reglab/statecodes huggingface dataset:
2023 Wisconsin Statutes & Annotations › Chapter 221 - State banks. › 221.0718 - Court costs and counsel fees.

221.0718
Court costs and counsel fees.
(1)
Assessment of and liability for costs.
(a)
Notwithstanding ss. 814.01 to 814.04, the court in a special proceeding brought under s. 221.0717 shall determine all costs of the proceeding, including the reasonable compensation and expenses of appraisers appointed by the court and shall assess the costs against the bank, except as provided in par. (b).
(b)
Notwithstanding ss. 814.01 and 814.04, the court may assess costs against all or some of the dissenters, in amounts that the court finds to be equitable, to the extent that the court finds the dissenters acted arbitrarily, vexatiously or not in good faith in demanding payment under s. 221.0716.
(2)
When liable for fees and costs. The parties shall bear their own expenses of the proceeding, except that, notwithstanding ss. 814.01 to 814.04, the court may also assess the fees and expenses of counsel and experts for the respective parties, in amounts that the court finds to be equitable, as follows:
(a)
Against the bank and in favor of any dissenter if the court finds that the bank did not substantially comply with ss. 221.0708 to 221.0716.
(b)
Against the bank or against a dissenter, in favor of any other party, if the court finds that the party against whom the fees and expenses are assessed acted arbitrarily, vexatiously or not in good faith with respect to the rights provided by this chapter.
(3)
Payment of counsel and experts from recovery. Notwithstanding ss. 814.01 to 814.04, if the court finds that the services of counsel and experts for any dissenter were of substantial benefit to other dissenters similarly situated, the court may award to these counsel and experts reasonable fees to be paid out of the amounts awarded the dissenters who were benefited.
History:  1995 a. 336.
2023 Wisconsin Statutes & Annotations › Chapter 221 - State banks. › 221.0801 - Liquidation.

221.0801
Liquidation.
(1)
When authorized. A bank organized or doing business under this chapter may go into liquidation by a vote of its shareholders owning a majority of the capital stock outstanding or such greater percentage required under the articles of incorporation or bylaws. If a vote is taken to go into liquidation, the board of directors shall give notice of this fact to the division, and the notice shall be certified by an officer of the bank. A liquidating bank may not transfer assets or liabilities to another bank until the transfer is approved by the division.
(2)
Notice. The board of directors shall also give notice of this fact by certified mail to all persons whose names appear as creditors upon the books of the bank and by publication as a class 3 notice, under ch. 985. The notice shall direct all persons who may have claims against the bank to file the claims.
History:  1995 a. 336.
2023 Wisconsin Statutes & Annotations › Chapter 221 - State banks. › 221.0802 - Banks may be placed in hands of division.

221.0802
Banks may be placed in hands of division.
A bank doing business under this chapter may place its affairs and assets under the control of the division by posting a notice on its front door, as follows: “This bank is in the hands of the Division of Banking of the Department of Financial Institutions". Immediately upon posting such notice, the bank shall notify the division of this action. The posting of the notice, or the taking possession of a bank by the division, places the bank's assets and property in the possession of the division, and bars any attachment proceedings. For each day the division is placed in possession of the bank, and until such time as a special deputy is appointed under s. 220.08 (4), the bank shall pay to the division the actual cost of such liquidation proceedings. The division shall pay the amounts to the state treasurer and the percentage specified in s. 20.144 (1) (g) shall be credited to the appropriation account under s. 20.144 (1) (g).
History:  1995 a. 336; 1997 a. 35.
2023 Wisconsin Statutes & Annotations › Chapter 221 - State banks. › 221.0803 - Charter, how forfeited.

221.0803
Charter, how forfeited.
If the board of directors or a quorum thereof or any committee of the board of any bank knowingly violates or knowingly permits any of the officers, agents or employees of the bank to violate this chapter, the directors are jointly and severally liable for the amount of the loss sustained by the bank. If, after a warning from the division, the directors shall fail to make good any loss or damage resulting from the violations, or continue such conduct, it shall constitute a ground for the forfeiture of the charter of the bank, and the division shall institute proceedings to enforce the forfeiture and to secure a dissolution and a winding up of the affairs of the bank.
History:  1995 a. 336.
2023 Wisconsin Statutes & Annotations › Chapter 221 - State banks. › 221.1001 - Stock book.

221.1001
Stock book.
Every bank shall keep a stock book. The stock book shall be subject to the inspection of officers, directors and shareholders of the bank during the usual hours for transacting business. The stock book shall show the name, residence and number of shares held by each shareholder. A refusal by the officers of such bank to exhibit the stock book to any person rightfully demanding inspection of the book, may be required to forfeit not more than $50. In all actions, suits and proceedings, the stock book is presumptive evidence of the facts contained in the book.
History:  1995 a. 336.
2023 Wisconsin Statutes & Annotations › Chapter 221 - State banks. › 221.1002 - Reports.

