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CS/HB 823: Florida Uniform Principal and Income Act

GENERAL BILL by Civil Justice Subcommittee ; McBurney ; Bernard

Florida Uniform Principal and Income Act; Defines term "carrying value"; provides application; deletes provision authorizing trustee to release power to adjust between principal & income if trustee desires to convert form of certain trusts; limits power to adjust trust; deletes provision that provides construction & application relating to administration of trusts in this state or under this state's law; defines term "average fair market value" & revises term "unitrust amount"; deletes duplicative provision relating to conclusive determinations of terms of unitrust; revises provisions relating to express total return unitrust; substitutes term "trustee" for "fiduciary" with respect to judicial control of discretionary powers; revises provisions relating to determination & distribution of net income; revises provisions relating to distributions to residuary & remainder beneficiaries; substitutes term "fiduciary" for "trustee" to clarify that provisions apply to all fiduciaries; revises how distributions from entities are allocated between income & principal; revises provisions relating to allocations to trusts; revises provisions relating to allocation between income & principal when liquidating assets; clarifies apportionment of expenses between tenants & remaindermen.

Effective Date: 1/1/2013
Last Action: 3/6/2012 House - Laid on Table, companion bill(s) passed, see CS/SB 1050 (Ch. 2012-49) -HJ 1137
Bill Text: PDF



Bill History

Date Chamber Action
11/30/2011 House • Filed
12/12/2011 House • Referred to Civil Justice Subcommittee; Insurance and Banking Subcommittee; Judiciary Committee -HJ 81
1/9/2012 House • PCS on Committee agenda-- Civil Justice Subcommittee, 01/11/12, 11:30 am, 404 HOB
1/10/2012 House • Introduced -HJ 81
1/11/2012 House • CS by Civil Justice Subcommittee; YEAS 14 NAYS 0 -HJ 238
1/19/2012 House • Pending review of CS under Rule 7.19(c)
• CS by Civil Justice Subcommittee read 1st time -HJ 233
1/20/2012 House • Now in Insurance and Banking Subcommittee -HJ 247
• On Committee agenda-- Insurance and Banking Subcommittee, 01/24/12, 2:00 pm, 404 HOB
1/24/2012 House • Favorable by Insurance and Banking Subcommittee; YEAS 12 NAYS 0 -HJ 299
1/26/2012 House • Now in Judiciary Committee -HJ 299
2/6/2012 House • On Committee agenda-- Judiciary Committee, 02/08/12, 8:30 am, 404 HOB
2/8/2012 House • Favorable by- Judiciary Committee; YEAS 14 NAYS 0 -HJ 549
• Placed on Calendar -HJ 549
3/6/2012 House • Laid on Table, companion bill(s) passed, see CS/SB 1050 (Ch. 2012-49) -HJ 1137