LRB-5663/1
SWB:emw
2023 - 2024 LEGISLATURE
April 9, 2024 - Introduced by Representatives Doyle and Palmeri. Referred to
Committee on Ways and Means.
AB1195,1,2
1An Act to amend 815.18 (3) (f) 2. of the statutes;
relating to: increasing the
2maximum value of certain property exempt from execution of judgment.
Analysis by the Legislative Reference Bureau
Under current law, a debtor's interest in or right to receive certain property is
exempt from execution, meaning that it is free from any lien obtained by judicial
proceedings and not liable to seizure or sale on execution or on any provisional or
final process issued from any court or any proceedings in aid of court process.
Current law exempts from creditor claims any unmatured life insurance or annuity
contract that is owned by a debtor and that insures the debtor, his or her dependent,
or a person on whom the debtor is dependent, other than a credit life insurance
contract. Current law also exempts from creditor claims a maximum of $150,000 of
the debtor's aggregate interest in any accrued dividends, interest, or loan value of
all unmatured life insurance or annuity contracts owned by the debtor that insure
the debtor, his or her dependent, or a person on whom the debtor is dependent. This
bill increases the maximum value of the aggregate interest to $250,000.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB1195,1
3Section
1. 815.18 (3) (f) 2. of the statutes is amended to read:
AB1195,2,54
815.18
(3) (f) 2. Except as provided in subd. 3. and par. (j), any unmatured life
5insurance or annuity contract owned by the debtor and insuring the debtor, the
1debtor's dependent, or an individual of whom the debtor is a dependent, other than
2a credit life insurance contract, and the debtor's aggregate interest, not to exceed
3$150,000 $250,000 in value, in any accrued dividends, interest, or loan value of all
4unmatured life insurance or annuity contracts owned by the debtor and insuring the
5debtor, the debtor's dependent, or an individual of whom the debtor is a dependent.
