705.18(1)(b)2. 2. “Farm implement” does not include personal property that is attached to, fastened to, connected to, or built into real property or that becomes an addition to, component of, or capital improvement to real property, and does not include buildings or improvements to real property, regardless of any contribution that the personal property makes to the production process of any machine and regardless of the extent to which that personal property functions as a machine.
705.18(1)(b)3. 3. For purposes of subd. 2., the following items retain their character as a “farm implement,” regardless of the extent to which they are fastened to, connected to, or built into real property:
705.18(1)(b)3.a. a. Auxiliary power generators.
705.18(1)(b)3.b. b. Bale loaders.
705.18(1)(b)3.c. c. Barn elevators.
705.18(1)(b)3.d. d. Conveyors.
705.18(1)(b)3.e. e. Feed elevators and augers.
705.18(1)(b)3.f. f. Grain dryers and grinders.
705.18(1)(b)3.g. g. Milk coolers.
705.18(1)(b)3.h. h. Milking machines, including piping, pipeline washers, and compressors.
705.18(1)(b)3.i. i. Silo unloaders.
705.18(1)(b)3.j. j. Powered feeders, but not including platforms or troughs constructed from ordinary building materials.
705.18(1)(c) (c) “Person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, government subdivision, agency or instrumentality, public corporation, or any other legal or commercial entity.
705.18(1)(d) (d) “TOD beneficiary” means a person designated as a beneficiary in a document that complies with sub. (3) (a).
705.18(2) (2)Any interest in a farm implement may be transferred without probate to a designated TOD beneficiary as provided in this section on the death of the sole owner or the last to die of multiple owners.
705.18(3) (3)
705.18(3)(a)(a) A TOD beneficiary may be designated on a document that includes all of the following:
705.18(3)(a)1. 1. The name of the owner or owners of the interest in a farm implement that will be transferred.
705.18(3)(a)2. 2. The name of the designated TOD beneficiary.
705.18(3)(a)3. 3. A statement indicating that the transfer is effective only upon the death of the owner or owners.
705.18(3)(a)4. 4. If the interest that will be transferred is an interest in property owned by a spouse as marital property, the signatures of both spouses who have an interest in the marital property.
705.18(3)(b) (b) The designation of a TOD beneficiary may be made by use of the words “transfer on death” or “pay on death,” or the abbreviation “TOD” or “POD,” after the name of the owner or owners of the property and before the name of the TOD beneficiary or beneficiaries. The owner or owners may designate one or more persons as a primary TOD beneficiary and may designate one or more persons as a contingent TOD beneficiary if a primary TOD beneficiary does not survive the sole owner or the last to die of multiple owners. The designation may be included on the original document that passes the property interest to the owner or owners or may be made at a later time by the sole owner or all then surviving owners by executing another document that designates a TOD beneficiary.
705.18(3)(c) (c) A document designating a TOD beneficiary under this section is not effective unless it is in writing and executed with all of the following formalities:
705.18(3)(c)1. 1. It must be signed by all owners. If an owner is unable to sign, another person may sign for the owner with the owner's consent and in the owner's conscious presence.
705.18(3)(c)2. 2. It must be signed by at least 2 witnesses, at least one of whom is a disinterested witness, who signed within a reasonable time after any of the following:
705.18(3)(c)2.a. a. The signing of the document designating a TOD beneficiary as provided in subd. 1., in the conscious presence of the witness.
705.18(3)(c)2.b. b. The owner's implicit or explicit acknowledgment of the owner's signature on the document designating a TOD beneficiary, in the conscious presence of the witness.
705.18(3)(c)2.c. c. The owner's implicit or explicit acknowledgment of the document designating a TOD beneficiary, in the conscious presence of the witness.
705.18(3)(c)3. 3. The 2 witnesses required under subd. 2. may observe the signing or acknowledgment under subd. 2. a. to c. at different times.
705.18(3)(c)4. 4. If there are multiple owners, each signature of an owner must be witnessed by at least 2 witnesses. For purposes of this paragraph, a witness may be a witness for multiple owners.