221.1002
Reports.
(1)
Reporting requirements. A bank shall make to the division not less than 2 reports during each calendar year. The reports shall be made at the times required by the division on forms prescribed and furnished by the division. The forms shall conform as nearly as practicable to that required of national banks, including any schedules.
(2)
Attestation. The reports under sub. (1) shall be signed and verified by the oath or affirmation of one of the officers of the bank, and shall be attested by at least 2 of the directors. If by reason of absence or other inability it is impracticable to obtain the signature of 2 directors, the report shall specify the reason why it is impracticable and the attestation by the director so absent or under disability is not required.
(3)
Resources and liabilities. The report under sub. (1) shall exhibit in detail and under the proper headings, the resources and liabilities of the bank at the close of the business of any past day specified by the division. The bank shall transmit the report to the division within 30 days after the receipt of request for the report from the division.
(4)
List of shareholders. When requested by the division, any bank shall report to the division a list of its shareholders, their residences, and the amount of stock held by each. The shareholder list shall be signed and verified by the oath or affirmation of one of the officers of the bank.
(5)
Special reports. The division may require special reports from a bank, if the division determines that the reports are necessary to inform the division fully of the bank's condition.
History:  1995 a. 336.
2023 Wisconsin Statutes & Annotations › Chapter 221 - State banks. › 221.1003 - Forfeiture.

221.1003
Forfeiture.
A bank failing to make and transmit to the division a report or proof of publication required under this chapter may be required to forfeit to the division not more than $100 for each day after the report or proof of publication was required. If a bank fails or refuses to pay the forfeiture under this section, the division may institute proceedings for the recovery of the forfeiture.
History:  1995 a. 336.
2023 Wisconsin Statutes & Annotations › Chapter 221 - State banks. › 221.1004 - False statements.

221.1004
False statements.
(1)
Prohibition. An officer, director or employee of a bank may not do any of the following:
(a)
Willfully and knowingly subscribe to or make, or cause to be made, any false statement or false entry in the books of the bank.
(b)
Knowingly subscribe to or exhibit false papers with the intent to deceive any person authorized to examine the affairs of the bank.
(c)
Knowingly make, state, or publish any false report or statement of the bank.
(2)
Penalties. Any person who violates sub. (1) is guilty of a Class F felony.
History:  1995 a. 336; 1997 a. 283; 2001 a. 109.
2023 Wisconsin Statutes & Annotations › Chapter 221 - State banks. › 221.1005 - Refusal to permit inspection.

221.1005
Refusal to permit inspection.
If an officer in charge of a bank refuses to submit the books, papers and concerns of the bank to the inspection of the division, or refuses to be examined under oath touching the concerns of the bank, the division may inform the attorney general. The department of justice shall then institute an action to procure a judgment dissolving the bank. In order to carry out this section, the division may commence and maintain in the division's name any action necessary or proper to enforce this section.
History:  1995 a. 336.
2023 Wisconsin Statutes & Annotations › Chapter 221 - State banks. › 221.1006 - Fees for certified copies.

221.1006
Fees for certified copies.
If a certified copy of a record filed in the division is lawfully required to be furnished by the division, the division may assess a reasonable fee as determined by the banking institutions review board. These fees shall be deposited in the general fund.
History:  1995 a. 336; 2019 a. 65.
2023 Wisconsin Statutes & Annotations › Chapter 221 - State banks. › 221.1008 - Record search.

221.1008
Record search.
A bank is entitled to reimbursement for expenses and costs incurred in searching for, reproducing and transporting books, papers, records and other data required to be produced by legal process, unless otherwise prohibited by law from collecting these expenses and costs or unless the person seeking the production is a government unit, as defined in s. 108.02 (17). The expenses and costs shall be paid by persons seeking such production. If a bank is entitled to reimbursement under this section, a bank may not be required to produce books, papers, records and other data in response to legal process unless the expenses and costs, identified in an itemized invoice to be provided by the bank, are paid or unless payment is tendered to the bank in cash or by certified check or draft.
History:  1995 a. 336.
2023 Wisconsin Statutes & Annotations › Chapter 221 - State banks. › 221.1101 - Bank service corporations.

