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House Bill 1979




    Florida House of Representatives - 1997                HB 1979

        By Representative Ziebarth






  1                      A bill to be entitled

  2         An act relating to trust administration;

  3         amending s. 737.402, F.S.; revising a date with

  4         respect to the powers of trustees of an

  5         irrevocable trust; providing an effective date.

  6

  7  Be It Enacted by the Legislature of the State of Florida:

  8

  9         Section 1.  Paragraph (b) of subsection (4) of section

10  737.402, Florida Statutes, is amended to read:

11         737.402  Powers of trustees conferred by this part.--

12         (4)

13         (b)  This subsection applies to:

14         1.  Any trust executed after June 30, 1991, unless the

15  terms of the trust refer specifically to this subsection and

16  provide expressly to the contrary;

17         2.  Any testamentary trust created under a will

18  executed after June 30, 1991, unless the terms of the trust

19  refer specifically to this subsection and provide expressly to

20  the contrary; and

21         3.  Any trust created under a document executed before

22  July 1, 1991, unless:

23         a.  If the trust is revocable or amendable, the settlor

24  revokes or amends the trust at any time to provide otherwise;

25  or

26         b.  If the trust is irrevocable, all parties in

27  interest, as defined in paragraph (c), elect affirmatively, in

28  the manner prescribed in paragraph (d), not to be subject to

29  the application of this subsection.  Such election must be

30  made on or before the later of January 1, 1998 July 1, 1994,

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    Florida House of Representatives - 1997                HB 1979

    559-139-97






  1  or 3 years after the date on which the trust becomes

  2  irrevocable.

  3

  4  However, the provisions of this subsection neither create a

  5  new cause of action nor impair any existing cause of action

  6  which, in either case, relates to any power proscribed by

  7  paragraph (a) that was exercised before July 1, 1991.

  8         Section 2.  This act shall take effect upon becoming a

  9  law.

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12                          HOUSE SUMMARY

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      Revises a provision of law governing the powers of
14    trustees with respect to trust administration to advance
      a date to January 1, 1998, for trustees of an irrevocable
15    trust to elect not to be governed by the provisions of s.
      737.402(4), F.S., which restrict the powers of trustees.
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