705.18(3)(c)5. 5. Any person who, at the time of execution of the document designating a TOD beneficiary, would be competent to testify as a witness in court to the facts relating to execution may act as a witness to the document designating a TOD beneficiary. Subsequent incompetency of a witness is not a ground for denying or voiding the TOD beneficiary designation if the execution of the document designating a TOD beneficiary is otherwise satisfactorily proved.
705.18(4) (4)The designation of a TOD beneficiary on a document does not affect ownership of the property until the death of the sole owner or the last to die of multiple owners regardless of whether the document provides otherwise. The designation may be canceled or changed at any time by the sole owner or all then surviving owners, without the consent of the TOD beneficiary, by executing another document that designates a different TOD beneficiary or no beneficiary. The execution of a document that designates a TOD beneficiary or no beneficiary revokes any designation made in a previously executed document relating to the same property interest.
705.18(5) (5)On the death of the sole owner or the last to die of multiple owners, ownership of the interest in the farm implement passes, subject to any lien or encumbrance against the farm implement, to the designated TOD beneficiary or beneficiaries who survive all owners and to any predeceased beneficiary's issue who would take under s. 854.06 (3). If no TOD beneficiary or predeceased TOD beneficiary's issue who would take under s. 854.06 (3) survives the death of all owners, the interest in the farm implement passes to the estate of the deceased sole owner or the estate of the last to die of the multiple owners.
705.18(6) (6)A TOD beneficiary's interest in the property on the death of the sole owner or the last to die of multiple owners may be confirmed as provided in s. 863.27, 865.201, or 867.046.
705.18(7) (7)Chapter 854 applies to transfers on death under this section.
705.18(8) (8)The capacity required to designate a TOD beneficiary or to revoke a designation of a TOD beneficiary is the same as the capacity to make or revoke a will under s. 853.01.
705.18(9) (9)Unless previously adjudicated in a formal testacy proceeding or otherwise barred, the claim of any claimant to recover a farm implement transferred to a TOD beneficiary under this section is barred unless, by no later than 120 days after the death of the sole owner or the last to die of multiple owners, a complaint is filed in an action in which the relief demanded may confirm or change interests in the farm implement transferred under this section.
705.18 History History: 2021 a. 201; s. 35.17 correction in (3) (a) 3.
subch. III of ch. 705 SUBCHAPTER III
TRANSFER ON DEATH SECURITY REGISTRATION
705.21 705.21 Definitions; transfer on death security registration. In ss. 705.21 to 705.30:
705.21(2) (2)“Beneficiary form" means a registration of a security which indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner.
705.21(5) (5)“Devisee" means any person designated in a will to receive a disposition of real or personal property.
705.21(6) (6)“Heir" has the meaning given in s. 851.09.
705.21(7) (7)“Personal representative" has the meaning given in s. 851.23.
705.21(8) (8)“Property" has the meaning given in s. 851.27.
705.21(9) (9)“Register", including its derivatives, means to issue a certificate showing the ownership of a certificated security or, in the case of an uncertificated security, to initiate or transfer an account showing ownership of securities.
705.21(10) (10)“Registering entity" means a person who originates or transfers a security title by registration, and includes a broker maintaining security accounts for customers and a transfer agent or other person acting for or as an issuer of securities.
705.21(11) (11)“Security" means a share, participation or other interest in property, in a business or in an obligation of an enterprise or other issuer, and includes a certificated security, an uncertificated security and a security account.
705.21(12) (12)“Security account" means any of the following:
705.21(12)(a) (a) A reinvestment account associated with a security, a securities account with a broker, a cash balance in a brokerage account, cash, cash equivalents, interest, earnings or dividends earned or declared on a security in an account, a reinvestment account or a brokerage account, whether or not credited to the account before the owner's death.
705.21(12)(am) (am) An investment management or custody account with a trust company or a trust division of a bank with trust powers, including the securities in the account, a cash balance in the account, and cash, cash equivalents, interest, earnings, or dividends earned or declared on a security in the account, whether or not credited to the account before the owner's death.
705.21(12)(b) (b) A cash balance or other property held for or due to the owner of a security as a replacement for or product of an account security, whether or not credited to the account before the owner's death.
