Slime Flux
Bacterial Wet Wood is a disease caused by a bacterial infection forming in the inner sapwood just under the bark and is usually caused by wounding and/or environmental stress.
A tree with slime flux (wetwood) has water-soaked patches and "weeps" from visible wounds and sometimes even from healthy-looking bark. The oozing from the patch may be a good sign. It is allowing for a slow, natural draining of the infection. A tree with this form of bole rot is trying its best to compartmentalize the damage.
Tougher genra like oaks (Quercus) and elms (Ulmus) usually can tough it out and overcome the disease in a couple of years as long as conditions are favorable. Willows (Salix) and other riparian area trees will have a tougher time and the bacteria can cause instability and limb failure.
The best course of action as always would be to maintain the tree's vigor. Avoid any unnecessary pruning, fertilize and water when needed. Prevention is the best treatment so make proper (sterile!) pruning cuts to trim away dead or dying branches and plant your trees in favorable conditions.