221.1101
Bank service corporations.
(1)
Definitions. In this subchapter:
(a)
“Bank service corporation" means a corporation organized to perform bank services for 2 or more banks, each of which owns part of the capital stock of the corporation.
(b)
“Bank services" means check and deposit sorting and posting, computation and posting of interest and other credits and charges, preparation and mailing of checks, statements, notices and similar items, other clerical, bookkeeping, accounting, statistical, auditing, compliance, loan documentation, administrative, technology, or other similar functions performed for a bank, or any other service established under sub. (6).
(c)
“Invest" includes any advance of funds to a bank service corporation, whether by purchase of stock, the making of a loan, or otherwise, except a payment for rent earned, goods sold and delivered, or services rendered prior to the making of the payment.
(2)
Investments in bank service corporations.
(a)
Two or more banks may invest not more than 10 percent of the capital of each of the banks in a bank service corporation.
(b)
If stock in a bank service corporation is held by 2 banks, and one of the banks ceases to utilize the services of the corporation and ceases to hold stock in it, and leaves the other as the sole stock holding bank, the corporation may nevertheless continue to function as a bank service corporation and the other bank may continue to hold stock in it.
(4)
Permitted activities of bank service corporations. A bank service corporation may not engage in any activity other than the performance of bank services for banks.
(5)
Contracting for bank services. A bank may cause to be performed, by contract or otherwise, any bank service for itself, whether on or off its premises, if the bank and the party performing the service provide the division with assurances, satisfactory to the division, that the performance of the service will be subject to regulation and examination by the division to the same extent as if the service was being performed by the bank itself on its own premises.
(6)
Additional bank services.
(a)
The division may establish additional services as bank services under sub. (1) (b) if the services are related to the routine daily operations of banks.
(b)
A bank may file a written request with the division to exercise its authority under par. (a) and may include, along with the request, a description of any proposed bank service and an explanation of how that service is related to the routine daily operations of banks. Within 60 days after receiving a request under this paragraph, the division shall approve or disapprove the request.
History:  1995 a. 336; 2013 a. 22.
2023 Wisconsin Statutes & Annotations › Chapter 221 - State banks. › 221.1201 - Stock in bank-owned banks.

221.1201
Stock in bank-owned banks.
A bank, or, subject to the limitations of s. 221.0901, a bank holding company, may, with the approval of the division, acquire and hold stock, in an aggregate amount not exceeding 10 percent of its capital, in one or more of the following:
(1)
A bank chartered under s. 221.1202.
(2)
A national bank chartered under 12 USC 27 (b).
(3)
A bank holding company wholly owning a bank described under sub. (1) or (2).
History:  1995 a. 336.
2023 Wisconsin Statutes & Annotations › Chapter 221 - State banks. › 221.1202 - Bank-owned banks.

221.1202
Bank-owned banks.
(1)
Establishment and ownership. The division may authorize the establishment of, and issue a charter to, a bank, all of the stock of which is owned by 2 or more depository institutions or depository institution holding companies. Notwithstanding any other requirement of this section, the division may authorize, by rule, up to 10 percent of the stock to be held by other persons to accommodate operational needs of the bank.
(2)
Status and powers. A bank established under sub. (1) is a state bank chartered under this chapter for all purposes, except that its functions are limited solely to doing the following:
(a)
Providing banking and banking-related services to or for depository institutions, subsidiaries of depository institutions, depository institution holding companies, subsidiaries of depository institution holding companies and directors, officers and employees of other depository institutions.
(b)
Providing correspondent banking services at the request of other depository institutions or depository institution holding companies, and to depository institution trade associations.
(3)
Stock issuance. A bank established under sub. (1) may authorize and hold authorized but not issued stock.
History:  1995 a. 336.
2023 Wisconsin Statutes & Annotations › Chapter 222 - Universal banks. › 222.0102 - Definitions.

222.0102
Definitions.
In this chapter:
(1)
“Capital" of a universal bank means the sum of the following, less the amount of intangible assets that is not considered to be qualifying capital by a deposit insurance corporation or the division:
(a)
For a universal bank organized as a stock organization, the universal bank's capital stock, preferred stock, undivided profits, surplus, outstanding notes and debentures approved by the division, other forms of capital designated as capital by the division, and other forms of capital considered to be qualifying capital of the universal bank by a deposit insurance corporation.
(b)
For a universal bank organized as a mutual organization, the universal bank's net worth, undivided profits, surplus, outstanding notes and debentures approved by the division, other forms of capital designated as capital by the division, and other forms of capital considered to be qualifying capital by a deposit insurance corporation.
(2)
“Deposit insurance corporation" means the Federal Deposit Insurance Corporation or other instrumentality of, or corporation chartered by, the United States that insures deposits of financial institutions and that is supported by the full faith and credit of the U.S. government as stated in a congressional resolution.
(3)
“Division" means the division of banking.
(4)
“Financial institution" means a savings bank organized under ch. 214, savings and loan association organized under ch. 215, or bank chartered under ch. 221.
(5)
“Universal bank" means a financial institution that has been issued a certificate of authority under s. 222.0205.
(6)
“Well-capitalized" has the meaning given in 12 USC 1831o (b) (1) (A).
History:  2003 a. 63.
2023 Wisconsin Statutes & Annotations › Chapter 222 - Universal banks. › 222.0103 - Applicability.

