SENATE AMENDMENT

    Bill No. SB 156

    Amendment No.    

                            CHAMBER ACTION
              Senate                               House
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11  Senator Forman moved the following amendment:

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13         Senate Amendment (with title amendment) 

14         On page 14, between lines 20 and 21,

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16  insert:

17         Section 14.  Subsection (4) of section 497.417, Florida

18  Statutes, is amended to read:

19         497.417  Disposition of proceeds received on

20  contracts.--

21         (4)  The trustee of the trust established pursuant to

22  this section shall only have the power to:

23         (a)  Invest in investments as prescribed in s. 215.47

24  and exercise the powers set forth in part IV of chapter 737,

25  provided that the board may by order require the trustee to

26  liquidate or dispose of any investment within 30 days after

27  such order.

28         (b)  Borrow money up to an aggregate amount of 10

29  percent of trust assets, at interest rates then prevailing

30  from any individual, bank, insurance company, or other source,

31  irrespective of whether any such person is then acting as

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                                                  SENATE AMENDMENT

    Bill No. SB 156

    Amendment No.    





 1  trustee, and to create security interests in no more than 10

 2  percent of trust assets by mortgage, pledge, or otherwise,

 3  upon the terms and conditions and for such purposes as the

 4  trustee may deem advisable.

 5         (c)  Commingle the property of the trust with the

 6  property of any other trust established pursuant to this

 7  chapter and make corresponding allocations and divisions of

 8  assets, liabilities, income, and expenses.

 9         (d)  Purchase from an insurance company licensed by

10  this state whole life insurance or annuity contracts. In no

11  event shall term life insurance be purchased as an investment

12  of the funds nor shall such funds be used to pay any

13  indebtedness of any of the parties to the trust except the

14  payment of death benefits at the time of death of the insured.

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17  ================ T I T L E   A M E N D M E N T ===============

18  And the title is amended as follows:

19         On page 2, line 8, after the semicolon

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21  insert:

22         amending 497.417, F.S.; permitting a trustee to

23         purchase life insurance;

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