The Florida Senate

655.81  Deposits in trust.--

(1)  When a deposit is made by any person describing herself or himself as, and making such deposit as, trustee for another and no other or further notice of the existence and terms of a legal and valid trust than such description has been given in writing to the institution, the deposit or any part thereof, together with the dividends or interest thereon, may, in the event of the death of the person so described as trustee, be paid to the person for whom the deposit was thus stated to have been made.

(2)  In the case of a credit union, deposits may be held in the name of a member in trust for a beneficiary, including a minor; but a beneficiary, unless she or he is a member in her or his own right, may not be permitted to vote, obtain an extension of credit, or hold office or be required to pay an entrance or membership fee.

History.--s. 50, ch. 92-303; s. 528, ch. 97-102.