By reference to the purchase price attributable to or paid for the assets in an arms-length transaction.
In the absence of other readily available information from which the fair market value can be determined, by reference to the value of the assets recorded on a balance sheet.
To the extent that total gross assets include liability insurance that was issued to the transferor whose assets are being valued under this subsection, the applicability, terms, conditions, and limits of the insurance are not affected by this section. This section does not affect the rights and obligations of an insurer, transferor, or successor corporation under any insurance contract or related agreement, including all of the following:
A preenactment settlement resolving a coverage-related dispute.
The right of an insurer to seek payment for applicable deductibles, retrospective premiums, or self-insured retentions.
The right of an insurer to seek contribution from a successor corporation for an uninsured or self-insured period or for a period when insurance is uncollectible or unavailable.
Subject to par. (b)
, to the extent that total gross assets include any liability insurance, a settlement of a dispute concerning the liability insurance coverage entered into by the transferor or successor corporation with the insurer of the transferor before August 1, 2009, shall be determinative of the total coverage of the liability insurance for inclusion in the calculation of the transferor's total gross assets.
Adjustment of fair market value. 895.61(5)(a)
Except as provided in pars. (b)
, the fair market value of the total gross assets at the time of the merger or consolidation with the transferor shall increase annually at a rate equal to the sum of the following:
The weekly prime rate for the first week of each calendar year since the merger or consolidation, as reported by the federal reserve board in federal reserve statistical release H. 15.
The adjustment of the fair market value of the total gross assets shall continue as provided in par. (a)
until the date that the adjusted fair market value of the total gross assets is first exceeded by the cumulative amounts of successor asbestos-related liabilities paid or committed to be paid by or on behalf of the successor corporation or a predecessor of the successor corporation or by or on behalf of a transferor after the time of the merger or consolidation for which the fair market value of the total gross assets is determined.
No adjustment of the fair market value of total gross assets may be applied to any liability insurance that is included in the definition of total gross assets under sub. (4) (b)
Liberal construction intended.
This section shall be liberally construed to effect its purposes with regard to successor corporations.
History: 2009 a. 28
; 2013 a. 173
Use of force in response to unlawful and forcible entry into a dwelling, motor vehicle, or place of business; civil liability immunity. 895.62(1)(a)
“Actor" means a person who uses force that is intended or likely to cause death or great bodily harm to another person.
“Place of business" means a business that the actor owns or operates.
Except as provided in sub. (4)
, an actor is immune from civil liability arising out of his or her use of force that is intended or likely to cause death or great bodily harm if the actor reasonably believed that the force was necessary to prevent imminent death or bodily harm to himself or herself or to another person and either of the following applies:
The person against whom the force was used was in the process of unlawfully and forcibly entering the actor's dwelling, motor vehicle, or place of business, the actor was on his or her property or present in the dwelling, motor vehicle, or place of business, and the actor knew or had reason to believe that an unlawful and forcible entry was occurring.
The person against whom the force was used was in the actor's dwelling, motor vehicle, or place of business after unlawfully and forcibly entering it, the actor was present in the dwelling, motor vehicle, or place of business, and the actor knew or had reason to believe that the person had unlawfully and forcibly entered the dwelling, motor vehicle, or place of business.
If sub. (2) (a)
applies, the finder of fact may not consider whether the actor had an opportunity to flee or retreat before he or she used force and the actor is presumed to have reasonably believed that the force was necessary to prevent imminent death or bodily harm to himself or herself or to another person.
The presumption described in sub. (3)
does not apply if any of the following are true:
The actor was engaged in a criminal activity or was using his or her dwelling, motor vehicle, or place of business to further a criminal activity at the time he or she used the force described in sub. (2)
The person against whom the force was used was a public safety worker, as defined in s. 941.375 (1) (b)
, who entered or attempted to enter the actor's dwelling, motor vehicle, or place of business in the performance of his or her official duties. This paragraph applies only if at least one of the following applies:
The public safety worker identified himself or herself to the actor before the force described in sub. (2)
was used by the actor.
The actor knew or reasonably should have known that the person entering or attempting to enter his or her dwelling, motor vehicle, or place of business was a public safety worker.
In any civil action, if a court finds that a person is immune from civil liability under sub. (2)
, the court shall award the person reasonable attorney fees, costs, compensation for loss of income, and other costs of the litigation reasonably incurred by the person.
Nothing in this section may be construed to limit or impair any defense to civil or criminal liability otherwise available.
History: 2011 a. 94
STRUCTURED SETTLEMENT TRANSFERS
In this subchapter:
“Annuity issuer" means an insurer that has issued a contract to fund periodic payments under a structured settlement.
“Dependents" means a payee's spouse and minor children and all other persons for whom the payee is legally obligated to provide support, maintenance, or alimony.
“Discounted present value" means the present value of future payments determined by discounting the payments to the present using the applicable federal rate for determining the present value of an annuity, as most recently issued by the federal Internal Revenue Service.
“Gross advance amount" means the sum payable to the payee or for the payee's account as consideration for a transfer of structured settlement payment rights before any reductions for transfer expenses or other deductions to be made from such consideration.
“Independent professional advice" means advice of an attorney, certified public accountant, actuary, or other licensed professional adviser.
“Interested parties" means the payee, any beneficiary irrevocably designated under the annuity contract to receive payments following the payee's death, the annuity issuer, the structured settlement obligor, and any other party that has continuing rights or obligations under a structured settlement. If the payee is a trust that names the state as a remainder beneficiary, or the payee is a trustee of such a trust, the secretary of health services is an interested party.
