854.23 Protection of payers and other 3rd parties.

304 words·~1 min read·/wi/chapter-854/854-23

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Definition. In this section, “governing instrument” includes an instrument described in s. 854.01 , a filed verified statement under s. 865.201 , a certificate under s. 867.046

(1m), a confirmation under s. 867.046

(2), or a recorded application under s. 867.046

(5).

(2)Liability depends on notice.

(a)A payer or other 3rd party is not liable for having transferred property to a beneficiary designated in a governing instrument who, under this chapter, is not entitled to the property, or for having taken any other action in good faith reliance on the beneficiary’s apparent entitlement under the terms of the governing instrument, before the payer or other 3rd party received written notice of a claimed lack of entitlement under this chapter. However, a payer or other 3rd party is liable for a payment made or other action taken after the payer or other 3rd party received written notice of a claimed lack of entitlement under this chapter.

(b)Severance of a joint interest under the provisions of this chapter does not affect any 3rd-party interest in property acquired for value and in good faith reliance on an apparent title by survivorship, unless a document declaring the severance has been noted, registered, filed or recorded in records appropriate to the kind and location of the property that are relied upon, in the ordinary course of transactions involving such property, as evidence of ownership.

(3)Manner of notice. A claimant shall mail written notice of a claimed lack of entitlement under sub.

(2)to the 3rd party’s main office or home by registered or certified mail, return receipt requested, or serve the claim upon the 3rd party in the same manner as a summons in a civil action.

(4)Deposit of property with court.