705.21(13) (13)“State" includes any state of the United States, the District of Columbia, the commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States.
705.21 History History: 1989 a. 331; 2005 a. 10.
705.22 705.22 Registration in beneficiary form; sole or joint tenancy ownership. Only individuals whose registration of a security shows sole ownership by one individual or multiple ownership by 2 or more with right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. Multiple owners of a security registered in beneficiary form hold as joint tenants with right of survivorship, as tenants by the entireties, or as owners of community property held in survivorship form, and not as tenants in common.
705.22 History History: 1989 a. 331.
705.23 705.23 Registration in beneficiary form; applicable law. A security may be registered in beneficiary form if the form is authorized by ss. 705.21 to 705.30 or a similar statute of the state of organization of the issuer or registering entity, the location of the registering entity's principal office, the office of its transfer agent or its office making the registration, or by ss. 705.21 to 705.30 or a similar statute of the law of the state listed as the owner's address at the time of registration. A registration governed by the law of a jurisdiction in which ss. 705.21 to 705.30 or similar legislation is not in force or was not in force when a registration in beneficiary form was made is nevertheless presumed to be valid and authorized as a matter of contract law.
705.23 History History: 1989 a. 331.
705.24 705.24 Origination of registration in beneficiary form. A security, whether evidenced by certificate or account, is registered in beneficiary form if the registration includes a designation of a beneficiary to take the ownership at the death of the owner or the deaths of all multiple owners.
705.24 History History: 1989 a. 331.
705.25 705.25 Form of registration in beneficiary form. Registration in beneficiary form may be shown by the words “transfer on death" or the abbreviation “TOD" or by the words “pay on death" or the abbreviation “POD", after the name of the registered owner and before the name of a beneficiary.
705.25 History History: 1989 a. 331.
705.26 705.26 Effect of registration in beneficiary form. The designation of a TOD beneficiary on a registration in beneficiary form does not affect ownership until the owner's death. A registration of a security in beneficiary form may be canceled or changed at any time by the sole owner or all then surviving owners, without the consent of the beneficiary.
705.26 History History: 1989 a. 331.
705.27 705.27 Ownership on death of owner. Subject to the rights of the registering entity under s. 705.28 (2m), on the death of a sole owner or the last to die of multiple owners, ownership of securities registered in beneficiary form passes to the beneficiary or beneficiaries who survive all owners and to any predeceased beneficiary's issue who would take under s. 854.06 (3). On proof of death of all owners and compliance with any applicable requirements of the registering entity, a security registered in beneficiary form may be reregistered in the name of the successors to the ownership interest. Until division of the security after the death of all owners, multiple successors to the ownership interest hold their interests as tenants in common. If no beneficiary or predeceased beneficiary's issue who would take under s. 854.06 (3) survives the death of all owners, the security belongs to the estate of the deceased sole owner or the estate of the last to die of multiple owners.
705.27 History History: 1989 a. 331; 2005 a. 216.
705.28 705.28 Protection of registering entity.
705.28(1)(1)A registering entity is not required to offer or to accept a request for security registration in beneficiary form. If a registration in beneficiary form is offered by a registering entity, the owner requesting registration in beneficiary form assents to the protections given to the registering entity by ss. 705.21 to 705.30.
705.28(2) (2)By accepting a request for registration of a security in beneficiary form, the registering entity agrees that the registration will be implemented upon death of the deceased owner as provided in ss. 705.21 to 705.30.
705.28(2m) (2m)If more than one beneficiary is named and at least one beneficiary is predeceased, a security registered in beneficiary form may be reregistered in the name of the surviving beneficiary with a proof of death of the other beneficiary, without regard to claims by the issue of a predeceased beneficiary under s. 705.27 unless the registering entity receives written notice of a claim under sub. (3) (b). If none of the beneficiaries survive, a security registered in beneficiary form may be reregistered in the name of the estate of the deceased sole owner or the estate of the owner who was last to die of multiple owners, without regard to claims by the issue of a predeceased beneficiary under s. 705.27 unless the registering entity receives written notice of a claim under sub. (3) (b).