222.0103
Applicability.
(1)
Savings banks. A universal bank that is a savings bank organized under ch. 214 remains subject to all of the requirements, duties, and liabilities, and may exercise all of the powers, of a savings bank, except that, in the event of a conflict between this chapter and those requirements, duties, liabilities, or powers, this chapter shall control.
(2)
Savings and loan associations. A universal bank that is a savings and loan association organized under ch. 215 remains subject to all of the requirements, duties, and liabilities, and may exercise all of the powers, of a savings and loan association, except that, in the event of a conflict between this chapter and those requirements, duties, liabilities, or powers, this chapter shall control.
(3)
Banks. A universal bank that is a bank chartered under ch. 221 remains subject to all of the requirements, duties, and liabilities, and may exercise all of the powers, of a bank, except that, in the event of a conflict between this chapter and those requirements, duties, liabilities, or powers, this chapter shall control.
History:  2003 a. 63.
2023 Wisconsin Statutes & Annotations › Chapter 222 - Universal banks. › 222.0107 - Administration.

222.0107
Administration.
(1)
Powers of division. The division shall administer this chapter for all universal banks.
(2)
Rule-making authority. The division may promulgate rules to administer and carry out this chapter. The division may establish additional limits or requirements on universal banks, if the division determines that the limits or requirements are necessary for the protection of depositors, members, investors, or the public.
History:  2003 a. 63.
2023 Wisconsin Statutes & Annotations › Chapter 222 - Universal banks. › 222.0201 - Procedure.

222.0201
Procedure.
(1)
Application. A financial institution may apply to become certified as a universal bank by filing a written application with the division. The application shall include all information required by the division. The application shall be on the forms and in accordance with the procedures prescribed by the division.
(2)
Review by division. An application submitted by a financial institution under sub. (1) shall either be approved or disapproved by the division, in writing, within 60 days after the date on which application is filed with the division. The division and the financial institution may mutually agree to extend the application period for an additional period of 60 days. The division shall approve an application if all of the applicable requirements under s. 222.0203 (1) are met.
History:  2003 a. 63.
2023 Wisconsin Statutes & Annotations › Chapter 222 - Universal banks. › 222.0203 - Eligibility.

222.0203
Eligibility.
(1)
Requirements. The division may approve an application from a financial institution for certification as a universal bank only if all of the following requirements are met:
(a)
The financial institution has been in existence and continuous operation for a minimum of 3 years before the date of the application.
(b)
The financial institution is well-capitalized.
(c)
The financial institution does not exhibit a combination of financial, managerial, operational, and compliance weaknesses that is moderately severe or unsatisfactory, as determined by the division based upon the division's assessment of the financial institution's capital adequacy, asset quality, management capability, earnings quantity and quality, adequacy of liquidity, and sensitivity to market risk.
(d)
During the 12-month period before the date of the application, the financial institution has not been the subject of an enforcement action, and there is no enforcement action pending against the financial institution by any state or federal financial institution regulatory agency, including the division.
(e)
The most current evaluation prepared under 12 USC 2906 that the financial institution has received rates the financial institution as “outstanding" or “satisfactory" in helping to meet the credit needs of its entire community, including low-income and moderate-income neighborhoods, consistent with the safe and sound operation of the financial institution.
(f)
If the financial institution has received from its federal functional regulator, as defined in 15 USC 6809 (2), a consumer compliance examination that contains information regarding the financial institution's compliance with 15 USC 6801 to 6803 and any applicable regulations prescribed under 15 USC 6804, the most recent such examination indicates, in the opinion of the division, that the financial institution is in substantial compliance with those statutes or regulations.
(2)
Failure to maintain eligibility; limitation of authority and decertification. For any period during which a universal bank fails to meet the requirements under sub. (1), the division shall limit or restrict the exercise of the powers of the universal bank under this chapter. In addition to or in lieu of limiting or restricting the universal bank's authority under this subsection, the division may by order revoke the universal bank's certificate of authority issued under s. 222.0205.
History:  2003 a. 63.
2023 Wisconsin Statutes & Annotations › Chapter 222 - Universal banks. › 222.0207 - Voluntary termination of certification.

222.0207
Voluntary termination of certification.
A financial institution that is certified as a universal bank under this chapter may elect to terminate its certification by giving 60 days' prior written notice of the termination to the division. A termination under this section is effective only with the written approval of the division. A financial institution shall, as a precondition to termination under this section, terminate its exercise of all powers granted under this chapter before the termination of the certification. The division's written approval of a financial institution's termination under this section is void if the financial institution fails to satisfy the precondition to termination under this section.
History:  2003 a. 63.
2023 Wisconsin Statutes & Annotations › Chapter 222 - Universal banks. › 222.0301 - Articles of incorporation and bylaws.

