Chapter 700

CHAPTER 700

INTERESTS IN PROPERTY

700.01   Definitions.

700.02   Classification of interests in property as to duration.

700.03   Classification of present and future interests.

700.04   Classification of future interests.

700.05   Classification of remainders.

700.06   Interest for life of another; succession.

700.07   Transferability of future interests.

700.08   Estate tail becomes fee simple; effect of gift over after attempted estate tail.

700.09   Interest contingent on death without issue.

700.10   Remainder to heirs of owner of life interest; abolition of rule in Shelley’s case.

700.11   Interests in “heirs” and the like.

700.12   After-born persons included in class gift.

700.13   Remainders presumed not to shorten prior interest; acceleration of remainders.

700.14   Indestructibility of contingent future interests.

700.15   Nominal conditions not enforced.

700.16   Perpetuities and suspension of power of alienation.

700.17   Classification and characteristics of certain concurrent interests.

700.18   Determination of cotenancy generally.

700.19   Creation of joint tenancy.

700.20   Extent of undivided interests in tenancy in common.

700.21   Covendors in contracts to transfer.

700.215   Exception for equitable rights of cotenants and 3rd persons.

700.22   Exception for bank deposits, checks, government bonds and vehicles.

700.23   Liability among cotenants for rents and profits.

700.24   Death of a joint tenant; effect of liens.

700.25   Applicability of chapter.

700.26   Applicability of general transfers at death provisions.

700.27   Disclaimer of transfers during life.

700.28   Prohibiting unreasonable restrictions on alienation of property.

700.35   Renewable energy resource easements.

700.40   Uniform conservation easement act.

700.41   Solar and wind access.

700.01 700.01 Definitions. In this chapter, unless the context indicates otherwise:

700.01(1) (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.

700.01(2) (2) “Document of title” means a document which is evidence of ownership of certain kinds of personal property, tangible or intangible, the ownership of which may be transferred by transfer of the document; it includes but is not limited to an investment security, a negotiable instrument and a certificate of title to tangible personal property; it does not include items excepted in s. 700.22.

700.01(3) (3) “Instrument of transfer” means an instrument which is effective to transfer an interest in property; it includes but is not limited to a will, a deed, a contract to transfer, a real estate mortgage and an instrument creating a security interest in personal property under ch. 409.

700.01(4) (4) “Interest” means an interest in property.

700.01(5) (5) “Property” means real or personal property.

700.01(6) (6) “Successors in interest” means persons who obtain a reversionary interest by transfer or operation of law.

700.01(7) (7) “Transfer” means a transfer effective during the lifetime of the transferor or by reason of the transferor’s death.

700.01 History History: 1983 a. 189; 1991 a. 316.

700.01 Cross-reference Cross-reference: See ss. 990.01 (27) and (35) which define real and personal property.

700.02 700.02 Classification of interests in property as to duration. Interests in property are classified as to duration as:

700.02(1) (1) A fee simple absolute;

700.02(2) (2) A defeasible fee simple which may be a fee simple determinable automatically expiring upon the occurrence of a stated event, a fee simple subject to a condition subsequent with a power in the transferor or the transferor’s successors in interest to reacquire the fee by reason of a breach of the condition, or a fee simple with a remainder over to a person other than the transferor or the transferor’s successors in interest to take effect upon the occurrence of a stated event; for purposes of this subsection, a stated event can be either the happening, or the nonhappening, of a specified occurrence, and can be either certain or not certain to happen;

700.02(3) (3) An interest for life, which may be created for the duration of a life or lives of one or more human beings;

700.02(4) (4) An interest for years, which is any interest the duration of which is described in units of a year or multiples or divisions thereof;

700.02(5) (5) A periodic interest, which will continue for successive periods of a year, or successive periods of a fraction of a year, unless terminated;

700.02(6) (6) An interest at will, which is terminable at the will of either the transferor or the transferee and has no designated period of duration.

700.02 History History: 1991 a. 316.

700.03 700.03 Classification of present and future interests. Interests in property are classified as to time of enjoyment as:

700.03(1) (1) A present interest, which entitles the owner to the present possession or enjoyment of the benefits of property; or

700.03(2) (2) A future interest, which does not entitle the owner to possession or enjoyment of the benefits of property until a future time.

700.04 700.04 Classification of future interests. Future interests are classified as:

700.04(1) (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 determinable, or a power of reacquisition; or

700.04(2) (2) An interest created in a person other than the transferor or the transferor’s successors in interest, called a remainder, to take effect at the termination of a preceding interest created at the same time or without the intervention of such a preceding interest.