AB719,34 Section 34. 411.308 (2) (b) of the statutes is amended to read:

AB719,10,10 411.308 (2) (b) The lease contract is made under circumstances that under any statute or rule of law apart from this chapter would constitute the transaction a fraudulent or voidable transfer or voidable preference.

AB719,35 Section 35. 705.07 (2) of the statutes is amended to read:

AB719,11,2 705.07 (2) For purposes of ch. 242, a debtor party shall be deemed to have made a transfer only at the time some other party withdraws all or part of the sums on deposit, or at the time of the debtor party's death as to sums not previously withdrawn. In the case of a withdrawal while the debtor party is living, the sole grounds for determining any such transfer to be fraudulent voidable shall be whether the debtor party is or will be thereby rendered insolvent under s. 242.05 (1) or whether the debtor party is engaged or is about to engage in a business or transaction for which the assets remaining in the debtor party's hands after the transfer are unreasonably small under s. 242.04 (1) (b) 1. In the case of a transfer by reason of the death of the debtor party, the sole ground for determining any such transfer to be fraudulent voidable shall be whether the debtor party's estate subject to administration is insolvent under s. 242.02. For purposes of this subsection, the amount transferred shall be deemed to consist of those assets which the creditors of the debtor party could have made subject to their claims immediately prior to the transfer, less any sums which such creditors could have made so subject to their claims immediately after the transfer.

AB719,36 Section 36. 815.18 (10) of the statutes is amended to read:

AB719,11,15 815.18 (10) Fraudulent and voidable transfers. A conveyance or transfer of wholly exempt property shall not be considered a fraudulent conveyance or a fraudulent or voidable transfer. Property that is not totally exempt in value under this section may be subject to a fraudulent voidable transfer action under ch. 242 to set aside that transfer to the extent that the property's value is not exempt under this section. If a court is required to satisfy the claim of a creditor and if that relief is demanded, the court may determine the manner of dividing fraudulently transferred property or property for which the transfer is voidable into exempt and nonexempt portions, or may order the sale of the whole property and an accounting of the exempt portion. Any or all of the exemptions granted by this section may be denied if, in the discretion of the court having jurisdiction, the debtor procured, concealed or transferred assets with the intention of defrauding creditors.

AB719,37 Section 37. 893.425 of the statutes is amended to read:

AB719,11,19 893.425 Fraudulent Voidable transfers and obligations. An action with respect to a fraudulent transfer or obligation under ch. 242 shall be barred unless the action is commenced:

AB719,11,22 (1) Under s. 242.04 (1) (a), within not later than 4 years after the transfer is made or the obligation is incurred or, if later, within not later than one year after the transfer or obligation is or could reasonably have been discovered by the claimant.

AB719,11,24 (2) Under s. 242.04 (1) (b) or 242.05 (1), within not later than 4 years after the transfer is made or the obligation is incurred.

AB719,12,2 (3) Under s. 242.05 (2), within not later than one year after the transfer is made or the obligation is incurred.

AB719,12,3 (End)