222.0301
Articles of incorporation and bylaws.
A universal bank shall continue to operate under its articles of incorporation and bylaws as in effect prior to certification as a universal bank or as such articles or bylaws may be subsequently amended in accordance with the provisions of the chapter under which the universal bank was organized or chartered.
History:  2003 a. 63.
2023 Wisconsin Statutes & Annotations › Chapter 222 - Universal banks. › 222.0303 - Name.

222.0303
Name.
(1)
Use of “bank". Notwithstanding ss. 214.035, 215.40 (1) (c), and 215.60 (1) (c) and subject to subs. (2) and (3) (b), a universal bank may use the word “bank" in its name, without having to include the word “savings." Notwithstanding ss. 215.40 (1) (a) and 215.60 (1) (a) and subject to subs. (2) and (3) (b), a universal bank that is organized under ch. 215 and that uses the word “bank" in its name in accordance with this section need not include the words “savings and loan association" or “savings association" in its name.
(2)
Distinguishability. Except as provided in sub. (3), the name of the universal bank shall be distinguishable upon the records of the division from all of the following names:
(a)
The name of every other financial institution organized under the laws of this state.
(b)
The name of every national bank or foreign bank authorized to transact business in this state.
(3)
Exceptions.
(a)
A universal bank may apply to the division for authority to use a name that does not meet the requirements under sub. (2). The division may authorize the use of the name if any of the conditions under s. 221.0403 (2) (a) or (b) is met.
(b)
A universal bank may use a name that is used in this state by another financial institution or by an institution authorized to transact business in this state, if the universal bank has done any of the following:
1.
Merged with the other institution.
2.
Been formed by reorganization of the other institution.
3.
Acquired all or substantially all of the assets, including the name, of the other institution.
History:  2003 a. 63.
2023 Wisconsin Statutes & Annotations › Chapter 222 - Universal banks. › 222.0305 - Capital and assets.

222.0305
Capital and assets.
(1)
Capital requirements. Notwithstanding subch. VI of ch. 214 and ss. 215.24 and 221.0205, the division shall determine the minimum capital requirements of universal banks.
(2)
Certain asset requirements. Section 214.045 does not apply to universal banks.
History:  2003 a. 63.
2023 Wisconsin Statutes & Annotations › Chapter 222 - Universal banks. › 222.0307 - Acquisitions, mergers, and asset purchases.

222.0307
Acquisitions, mergers, and asset purchases.
(1)
In general. A universal bank may, with the approval of the division, purchase the assets of, merge with, acquire, or be acquired by any other financial institution, universal bank, national bank, or federally chartered savings bank or savings and loan association, or by a holding company of any of these entities. Notwithstanding subch. III of ch. 214 and ss. 214.09 and 215.36, the approval of the division of savings institutions is not required.
(2)
Applications for approval. An application for approval under sub. (1) shall be submitted on a form prescribed by the division and accompanied by a fee determined by the division. In processing and acting on applications under this section the division shall apply the following standards:
(a)
For universal banks organized under ch. 214, the standards described in ss. 214.09, 214.62 to 214.64, and 214.665, and subch. III of ch. 214.
(b)
For universal banks organized under ch. 215, the standards described in ss. 215.35, 215.36, 215.53, and 215.73.
(c)
For universal banks chartered under ch. 221, the standards described in subchs. VII and IX of ch. 221.
History:  2003 a. 63.
2023 Wisconsin Statutes & Annotations › Chapter 222 - Universal banks. › 222.0401 - Federal financial institution powers.

222.0401
Federal financial institution powers.
(1)
In general.
(a)
Powers exercised by universal bank. Subject to any applicable requirements of sub. (2), a universal bank may exercise any power that may be directly exercised by a federally chartered savings bank, a federally chartered savings and loan association, or a federally chartered national bank.
(b)
Powers exercised by subsidiary of universal bank. Subject to any applicable requirements of sub. (2), a universal bank, through a subsidiary, may exercise any power that a federally chartered savings bank, a federally chartered savings and loan association, or a federally chartered national bank may exercise through a subsidiary.
(2)
Approval required for exercise of federal power. Except as otherwise provided in this subsection, a universal bank shall file with the division a written request to exercise a power under sub. (1). The division shall determine whether the requested power is permitted under sub. (1). Within 60 days after receiving a request under this subsection, the division shall approve the request, if the power is permitted under sub. (1), or shall disapprove the request if the power is not permitted under sub. (1). The division and the universal bank may mutually agree to extend this 60-day period for an additional period of 60 days. The division shall periodically publish, in the Wisconsin administrative register, a list of all powers approved under this subsection and, upon publication, shall mail a copy of the list to all universal banks. A universal bank need not request the permission of the division under this subsection to exercise any power described in the most current list published under this subsection.
(3)
Exercise of federal powers through a subsidiary. The division may require that certain powers exercisable by a universal bank under sub. (1) (a) be exercised through a subsidiary of the universal bank with appropriate safeguards to limit the risk exposure of the universal bank.
History:  2003 a. 63.
2023 Wisconsin Statutes & Annotations › Chapter 222 - Universal banks. › 222.0407 - Universal bank purchase of its own stock.

