Date of enactment: April 19, 1996
1995 Assembly Bill 579
Date of publication*: May 2, 1996
1995 WISCONSIN ACT 250
An Act to amend chapter 846 (title); and to create 846.30 of the statutes; relating to: a redemption period for land contracts.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
250, s. 1
Chapter 846 (title) of the statutes is amended to read:
Real estate FORECLOSURE
250, s. 2
846.30 of the statutes is created to read:
846.30 Redemption period for land contracts. If a court finds that the purchaser under a land contract is obligated to make certain payments under that land contract, that the purchaser has failed to make the required payments and that the vendor is entitled to a judgment of strict foreclosure, the court shall set a redemption period of at least 7 working days from the date of the judgment hearing or, if there is no hearing, from the date of the entry of the judgment order. No judgment of strict foreclosure is final until the court enters an order after the expiration of the redemption period confirming that no redemption has occurred and making the judgment of strict foreclosure absolute.
(1) This act first applies to actions commenced on the effective date of this subsection for a judgment of foreclosure regarding a land contract.