Chapter Trans 157

TITLING OF VEHICLES HELD BY TRUSTS

Trans 157.01   Purpose and scope.

Trans 157.02   Definitions.

Trans 157.03   Trusts may register and obtain title to vehicles.

Trans 157.04   Transfer of ownership.

Trans 157.05   Application for certificate of title for trust.

Trans 157.01 Trans 157.01 Purpose and scope. The purpose of this chapter is to define the procedures for recording transfers of motor vehicles involving trusts.

Trans 157.01 History History: Cr. Register, April, 1994, No. 460, eff. 5-1-94.

Trans 157.02 Trans 157.02 Definitions. The words and phrases defined in ss. 340.01 and 341.01, Stats., have the same meaning in this chapter unless a different definition is specifically provided. In this chapter:

Trans 157.02(1) (1) “Beneficiary” means a person who has a beneficial interest in a trust.

Trans 157.02(2) (2) “Letters of trust” means the written instrument which describes the trust property, the trustee and the beneficiary.

Trans 157.02(3) (3) “Person” has the same meaning as described in s. 990.01 (26), Stats.

Trans 157.02(4) (4) “Principal trustee” means the trustee whose name or address was provided to the department by a trust for the purpose of conducting communications with the department.

Trans 157.02(5) (5) “Property” means an interest in real or personal property.

Trans 157.02(6) (6) “Settlor” means a person who directly or indirectly creates a living or testamentary trust or adds property to an existing trust.

Trans 157.02(7) (7) “Trust” means an express living or testamentary, private or charitable trust in property which arises as a result of a manifestation of intention to create it.

Trans 157.02(8) (8) “Trustee” means a person holding in trust title to or holding in trust a power over property.“Trustee” includes an original, added or successor trustee.