222.0407
Universal bank purchase of its own stock.
(1)
In general. A universal bank may hold or purchase not more than 10 percent of its capital stock, notes, or debentures, except as provided in sub. (2) or (3).
(2)
Division approval. A universal bank may hold or purchase more than 10 percent of its capital stock, notes, or debentures, if approved by the division.
(3)
Additional authority. A universal bank may hold or purchase more than 10 percent of its capital stock, notes, or debentures if the purchase is necessary to prevent loss upon a debt previously contracted in good faith. Stock, notes, or debentures held or purchased under this subsection may not be held by the universal bank for more than 6 months if the stock, notes, or debentures can be sold for the amount of the claim of the universal bank against the holder of the debt previously contracted. The universal bank shall either sell the stock, notes, or debentures within 12 months of acquisition under this subsection or shall cancel the stock, notes, or debentures. Cancellation of the stock, notes, or debentures reduces the amount of the universal bank's capital stock, notes, or debentures. If the reduction reduces the universal bank's capital below the minimum level required by the division, the universal bank shall increase its capital to the amount required by the division.
(4)
Loans secured by capital, surplus, or deposits. A universal bank may not loan any part of its capital, surplus, or deposits on its own capital stock, notes, or debentures as collateral security, except that a universal bank may make a loan secured by its own capital stock, notes, or debentures to the same extent that the universal bank may make a loan secured by the capital stock, notes, and debentures of a holding company for the universal bank.
History:  2003 a. 63.
2023 Wisconsin Statutes & Annotations › Chapter 222 - Universal banks. › 222.0409 - Stock in bank-owned banks.

222.0409
Stock in bank-owned banks.
With the approval of the division, a universal bank may acquire and hold stock in one or more banks chartered under s. 221.1202 or national banks chartered under 12 USC 27 (b) or in one or more holding companies wholly owning such a bank. Aggregate investments under this section may not exceed 10 percent of the universal bank's capital.
History:  2003 a. 63.
2023 Wisconsin Statutes & Annotations › Chapter 222 - Universal banks. › 222.0411 - General deposit powers.

222.0411
General deposit powers.
(1)
In general. A universal bank may set eligibility requirements for, and establish the types and terms of, deposits that the universal bank solicits and accepts. The terms set under this subsection may include minimum and maximum amounts that the universal bank may accept and the frequency and computation method of paying interest.
(2)
Pledge of security for deposits. Subject to the limitations of s. 221.0324 that are applicable to banks, a universal bank may pledge its assets as security for deposits.
(3)
Securitization of assets. With the approval of the division, a universal bank may securitize its assets for sale to the public. The division may establish procedures governing the exercise of authority granted under this subsection.
(4)
Safe deposit powers. A universal bank may take and receive, from any individual or corporation for safekeeping and storage, gold and silver plate, jewelry, money, stocks, securities, and other valuables or personal property, and may rent out the use of safes or other receptacles upon its premises for such compensation as may be agreed upon. A universal bank has a lien for its charges on any property taken or received by it for safekeeping. If the lien is not paid within 2 years from the date the lien accrues, or if property is not called for by the person depositing the property, or by his or her representative or assignee, within 2 years from the date the lien accrues, the universal bank may sell the property at public auction. A universal bank shall provide the same notice for a sale under this subsection that is required by law for sales of personal property on execution. After retaining from the proceeds of the sale all of the liens and charges due the bank and the reasonable expenses of the sale, the universal bank shall pay the balance to the person depositing the property, or to his or her representative or assignee.
History:  2003 a. 63.
2023 Wisconsin Statutes & Annotations › Chapter 223 - Trust company banks and other fiduciaries. › 223.01 - Trust company banks, capital.

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 trust deposits and except as otherwise hereinafter provided. The division may, with the approval of the banking institutions review board, establish minimum capital requirements for a trust company bank.
History:  1987 a. 252; 1995 a. 336; 2019 a. 65.
2023 Wisconsin Statutes & Annotations › Chapter 223 - Trust company banks and other fiduciaries. › 223.02 - Indemnity fund deposit; errors and omissions insurance.

