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.
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
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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
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CS/HB 823, Committee Substitute 1 (Current Bill Version) Posted 1/19/2012 at 7:42 AM
Bill Text: PDF Analyses: Insurance and Banking Subcommittee (Post-Meeting) 1/26/2012 (pdf)
Judiciary Committee (Post-Meeting) 2/8/2012 (pdf)
Related Bills (2)
Bill Number Subject Filed By Relationship Last Action and Location Track Bills S 978 (c1) Florida Uniform Principal and Income Act Fasano Similar Last Action: 3/9/2012 S Died in Banking and Insurance, companion bill(s) passed, see CS/SB 1050 (Ch. 2012-49)
Location: In committee/council (BI)
S 1050 (er) Fiduciaries Bogdanoff Similar Last Action: 4/7/2012 Chapter No. 2012-49
Location: Became Law
Citations - Statutes (31)
Citation Catchline Location in Bill Location In Bill Help 738.102 Definitions. Page 3 (pdf) 738.103 Fiduciary duties; general principles. Page 3 (pdf) 738.104 Trustee’s power to adjust. Page 4 (pdf) 738.1041 Total return unitrust. Page 4 (pdf) 738.105 Judicial control of discretionary powers. Page 15 (pdf) 738.201 Determination and distribution of net income. Page 17 (pdf) 738.202 Distribution to residuary and remainder beneficiaries. Page 19 (pdf) 738.301 When right to income begins and ends. Page 22 (pdf) 738.302 Apportionment of receipts and disbursements when decedent dies or income interest begins. Page 22 (pdf) 738.303 Apportionment when income interest ends. Page 23 (pdf) 738.401 Character of receipts. Page 23 (pdf) 738.402 Distribution from trust or estate. Page 31 (pdf) 738.403 Business and other activities conducted by trustee. Page 31 (pdf) 738.501 Principal receipts. Page 32 (pdf) 738.502 Rental property. Page 33 (pdf) 738.503 Obligation to pay money. Page 34 (pdf) 738.504 Insurance policies and similar contracts. Page 35 (pdf) 738.601 Insubstantial allocations not required. Page 35 (pdf) 738.602 Payments from deferred compensation plans, annuities, and retirement plans or accounts. Page 36 (pdf) 738.603 Liquidating asset. Page 40 (pdf) 738.604 Minerals, water, and other natural resources. Page 41 (pdf) 738.605 Timber. Page 42 (pdf) 738.606 Property not productive of income. Page 43 (pdf) 738.607 Derivatives and options. Page 44 (pdf) 738.608 Asset-backed securities. Page 44 (pdf) 738.701 Disbursements from income. Page 45 (pdf) 738.702 Disbursements from principal. Page 46 (pdf) 738.703 Transfers from income to principal for depreciation. Page 47 (pdf) 738.704 Transfers from income to reimburse principal. Page 48 (pdf) 738.705 Income taxes. Page 48 (pdf) 738.801 Application with respect to apportionment of expenses; improvements. Page 50 (pdf) -
HB 823, Original Filed Version Posted 11/30/2011 at 4:40 PM
Bill Text: Web Page | PDF Analyses: Civil Justice Subcommittee (Post-Meeting) 1/18/2012 (pdf)
Related Bills (1)
Bill Number Subject Filed By Relationship Last Action and Location Track Bills S 978 Florida Uniform Principal and Income Act Fasano Identical Last Action: 3/9/2012 S Died in Banking and Insurance, companion bill(s) passed, see CS/SB 1050 (Ch. 2012-49)
Location: In committee/council (BI)
Citations - Statutes (31)
Citation Catchline Location in Bill Location In Bill Help 738.102 Definitions. Page 2 (pdf) 738.104 Trustee’s power to adjust. Page 3 (pdf) 738.1041 Total return unitrust. Page 3 (pdf) 738.105 Judicial control of discretionary powers. Page 14 (pdf) 738.201 Determination and distribution of net income. Page 16 (pdf) 738.202 Distribution to residuary and remainder beneficiaries. Page 17 (pdf) 738.301 When right to income begins and ends. Page 20 (pdf) 738.302 Apportionment of receipts and disbursements when decedent dies or income interest begins. Page 21 (pdf) 738.303 Apportionment when income interest ends. Page 21 (pdf) 738.401 Character of receipts. Page 22 (pdf) 738.402 Distribution from trust or estate. Page 29 (pdf) 738.403 Business and other activities conducted by trustee. Page 30 (pdf) 738.501 Principal receipts. Page 31 (pdf) 738.502 Rental property. Page 32 (pdf) 738.503 Obligation to pay money. Page 33 (pdf) 738.504 Insurance policies and similar contracts. Page 34 (pdf) 738.601 Insubstantial allocations not required. Page 34 (pdf) 738.602 Payments from deferred compensation plans, annuities, and retirement plans or accounts. Page 35 (pdf) 738.603 Liquidating asset. Page 39 (pdf) 738.604 Minerals, water, and other natural resources. Page 40 (pdf) 738.605 Timber. Page 41 (pdf) 738.606 Property not productive of income. Page 42 (pdf) 738.607 Derivatives and options. Page 43 (pdf) 738.608 Asset-backed securities. Page 43 (pdf) 738.701 Disbursements from income. Page 44 (pdf) 738.702 Disbursements from principal. Page 45 (pdf) 738.703 Transfers from income to principal for depreciation. Page 46 (pdf) 738.704 Transfers from income to reimburse principal. Page 46 (pdf) 738.705 Income taxes. Page 47 (pdf) 738.801 Application with respect to apportionment of expenses; improvements. Page 49 (pdf) 738.804 Application. Page 51 (pdf)