Chapter 700, INTERESTS IN PROPERTY
32 sections in this chapter.
Wis. Stat. § 700.01 Definitions
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700.01 Definitions. In this chapter, unless the context indicates otherwise: (1) “Bill of sale” means an instrument evidencing a sale of tangible personal property which names the seller and buyer and describes the property sold. (2) “Document of title” means a document which is …
Wis. Stat. § 700.02 Classification of interests in property as to duration
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700.02 Classification of interests in property as to duration. Interests in property are classified as to duration as: (1) A fee simple absolute; (2) A defeasible fee simple which may be a fee simple determinable automatically expiring upon the occurrence of a stated event, a fee…
Wis. Stat. § 700.03 Classification of present and future interests
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700.03 Classification of present and future interests. Interests in property are classified as to time of enjoyment as: (1) A present interest, which entitles the owner to the present possession or enjoyment of the benefits of property; or (2) A future interest, which does not en…
Wis. Stat. § 700.04 Classification of future interests
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700.04 Classification of future interests. Future interests are classified as: (1) A reversionary interest left in the transferor or the transferor’s successors in interest, either as a reversion, a possibility of reverter upon the simultaneous creation of a fee simple determinab…
Wis. Stat. § 700.05 Classification of remainders
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700.05 Classification of remainders. Remainders are classified as: (1) Indefeasibly vested, if the interest is created in favor of one or more ascertained persons in being and is certain to become a present interest at some time in the future; (2) Vested subject to open, if the i…
Wis. Stat. § 700.06 Interest for life of another; succession
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700.06 Interest for life of another; succession. An interest measured by the life of a person other than the owner of the interest passes on the death of the owner, if the owner’s death is prior to the death of the person who is the measuring life, as an asset of the owner’s esta…
Wis. Stat. § 700.07 Transferability of future interests
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700.07 Transferability of future interests. A future interest is transferable during the lifetime of the owner and passes on the owner’s death by will or under the law of intestate succession in the same manner as a present interest; but this section does not make an interest tra…
Wis. Stat. § 700.08 Estate tail becomes fee simple; effect of gift over after attempted estate tail
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700.08 Estate tail becomes fee simple; effect of gift over after attempted estate tail. The use of language in an instrument appropriate to create a present or future interest in fee tail, such as to a named person “and the heirs of his body” or “and the heirs of her body” or “an…
Wis. Stat. § 700.09 Interest contingent on death without issue
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700.09 Interest contingent on death without issue. If an instrument transfers an interest expressly contingent upon the death of a person without “heirs of the body”, “descendants”, “issue”, “children” or relatives described by other terms, the interest takes effect only if that …
Wis. Stat. § 700.10 Remainder to heirs of owner of life interest; abolition of rule in Shelley’s case
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700.10 Remainder to heirs of owner of life interest; abolition of rule in Shelley’s case. If an instrument purports to transfer an interest for life to one person and a remainder to that person’s heirs or the heirs of that person’s body, a remainder is created in that person’s he…
Wis. Stat. § 700.11 Interests in “heirs” and the like
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700.11 Interests in “heirs” and the like. (1) If a statute, inter vivos governing instrument, as defined in s. 700.27 (1) (c), or governing instrument, as defined in s. 854.01 (2), specifies that property is to be distributed to, or a future interest is to be created in, a design…
Wis. Stat. § 700.12 After-born persons included in class gift
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700.12 After-born persons included in class gift. With respect to membership in a class under a class gift, the status of a person who was born after the membership in the class was determined is governed by s. 854.21 (5). History: 1991 a. 316; 1997 a. 188.
Wis. Stat. § 700.13 Remainders presumed not to shorten prior interest; acceleration of remainders
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700.13 Remainders presumed not to shorten prior interest; acceleration of remainders. (1) If an instrument transfers an interest for life or years and a future interest to take effect on a stated contingency not defeating or avoiding the prior interest transferred, and the stated…
Wis. Stat. § 700.14 Indestructibility of contingent future interests
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700.14 Indestructibility of contingent future interests. No future interest is destroyed merely by the termination in any manner of any or all preceding interests before the happening of a contingency to which the future interest is subject.
Wis. Stat. § 700.15 Nominal conditions not enforced
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700.15 Nominal conditions not enforced. A condition imposed by the transferor is not enforceable if it is or becomes merely nominal and of no actual or substantial benefit to the transferor or other person in whose favor it is to be performed.
