1414 Holder of the mortgage or authorized agent.
AB328,8,2315 (e) Sale procedure. 1. The foreclosure sale must take place on the time-share
16property in which the time-share estate exists or at another location in the same
17county in which that time-share property is located. The sale must be by public
18auction, conducted by an auctioneer registered under ch. 480 or by an attorney who
19is a member of the State Bar of Wisconsin. At his or her discretion, the auctioneer
20or attorney may dispense with the reading of the names of the time-share owners
21if there is more than one time-share owner, of the descriptions of the time-share
22estates if there is more than one time-share estate, and of the recording information
23if there is more than one instrument.
AB328,9,1024 2. Upon the sale of the time-share estate, the time-share owner's right to
25redeem the time-share estate is extinguished. Unless the successful buyer is the

1time-share owner, the successful buyer at the foreclosure sale takes title to the
2time-share estate free and clear of any outstanding assessments owed by the
3previous time-share owner to the managing entity or other person specified in the
4project instrument or time-share instrument, but subject to municipal or other taxes
5and to any liens and encumbrances that were recorded prior to the recording of the
6mortgage or the assessment lien. A buyer at a foreclosure sale is not required to
7complete the purchase if the time-share estate is subject to outstanding liens and
8encumbrances, other than those included in the notice of sale, that are not stated at
9the sale. The buyer shall have a period of 5 days from the foreclosure sale date to
10determine if the time-share estate is subject to any such liens or encumbrances.
AB328,9,1811 3. No later than 10 days after the foreclosure sale date, the foreclosing entity
12shall deliver to the successful bidder a foreclosure deed or other appropriate
13instrument transferring title to the time-share estate and an affidavit in recordable
14form attesting that all requirements described in this section have been met. Within
1530 days after the delivery of the foreclosure deed or other instrument of transfer and
16affidavit, the buyer shall record the foreclosure deed or other instrument of transfer
17and affidavit with the register of deeds of the county in which the time-share estate
18is located.
AB328,9,2319 4. Subject to s. 707.38 (5), within 30 days after delivering the foreclosure deed
20or other instrument of transfer and affidavit to the buyer, the foreclosing entity shall
21mail by 1st class mail to the last-known address of the former time-share owner and
22to each party that held a lien or security interest junior to that of the foreclosing
23entity a notice detailing the results of the foreclosure sale.
AB328,9,2524 (f) Application of sale proceeds. 1. No later than 30 days after the foreclosure
25sale, the foreclosing entity shall apply the proceeds of the sale first to the expenses

1of the sale and then to the amount owed to the foreclosing entity, as set forth in the
2notice to the former time-share owner under par. (a).
AB328,10,43 2. Any surplus after the payments under subd. 1. are made shall be applied as
4follows:
AB328,10,115 a. If there are any parties that held a lien or security interest junior to that of
6the foreclosing entity, the foreclosing entity may make an equitable and proper
7distribution of the surplus to those parties, or may bring an action of interpleader,
8turn the surplus over to the court, name the parties with the junior liens or security
9interests, and ask the court to determine the proper distribution of the surplus. The
10foreclosing entity shall recover reasonable attorney fees in any interpleader action
11under this subd. 2. a.
AB328,10,1712 b. If no party held a lien or security interest junior to that of the foreclosing
13entity, or if all parties holding junior liens or security interests have been paid, any
14surplus shall be paid to the former time-share owner. If the foreclosing entity is
15unable to locate the former time-share owner within one year after the foreclosure
16sale, the foreclosing entity shall deliver the surplus to the state treasurer as provided
17under ch. 177.
AB328,11,4 18(4) Time-share license foreclosure procedure. (a) Procedure. If the owner
19of a time-share license fails to pay assessments when due or breaches the terms of
20an instrument granting a security interest in the time-share license, a foreclosing
21entity may foreclose the security interest in, or lien for assessments under s. 707.37
22on, the time-share license in accordance with s. 409.610, except that "secured party"
23as used in s. 409.610 means "foreclosing entity" for purposes of this subsection, and
24"collateral" as used in s. 409.610 means "time-share license" for purposes of this
25subsection. No proceedings may be brought to foreclose the security interest or lien

1for assessments unless the foreclosing entity provides at least 30 days' prior written
2notice by registered mail with return receipt requested to the last-known address
3of the time-share owner as shown on the books or other records of the managing
4entity or other person specified in the project instrument.
AB328,11,105 (b) Consequences of sale. Upon the sale of the time-share license, the
6time-share owner's right to redeem the time-share license is extinguished. Unless
7the successful buyer is the time-share owner, the successful buyer takes title to the
8time-share license free and clear of any outstanding assessments owed by the
9previous time-share owner to the managing entity or other person specified in the
10project instrument or time-share instrument.
AB328,11,14 11(5) Waiver of deficiency. Any foreclosing entity that forecloses a mortgage,
12lien, or security interest under this section waives the right to bring an action for any
13deficiency that may remain due to the foreclosing entity after the sale of the
14time-share estate or license.
AB328, s. 2 15Section 2. 707.37 (6) of the statutes is amended to read:
AB328,12,516 707.37 (6) Enforcement of lien. A lien may be enforced and foreclosed by a
17managing entity, or any other person specified in the time-share instrument, in the
18same manner, and subject to the same requirements, as a foreclosure of mortgages
19on real property in this state or, in the case of a time-share license, under chs. 401
20to 411
provided in s. 707.28. The managing entity may recover costs and actual
21attorney fees. The managing entity may, unless prohibited by the project instrument
22or time-share instrument, bid on the time share at foreclosure sale and acquire, hold,
23mortgage, and convey the time share. Suit to recover a money judgment for unpaid
24time-share expenses shall be maintainable without foreclosing or waiving the lien
25securing the time-share expenses. Suit for any deficiency following foreclosure may

1be maintained in the same proceeding.
No action may be brought to foreclose the lien
2unless brought within 3 years after the recording of the statement of time-share lien
3and unless 10 days' prior written notice is given to the time-share owner by
4registered mail, return receipt requested, to the address of the time-share owner
5shown on the books of the managing entity
.
AB328, s. 3 6Section 3. Initial applicability.
AB328,12,97 (1) This act first applies to foreclosures of mortgage, security interest, or
8assessment liens on time-share estates or time-share licenses that are commenced
9on the effective date of this subsection.
AB328,12,1010 (End)
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