Wisconsin Statutes 565.28 – Lottery prize payment option
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Terms Used In Wisconsin Statutes 565.28
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
(1) A person who becomes entitled to receive payment of a lottery prize under s. 565.30 (1) on or after October 29, 1999, may elect to receive payment of the lottery prize in the form of a lump sum or in installments over a period of years if the lottery prize is payable over at least 10 years.
(2) ?A person who chooses to make an election under sub. (1) shall make the election no later than 60 days after becoming entitled to the lottery prize. An election made under sub. (1) is final and may not be revoked.
(3) ?If a person eligible to make an election under sub. (1) does not make an election within 60 days after becoming entitled to a lottery prize, the administrator shall make payment in the form of an annuity.