710.05(2)(2) Except as provided in ch. 112 or subch. I of ch. 705, notice to a financial institution of a claim to all or part of an account by any person other than a depositor of the account or the financial institution has no effect upon the rights and duties of the depositor or financial institution with respect to the account, and notwithstanding such notice or claim the financial institution may honor the orders and instructions of its depositor regarding the account without liability to the claimant until otherwise ordered by a court or administrative agency of appropriate jurisdiction. 710.05 HistoryHistory: 1977 c. 430; 1989 a. 331. 710.07710.07 Conveyances by life tenant. A conveyance made by a tenant for life or years purporting to grant a greater estate than the tenant possessed or could lawfully convey shall not work a forfeiture of the tenant’s estate, but shall pass to the grantee all the estate which such tenant could lawfully convey. 710.07 HistoryHistory: 1993 a. 486. 710.09710.09 Navigable stream does not divide parcel. Unless otherwise provided by local ordinance, a navigable stream running through a parcel of land does not, in and of itself, divide the parcel into 2 parcels if the parcel, on both sides of the stream, is owned by the same owner. 710.09 HistoryHistory: 2013 a. 358. 710.10710.10 Removal of possessor of property. In the following cases any person who holds possession of property, or the representatives or assigns of such person may be removed under ch. 799 or 843. 710.10(2)(2) A tenant at sufferance holding without permission. 710.10(3)(3) A possessor of property which has been sold upon foreclosure of a mortgage if the possessor’s rights were extinguished by the foreclosure. 710.10(4)(4) A person who occupies or holds property under an agreement with the owner to occupy and cultivate it upon shares and the time fixed in the agreement for such occupancy has expired. 710.11710.11 Transfer of land where dam exists. A person may not accept the transfer of the ownership of a specific piece of land on which a dam is physically located unless the person complies with s. 31.14 (4). 710.11 HistoryHistory: 1981 c. 246. 710.12710.12 Disclosure regarding managed forest land. If real property, or any portion of the real property, that is being sold will, after the sale, continue to be subject to an order designating it as managed forest land under subch. VI of ch. 77, the owner of the property shall, no later than 10 days after the acceptance by the owner of the contract of sale or of the option contract, provide a written disclosure to the prospective buyer that the real property will continue to be subject to the order after the property is transferred. The disclosure shall explain that terms of orders designating managed forest land are for 25 or 50 years. The disclosure shall state that the division of forestry in the department of natural resources monitors management plan compliance under the managed forest land program, and shall provide information as to how to contact the division of forestry. The disclosure shall contain the following statement: “Changes you make to property that is subject to an order designating it as managed forest land, or to its use, may jeopardize your benefits under the program or may cause the property to be withdrawn from the program and may result in the assessment of penalties.” 710.12 HistoryHistory: 2009 a. 365. 710.13710.13 Disclosures regarding real property wholesalers. 710.13(1)(a)(a) “Purchase agreement” means a contract for the sale, exchange, option, rental, or purchase of residential real property. 710.13(1)(b)(b) “Real property wholesaler” means a person that enters into a purchase agreement as a buyer and intends to assign the person’s rights as buyer under the purchase agreement to a 3rd party for consideration. 710.13(1)(c)(c) “Residential real property” means real property in this state that includes one to 4 dwelling units, as defined in s. 101.61 (1). 710.13(2)(2) Required disclosures. A real property wholesaler shall provide all of the following disclosures: 710.13(2)(a)(a) No later than entering into a purchase agreement as a buyer, written notice to the seller of the residential real property that the buyer is a real property wholesaler. 710.13(2)(b)(b) No later than entering into a contract with a 3rd party to assign the real property wholesaler’s rights as buyer under a purchase agreement to the 3rd party, written notice to the 3rd party that the assignor is a real property wholesaler that holds an equitable interest in the residential real property as a buyer under the purchase agreement and that the assignor is conveying the assignor’s interest in the purchase agreement, not title to the residential real property. 710.13(3)(a)(a) If a real property wholesaler fails to timely provide the disclosure to a seller as required under sub. (2) (a), the seller may rescind the purchase agreement at any time before the closing, without any liability on the seller’s part, by providing written notice of rescission to the real property wholesaler, and the seller is entitled to retain any deposits or option fees paid by the real property wholesaler in connection with the transaction. 710.13(3)(b)(b) If a real property wholesaler fails to timely provide the disclosure to a 3rd party assignee as required under sub. (2) (b), the assignee may rescind the assignment of the purchase agreement at any time before the closing, without any liability on the assignee’s part, by providing written notice of rescission to the real property wholesaler, and the assignee is entitled to the return of any deposits or option fees paid by the assignee in connection with the transaction. 710.13(4)(4) Waiver prohibited. A person may not waive the person’s rights under this section. If the person proceeds to closing, the person’s right to rescind under sub. (3) is terminated.