Senate Bill sb1498

    Florida Senate - 2002                                  SB 1498

    By Senator Campbell





    33-533-02

  1                      A bill to be entitled

  2         An act relating to land trusts; amending s.

  3         689.071, F.S.; prescribing additional entities

  4         that receive an ownership interest in trust

  5         property when named trustee; providing an

  6         effective date.

  7

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

  9

10         Section 1.  Subsection (1) of section 689.071, Florida

11  Statutes, is amended to read:

12         689.071  Land trusts transferring interests in real

13  estate; ownership vests in trustee.--

14         (1)  Every conveyance, deed, mortgage, lease

15  assignment, or other instrument heretofore or hereafter made,

16  hereinafter referred to as "the recorded instrument,"

17  transferring any interest in real property in this state,

18  including but not limited to a leasehold or mortgagee

19  interest, to any person, corporation, bank, or trust company,

20  or other entity qualified to act as a fiduciary in this state,

21  in which recorded instrument the person, corporation, bank, or

22  trust company, or other entity is designated "trustee," or "as

23  trustee," without therein naming the beneficiaries of such

24  trust, whether or not reference is made in the recorded

25  instrument to any separate collateral unrecorded declarations

26  or agreements, is effective to vest, and is hereby declared to

27  have vested, in such trustee full rights of ownership over the

28  real property or interest therein, with full power and

29  authority as granted and provided in the recorded instrument

30  to deal in and with the property or interest therein or any

31  part thereof; provided, the recorded instrument confers on the

                                  1

CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 2002                                  SB 1498
    33-533-02




  1  trustee the power and authority either to protect, conserve

  2  and to sell, or to lease, or to encumber, or otherwise to

  3  manage and dispose of the real property described in the

  4  recorded instrument.

  5         Section 2.  This act shall take effect July 1, 2002.

  6

  7            *****************************************

  8                          SENATE SUMMARY

  9    Provides that any entity qualified to act as a fiduciary
      in this state which is named trustee of a land trust in
10    which beneficiaries are not named acquires ownership
      interest in the real property or interest therein.
11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

                                  2

CODING: Words stricken are deletions; words underlined are additions.