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Can you summarize WIST 895.055?
Gaming contracts void.
Short Summary
This provision, found in the Wisconsin Statutes, declares that promises, agreements, notes, bills, bonds, mortgages, conveyances, or other contracts where the consideration involves money or any valuable thing won or lost in gambling or wagering activities are void. This applies to any game, race, fight, sport, pastime, or wager, as well as the repayment of money or other value lent or advanced for the purpose of gambling. However, there are exceptions for contracts of insurance made in good faith for the security or indemnity of the insured party, as well as contracts permitted under specific chapters or state/federal laws related to gaming on Indian lands. The document does not specify any penalties for non-compliance or violation of these provisions.
Whom does it apply to?
All parties involved in contracts related to gambling and wagering
What does it govern?
Contracts related to gambling and wagering
What are exemptions?
Contracts of insurance made in good faith for the security or indemnity of the party insured, contracts permitted under chs. 562 to 569 or under state or federal laws relating to the conduct of gaming on Indian lands
What are the Penalties?
No specific penalties mentioned in the provided document
Jurisdiction
Wisconsin