Chapter 223, TRUST COMPANY BANKS AND OTHER FIDUCIARIES
16 sections in this chapter.
Wis. Stat. § 223.01 Trust company banks, capital
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223.01 Trust company banks, capital. Trust company banks may be organized pursuant to ch. 221 and shall be subject to all the provisions, requirements, and liabilities of chs. 220 and 221, so far as applicable, except that trust company banks may not accept deposits other than tr…
Wis. Stat. § 223.02 Indemnity fund deposit; errors and omissions insurance
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223.02 Indemnity fund deposit; errors and omissions insurance. Before any trust company bank may commence business in this state, the trust company bank shall do one of the following: (1) INDEMNITY FUND DEPOSIT. Deposit at least $100,000 with the secretary of administration or th…
Wis. Stat. § 223.03 Corporate powers
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223.03 Corporate powers. A trust company bank shall have the following powers: (1) To make all contracts necessary and proper to effect its purpose and conduct its business. (2) To sue and be sued, to appear and defend in all actions and proceedings under its corporate name to th…
Wis. Stat. § 223.05 Trust funds
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223.05 Trust funds. (1) ACCOUNTS, HOW KEPT. (a) Every trust company bank shall keep its trust accounts in books separate from its own general books of account. All funds and property held by a trust company bank in a trust capacity shall, at all times, be kept separate from the f…
Wis. Stat. § 223.055 Uniform common trust fund act
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223.055 Uniform common trust fund act. (1) ESTABLISHMENT OF COMMON TRUST FUNDS. Any bank or trust company qualified to act as fiduciary in this state may establish common trust funds for the purpose of furnishing investments to itself as fiduciary, or to itself and others, as cof…
Wis. Stat. § 223.056 Multi-institutional common trust funds
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223.056 Multi-institutional common trust funds. In addition to the powers granted in s. 223.055, any bank or trust company qualified to act as a fiduciary in this state may: (1) Establish, alone or jointly with one or more other banks or trust companies, common trust funds for th…
Wis. Stat. § 223.057 Taxation of common trust funds
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223.057 Taxation of common trust funds. No common trust fund established under s. 223.055 or 223.056 shall be subject to taxation as a corporation, association, partnership, limited liability company or individual, but it shall be a fiduciary within subch. II of ch. 71. All incom…
Wis. Stat. § 223.06 Loans to officers
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223.06 Loans to officers. A trust company bank may not loan its funds, trust or otherwise, to any salaried officer or employee, nor shall any officer or employee become, in any manner, indebted to the bank by means of an overdraft, promissory note, account, endorsement, guaranty …
Wis. Stat. § 223.07 Trust service offices
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223.07 Trust service offices. (1) Any trust company bank may, with the approval of the division, establish and maintain a trust service office at any office of a depository institution, as defined in s. 221.0901 (2) (i), if the establishment of the trust service office has been a…
Wis. Stat. § 223.08 Name of corporation; penalty
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223.08 Name of corporation; penalty. Cross-reference: See definitions in s. 220.01. SUBCHAPTER I TRUST COMPANY BANKS
Wis. Stat. § 223.09 Assessment of stock
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223.09 Assessment of stock. The capital stock and property of corporations organized, continued, or reorganized under this chapter shall be assessed and taxed in the same manner as the stock and property of state banks. History: 1989 a. 56. SUBCHAPTER II OTHER ORGANIZATIONS ACTIN…
Wis. Stat. § 223.10 Organizations as fiduciaries
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223.10 Organizations as fiduciaries. Except as provided in s. 54.15 (7), no court or probate registrar in this state may appoint or issue letters to any corporation, limited liability company, association, partnership or business trust as trustee, personal representative, guardia…
Wis. Stat. § 223.105 Regulation of organizations acting as fiduciaries
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223.105 Regulation of organizations acting as fiduciaries. (1) DEFINITIONS. In this section: (a) “Fiduciary operation” means any action taken by an organization acting as a trustee or in any fiduciary capacity requiring appointment or issuance of letters by a court or probate reg…
Wis. Stat. § 223.12 Foreign trust company as personal representative or trustee in this state
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223.12 Foreign trust company as personal representative or trustee in this state. (1) EXCEPTION FROM QUALIFICATION TO DO BUSINESS. A foreign corporation may act in this state as trustee, personal representative, guardian, or in any other like fiduciary capacity, whether the appoi…
Wis. Stat. § 223.20 Reorganization of a trust company bank
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223.20 Reorganization of a trust company bank. (1) CONVERSION INTO A STATE BANK. A trust company bank may, by amendment to its articles of incorporation, duly adopted by its stockholders and approved by the division, in the manner provided under s. 221.0211, convert its corporate…
Wis. Stat. § 223.21 Consolidation of trust company banks
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223.21 Consolidation of trust company banks. corporation, having an authorized capital of $1,000,000 or more, to act as an agent to hold the cash or securities in safekeeping. The agent shall furnish to the secretary of administration a safekeeping receipt for all cash and securi…