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 the secretary's agent in accordance with the following provisions:
(a)
The deposit may be securities eligible for trust investments under ch. 881 and approved by the division or be cash. The trust company bank may from time to time withdraw securities or cash, if the value of the balance of the deposit remains at least $100,000.
(b)
The secretary of administration or the secretary's agent shall pay over to the bank trust company the interest, dividends, or other income on deposit or may authorize the bank trust company to collect the interest, dividends, or other income. The secretary of administration shall issue a certificate stating that a deposit has been made with the secretary of administration or the secretary's agent in the manner provided in this section.
(c)
The secretary of administration or the secretary's agent shall hold the deposit as security for the faithful execution of any trust which may be lawfully imposed upon and accepted by the trust company bank. The cash or securities shall remain in the possession of the secretary of administration or the secretary's agent until otherwise ordered by a court of competent jurisdiction, unless released pursuant to par. (d).
(d)
The securities and cash deposited by a trust company bank may be released by the secretary of administration or the secretary's agent and returned to the bank, if the division certifies to the secretary of administration that the bank no longer exercises trust powers and that the division is satisfied that there are no outstanding trust liabilities.
(e)
The secretary of administration may designate a banking 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 securities received by it. The agent shall pay the cash and securities to the secretary of administration on demand without conditions.
(2)
Errors and omissions insurance policy. Obtain and maintain adequate insurance against loss, expense and liability resulting from errors, omissions or neglect in the performance of any trust which may be lawfully imposed upon and accepted by the trust company bank. The trust company bank shall file a copy of the policy with the division.
History:  1971 c. 41 s. 12; 1981 c. 20; 1987 a. 252; 1991 a. 316; 1995 a. 27, 336; 2003 a. 33.
2023 Wisconsin Statutes & Annotations › Chapter 223 - Trust company banks and other fiduciaries. › 223.055 - Uniform common trust fund act.

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 cofiduciaries; and may, as such fiduciary or cofiduciary, invest funds which it lawfully holds for investment in interests in such common trust funds, if such investment is not prohibited by the instrument, judgment, decree or order creating such fiduciary relationship, and if, in the case of cofiduciaries, the bank or trust company procures the consent of its cofiduciaries to such investment; and the provisions of this section shall apply to trusts now in existence or hereafter created.
(2)
Court accountings. Unless ordered by a court of competent jurisdiction the bank or trust company operating such common trust funds is not required to render a court accounting with regard to such funds; but it may, by application to the circuit court of the county in which it has its principal office, secure approval of such an accounting on such conditions as the court may establish. When an accounting of a common trust fund is presented to a court for approval, the court shall assign a time and place for hearing and order notice thereof by:
(a)
Publication of a class 3 notice, under ch. 985, in the county in which the bank or trust company or branch thereof operating the common trust fund is located; and
(b)
Mailing not less than 14 days prior to the date of the hearing a copy of the notice to all beneficiaries of the trusts participating in the common trust fund whose names are known to the bank or trust company from the records kept by it in the regular course of business in the administration of said trusts, directed to them at the addresses shown by such records; and
(c)
Such further notice if any as the court may order.
(3)
Investments. The bank or trust company operating such common trust fund may buy, sell, hold, invest and reinvest the funds and assets thereof in its discretion and shall not be limited or restricted by ch. 881 or any amendment thereof, but the bank or trust company shall not invest the funds of any fiduciary account in any common trust fund unless every investment in such fund is one that would then be a permissible investment for such fiduciary account.
(4)
Uniformity of interpretation. This section shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it.
(5)
Short title. This section may be cited as the “Uniform Common Trust Fund Act".
History:  1971 c. 41 s. 12; 1979 c. 89.
2023 Wisconsin Statutes & Annotations › Chapter 223 - Trust company banks and other fiduciaries. › 223.056 - Multi-institutional common trust funds.

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 the purpose of furnishing investments to itself as fiduciary, to itself and others as cofiduciaries, to other banks or trust companies as fiduciaries and to other banks or trust companies and others as cofiduciaries.
(2)
Operate, either alone or jointly with one or more other banks or trust companies, such common trust funds.
(3)
As a fiduciary or cofiduciary, invest funds which it lawfully holds for investment in interests in common trust funds administered by itself or by any bank or trust company organized under the laws of any state or the United States, if such investment is not prohibited by the instrument, judgment, decree or order creating such fiduciary relationship, and if, in the case of cofiduciaries, the bank or trust company procures the consent of its cofiduciaries to such investment. This subsection applies to fiduciary relationships now in existence or hereafter created. Section 223.055 (2) and (3) applies to common trust funds established under this section and the banks and trust companies operating these common trust funds.
(4)
For the purposes of ss. 223.055 and this section, the term “fiduciary" shall include a managing agent.
History:  1987 a. 252.
2023 Wisconsin Statutes & Annotations › Chapter 223 - Trust company banks and other fiduciaries. › 223.057 - Taxation of common trust funds.