Wis. Stat. § 700.16 Perpetuities and suspension of power of alienation
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700.16 Perpetuities and suspension of power of alienation. (1) (a) A future interest or trust is void if it suspends the power of alienation for longer than the permissible period. The permissible period is a life or lives in being plus a period of 30 years. (b) If the settlor of…
Wis. Stat. § 700.17 Classification and characteristics of certain concurrent interests
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700.17 Classification and characteristics of certain concurrent interests. (1) CLASSIFICATION OF CONCURRENT INTERESTS. Interests in property may be owned concurrently by 2 or more persons as joint tenants or as tenants in common. A joint tenancy or tenancy in common established e…
Wis. Stat. § 700.18 Determination of cotenancy generally
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700.18 Determination of cotenancy generally. Two or more persons named as owners in a document of title, transferees in an instrument of transfer or buyers in a bill of sale are tenants in common, except as otherwise provided in s. 700.19 or ch. 766. History: 1991 a. 301. A warra…
Wis. Stat. § 700.19 Creation of joint tenancy
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700.19 Creation of joint tenancy. (1) GENERALLY. The creation of a joint tenancy is determined by the intent expressed in the document of title, instrument of transfer or bill of sale. Any of the following constitute an expression of intent to create a joint tenancy: “as joint te…
Wis. Stat. § 700.20 Extent of undivided interests in tenancy in common
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700.20 Extent of undivided interests in tenancy in common. The extent of the undivided interests of tenants in common for the duration of the tenancy is determined by the intent expressed in the document of title, instrument of transfer or bill of sale; if no intent is expressed …
Wis. Stat. § 700.21 Covendors in contracts to transfer
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700.21 Covendors in contracts to transfer. (1) If 2 or more persons are named as covendors in a contract to transfer an interest in property which they own as joint tenants, the purchase price is payable to them as joint tenants, unless the contract expresses a contrary intent. I…
Wis. Stat. § 700.215 Exception for equitable rights of cotenants and 3rd persons
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700.215 Exception for equitable rights of cotenants and 3rd persons. Nothing in ss. 700.17 to 700.21 prevents an equitable lien arising in favor of one cotenant against another tenant or tenants because of events occurring after the establishment of the cotenancy relationship nor…
Wis. Stat. § 700.22 Exception for bank deposits, checks, government bonds and vehicles
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700.22 Exception for bank deposits, checks, government bonds and vehicles. (1) (a) In this subsection, “deposits” include checking accounts or instruments deposited into or drawn on checking accounts, savings accounts, certificates of deposit, investment shares or any other form …
Wis. Stat. § 700.23 Liability among cotenants for rents and profits
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700.23 Liability among cotenants for rents and profits. (1) The provisions of this section apply only in the absence of a valid agreement to the contrary between the cotenants. As used in this section, “proportionate share” means a share determined by the number of joint tenants,…
Wis. Stat. § 700.24 Death of a joint tenant; effect of liens
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700.24 Death of a joint tenant; effect of liens. A real estate mortgage, a security interest under ch. 409, or a lien under s. 72.86 (2), 1985 stats., or s. 71.91 (5) (b), or ch. 49 or 779 on or against the interest of a joint tenant does not defeat the right of survivorship in t…
Wis. Stat. § 700.25 Applicability of chapter
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700.25 Applicability of chapter. This chapter applies to interests in property in existence on July 1, 1971, and to interests in property created after such date. If application of any provision of this chapter to an interest in property in existence on July 1, 1971, is unconstit…
Wis. Stat. § 700.26 Applicability of general transfers at death provisions
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700.26 Applicability of general transfers at death provisions. Chapter 854 applies to a transfer at death under an instrument of transfer. History: 1997 a. 188.
Wis. Stat. § 700.27 Disclaimer of transfers during life
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700.27 Disclaimer of transfers during life. (1) DEFINITIONS. In this section: (a) “Beneficiary under an inter vivos governing instrument” includes any person who receives or might receive property under the terms or legal effect of an inter vivos governing instrument. (b) “Extrin…
Wis. Stat. § 700.28 Prohibiting unreasonable restrictions on alienation of property
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700.28 Prohibiting unreasonable restrictions on alienation of property. (1) In this section, “political subdivision” means a city, village, town, or county. (2) A political subdivision may not prohibit or unreasonably restrict a real property owner from alienating any interest in…
Wis. Stat. § 700.35 Renewable energy resource easements
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700.35 Renewable energy resource easements. In this section, “renewable energy resource easement” means an easement which limits the height or location, or both, of permissible development on the burdened land in terms of a structure or vegetation, or both, for the purpose of pro…
Wis. Stat. § 700.40 Uniform conservation easement act
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700.40 Uniform conservation easement act. 700.40(1)(1) Definitions. In this section, unless the context otherwise requires: 700.40(1)(a)(a) “Conservation easement” means a holder’s nonpossessory interest in real property imposing any limitation or affirmative obligation the purpo…
Wis. Stat. § 700.41 Solar and wind access
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700.41 Solar and wind access. (1) PURPOSE. The purpose of this section is to promote the use of solar and wind energy by allowing an owner of an active or passive solar energy system or a wind energy system to receive compensation for an obstruction of solar energy by a structure…