“Net advance amount" means the gross advance amount less the aggregate amount of the actual and estimated transfer expenses required to be disclosed under s. 895.66 (5)
“Payee" means an individual who is receiving tax-free payments under a structured settlement and proposes to make a transfer of the payment rights.
“Periodic payments" includes both recurring payments and scheduled future lump sum payments.
“Qualified assignment agreement" means an agreement providing for a qualified assignment within the meaning of section 130 of the federal Internal Revenue Code, Title 26, USC.
“Settled claim" means the original tort claim resolved by a structured settlement.
“Structured settlement" means an arrangement for periodic payment of damages for personal injuries or sickness established by settlement or judgment in resolution of a tort claim.
“Structured settlement agreement" means the agreement, judgment, stipulation, or release embodying the terms of a structured settlement.
“Structured settlement obligor" means the party that has the continuing obligation to make periodic payments to the payee under a structured settlement agreement or a qualified assignment agreement.
“Structured settlement payment rights" means rights to receive periodic payments under a structured settlement if any of the following applies:
The payee is domiciled in, or the domicile or principal place of business of the structured settlement obligor or the annuity issuer is located in, this state.
The structured settlement agreement was approved by a court in this state.
The structured settlement agreement is expressly governed by the laws of this state.
“Terms of the structured settlement" means the terms or conditions of the structured settlement agreement, the annuity contract, any qualified assignment agreement, and any order or other approval of any court that authorized or approved the structured settlement.
“Transfer" means any sale, assignment, pledge, hypothecation, or other alienation or encumbrance of structured settlement payment rights made by a payee for consideration. Except as provided in par. (b)
, transfer does not include the creation or perfection of a security interest in structured settlement payment rights under a blanket security agreement entered into with an insured depository institution.
“Transfer" includes the creation or perfection, by an insured depository institution, of a security interest in structured settlement payment rights if there is an action to redirect the structured settlement payments to the insured depository institution, or an agent or successor in interest thereof, or otherwise to enforce a blanket security interest against the structured settlement payment rights.
“Transfer agreement" means the agreement providing for a transfer of structured settlement payment rights.
“Transfer expenses" means all expenses of a transfer that are required under the transfer agreement to be paid by the payee or deducted from the gross advance amount, including court filing fees, attorney fees, escrow fees, lien recordation fees, judgment and lien search fees, finders' fees, commissions, and other payments to a broker or other intermediary. Transfer expenses do not include preexisting obligations of the payee payable for the payee's account from the proceeds of a transfer.
“Transferee" means a party acquiring or proposing to acquire structured settlement payment rights through a transfer.
History: 2015 a. 94
; 2017 a. 366
Not less than 5 business days before a payee signs a transfer agreement, the transferee shall provide to the payee a separate disclosure statement, in bold type no smaller than 14 points, that contains all of the following:
The amounts and due dates of the structured settlement payments to be transferred.
The aggregate amount of the payments.
The discounted present value of the payments to be transferred and the amount of the applicable federal rate used in calculating the discounted present value.
An itemized listing of all applicable transfer expenses, other than attorney fees and related disbursements payable in connection with the transferee's petition for approval of the transfer, and the transferee's best estimate of the amount of any such fees and disbursements.
The amount of any penalties or liquidated damages payable by the payee in the event of any breach of the transfer agreement by the payee.
A statement that the payee has the right to cancel the transfer agreement, without penalty or further obligation, not later than the 3rd business day after the date the agreement is signed by the payee.
The effective annualized rate of interest on the net advance amount, calculated by treating the transferred structured settlement payments as if they were installment payments on a loan, with each payment applied first to accrued unpaid interest and then to principal, and written in the following format: “YOU WILL BE PAYING THE EQUIVALENT OF AN INTEREST RATE OF __% PER YEAR.".
A statement that the transferee's attorney does not represent the payee in connection with the proposed transfer.
A statement informing the payee that structured settlement transfers have financial consequences and advising the payee to seek independent professional advice regarding the transfer agreement.
History: 2015 a. 94
; 2017 a. 365
Approval of transfers of structured settlement payment rights. 895.67(1)(1)
No direct or indirect transfer of structured settlement payment rights may take effect and no structured settlement obligor or annuity issuer may be required to make any payment directly or indirectly to any transferee of structured settlement payment rights unless, after the hearing required under s. 895.69 (2)
, the transfer has been approved in advance in a final court order based on express findings by the court that all of the following are true:
The transfer is in the best interest of the payee, taking into account the welfare and support of the payee's dependents.
The payee has been advised in writing by the transferee to seek independent professional advice regarding the transfer and has either received such advice or knowingly waived in writing the opportunity to seek and receive such advice.
The transfer does not contravene any applicable statute or the order of any court or other government authority.
A court may consider any of the following when making a determination under sub. (1) (a)
Whether the payee understands the financial ramifications of the transfer agreement and is entering into the agreement voluntarily.
The financial terms of the transfer agreement.
Whether the payee is delinquent in the payment of taxes in this state or in any payments required to be made pursuant to a restitution order in a criminal or juvenile delinquency proceeding, or pursuant to a child support order.
Any other considerations the court deems appropriate.
In addition to the considerations in sub. (2)
, if the payee is a minor or has been adjudicated incompetent, the court shall consider all of the following when making a determination under sub. (1) (a)
The physical and mental health of the payee.