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 income of such trust and all capital gains and losses shall be income received or loss realized to the fiduciary account holding a participation in such common trust fund in accordance with its participation.
History:  1987 a. 312 s. 17; 1993 a. 112.
2023 Wisconsin Statutes & Annotations › Chapter 223 - Trust company banks and other fiduciaries. › 223.06 - Loans to officers.

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 or any other contract.
History:  1977 c. 307; 1991 a. 74.
2023 Wisconsin Statutes & Annotations › Chapter 223 - Trust company banks and other fiduciaries. › 223.08 - Name of corporation; penalty.

223.08
Name of corporation; penalty.
The word “trust" shall form part of the name of every corporation organized under this chapter, but the word “bank" may not be used as a part of the name. All persons, partnerships, associations, or corporations not organized under the provisions of this chapter, except state banks vested with trust powers under s. 221.0316 and nonprofit corporations organized for the advancement of historic preservation or for the protection of land for public conservation purposes, are prohibited from using the word “trust" in their business, or as a portion of the name or title of the person, partnership, association or corporation. A person who violates this section, either individually or as an interested party in any partnership, association, or corporation, may be fined not less than $300 nor more than $1,000 or imprisoned for not less than 60 days nor more than one year in the county jail or both.
History:  1993 a. 69, 490; 1995 a. 336, 417; 1997 a. 35.
2023 Wisconsin Statutes & Annotations › Chapter 223 - Trust company banks and other fiduciaries. › 223.10 - Organizations as fiduciaries.

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, guardian, conservator, assignee, receiver, or in any other fiduciary capacity unless such corporation, limited liability company, association, partnership or business trust is subject to regulation and examination under s. 223.105, or is a national bank, state or federal savings and loan association, state or federal savings bank or federal credit union with authority to exercise such powers, or is a foreign corporation operating under s. 223.12.
History:  1973 c. 284; 1975 c. 65; 1991 a. 221; 1993 a. 112; 1995 a. 273; 2005 a. 387.
2023 Wisconsin Statutes & Annotations › Chapter 223 - Trust company banks and other fiduciaries. › 223.20 - Reorganization of a trust company bank.

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 organization into that of a state bank with all the powers of a state banking corporation under the statutes under such name as shall be declared by such amendment and approved by the division, which name may include the word “trust".
(2)
Powers of a converted trust company bank. The converted trust company bank continues to have all the powers previously held by it as a trust company bank and shall be a continuation, for all purposes, of the trust company bank so converted into a state bank. These powers include holding and performing all trusts and fiduciary relations for which the trust company bank was fiduciary at the time of the conversion. These powers also include the converted trust company bank acting in any fiduciary capacity by any court or otherwise, and the holding, accepting and performing of trusts and fiduciary relations as to or for which the trust company bank may have been appointed, nominated or designated by any will or conveyance or otherwise, whether or not the trust or fiduciary relation came into being and took effect at the conversion.
(3)
Surrender of trust powers. If a converted trust company bank has been fully discharged of all trusts committed to it, it may, by amendment to its articles of incorporation, duly adopted by its stockholders and approved by the division, surrender its powers to act in a fiduciary capacity. A trust company bank that surrenders its trust powers under this subsection shall eliminate from its corporate name the word “trust" and may thereupon withdraw from the secretary of administration all securities and cash that it has deposited with the secretary of administration pursuant to s. 223.02.
History:  1995 a. 336; 2003 a. 33.
2023 Wisconsin Statutes & Annotations › Chapter 223 - Trust company banks and other fiduciaries. › 223.21 - Consolidation of trust company banks.

223.21
Consolidation of trust company banks.
Any trust company bank organized, continued or reorganized under this chapter may consolidate with any other similar corporation in the manner provided for the consolidation of banks under s. 221.0702; and in the event of such consolidation the consolidated corporation, by whatever name it may assume or be known, shall be a continuation of the entity of each and all of the corporations so consolidated for all purposes whatsoever, including holding and performing any and all trusts and fiduciary relations of whatsoever nature of which the corporations so consolidating, or either or any of them, was fiduciary at the time of the consolidation, and also including its appointment in any fiduciary capacity by any court or otherwise, and the holding, accepting and performing of any and all trusts and fiduciary relations whatsoever as to or for which either or any one of the corporations so consolidating may have been appointed, nominated or designated by any will or conveyance or otherwise, whether or not the trust or fiduciary relation shall have come into being or taken effect at the time of the consolidation.
History:  1987 a. 252; 1995 a. 336 s. 40; Stats. 1995 s. 223.21.