705.28(3) (3)
705.28(3)(a)(a) Subject to par. (b), a registering entity is discharged from all claims to a security by the estate, creditors, heirs or devisees of the deceased owner if it registers a transfer of a security in accordance with s. 705.27 and does so in good faith reliance on the registration, on ss. 705.21 to 705.30, and on information provided to it by affidavit of the personal representative of the deceased owner, or by the surviving beneficiary or by the surviving beneficiary's representatives, or other information available to the registering entity.
705.28(3)(b) (b) The protections provided in this subchapter do not extend to a reregistration or payment made after a registering entity has received written notice from a claimant to an interest in the security objecting to implementation of a registration in beneficiary form. No other notice or other information available to the registering entity affects its right to protection under this subchapter. If the registering entity has reason to believe that a dispute exists as to the rights of the parties to a security registered in beneficiary form or their successors, the registering entity may refuse to reregister the security pending instructions from a court.
705.28(4) (4)The protection provided by ss. 705.21 to 705.30 to the registering entity of a security does not affect the rights of beneficiaries in disputes between themselves and other claimants to ownership of the security transferred or its value or proceeds.
705.28 History History: 1989 a. 331; 2005 a. 216.
705.29 705.29 Nontestamentary transfer on death.
705.29(1)(1)A transfer on death resulting from a registration in beneficiary form is effective by reason of the contract regarding the registration between the owner and the registering entity and ss. 705.21 to 705.30 and is not testamentary.
705.29(2) (2)Sections 705.21 to 705.30 do not limit the rights of creditors of security owners against beneficiaries and other transferees under other laws of this state.
705.29 History History: 1989 a. 331.
705.30 705.30 Terms, conditions and forms for registration.
705.30(1)(1)A registering entity offering to accept registrations in beneficiary form may establish the terms and conditions under which it will receive requests for registration in beneficiary form and for implementation of registrations in beneficiary form, including requests for cancellation of previously registered TOD beneficiary designations and requests for reregistration to effect a change of beneficiary. The terms and conditions so established may provide for proving death, avoiding or resolving a problem concerning fractional shares, designating primary and contingent beneficiaries, and substituting a named beneficiary's descendants to take in the place of the named beneficiary in the event of the beneficiary's death. Substitution may be indicated by appending to the name of the primary beneficiary the letters “LDPS", standing for “lineal descendants per stirpes". This designation substitutes a deceased beneficiary's descendants who survive the owner for a beneficiary who fails to so survive, the descendants to be identified and to share in accordance with the law of the beneficiary's domicile at the owner's death governing inheritance by descendants of an intestate. Other forms of identifying beneficiaries who are to take on one or more contingencies, and rules for providing proofs and assurances needed to satisfy reasonable concerns by registering entities regarding conditions and identities relevant to accurate implementation of registrations in beneficiary form, may be contained in a registering entity's terms and conditions.
705.30(2) (2)The following are illustrations of registrations in beneficiary form which a registering entity may authorize:
705.30(2)(a) (a) Sole owner — sole beneficiary: John S Brown TOD (or POD) John S Brown Jr.
705.30(2)(b) (b) Multiple owners — sole beneficiary: John S Brown Mary B Brown JT TEN TOD John S Brown Jr.
705.30(2)(c) (c) Multiple owners — primary and secondary (substituted) beneficiaries: John S Brown Mary B Brown, JT TEN TOD John S Brown Jr SUB BENE Peter Q Brown or John S Brown Mary B Brown JT TEN TOD John S Brown Jr LDPS.
705.30 History History: 1989 a. 331.
705.31 705.31 Applicability of general transfers at death provisions. Chapter 854 applies to transfers at death under this subchapter.
705.31 History History: 1997 a. 188.
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2019-20 Wisconsin Statutes updated through 2021 Wis. Act 267 and through all Supreme Court and Controlled Substances Board Orders filed before and in effect on July 1, 2022. Published and certified under s. 35.18. Changes effective after July 1, 2022, are designated by NOTES. (Published 7-1-22)