| 1 | A bill to be entitled |
| 2 | An act relating to deeds or conveyances of real estate; |
| 3 | amending s. 689.07, F.S.; revising criteria for granting |
| 4 | certain estates, transferring and assigning certain |
| 5 | interests, and vesting certain rights in certain deeds or |
| 6 | conveyances of real estate; providing legislative intent; |
| 7 | providing for retroactive application; providing an |
| 8 | effective date. |
| 9 |
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| 10 | Be It Enacted by the Legislature of the State of Florida: |
| 11 |
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| 12 | Section 1. Subsections (1), (2), and (3) of section |
| 13 | 689.07, Florida Statutes, are amended to read: |
| 14 | 689.07 "Trustee" or "as trustee" added to name of grantee, |
| 15 | transferee, assignee, or mortgagee transfers interest or creates |
| 16 | lien as if additional word or words not used.-- |
| 17 | (1) Every deed or conveyance of real estate heretofore or |
| 18 | hereafter made or executed, in which the words "trustee" or "as |
| 19 | trustee" are added to the name of the grantee, and in which no |
| 20 | beneficiaries are named, nor the nature and purposes of the |
| 21 | trust, if any, are not set forth, and the trust is not |
| 22 | identified by title or date, shall grant and is hereby declared |
| 23 | to have granted a fee simple estate with full power and |
| 24 | authority in and to the grantee in such deed to sell, convey, |
| 25 | and grant and encumber both the legal and beneficial interest in |
| 26 | the real estate conveyed, unless a contrary intention shall |
| 27 | appear in the deed or conveyance; provided, that there shall not |
| 28 | appear of record among the public records of the county in which |
| 29 | the real property is situate at the time of recording of such |
| 30 | deed or conveyance, a declaration of trust by the grantee so |
| 31 | described declaring the purposes of such trust, if any, |
| 32 | declaring that the real estate is held other than for the |
| 33 | benefit of the grantee. |
| 34 | (2) Every instrument heretofore or hereafter made or |
| 35 | executed transferring or assigning an interest in real property |
| 36 | in which the words "trustee" or "as trustee" are added to the |
| 37 | name of the transferee or assignee, and in which no |
| 38 | beneficiaries are named, nor the nature and purposes of the |
| 39 | trust, if any, are not set forth, and the trust is not |
| 40 | identified by title or date, shall transfer and assign, and is |
| 41 | hereby declared to have transferred and assigned, the interest |
| 42 | of the transferor or assign or to the transferee or assignee |
| 43 | with full power and authority to transfer, assign, and encumber |
| 44 | such interest, unless a contrary intention shall appear in the |
| 45 | instrument; provided that there shall not appear of record among |
| 46 | the public records of the county in which the real property is |
| 47 | situate at the time of the recording of such instrument, a |
| 48 | declaration of trust by the assignee or transferee so described |
| 49 | declaring the purposes of such trust, if any, or declaring that |
| 50 | the interest in real property is held other than for the benefit |
| 51 | of the transferee or assignee. |
| 52 | (3) Every mortgage of any interest in real estate or |
| 53 | assignment thereof heretofore or hereafter made or executed in |
| 54 | which the words "trustee" or "as trustee" are added to the name |
| 55 | of the mortgagee or assignee, and in which no beneficiaries are |
| 56 | named, nor the nature and purposes of the trust, if any, are not |
| 57 | set forth, and the trust is not identified by title or date, |
| 58 | shall vest and is hereby declared to have vested full rights of |
| 59 | ownership to such mortgage or assignment and the lien created |
| 60 | thereby with full power in such mortgagee or assignee to assign, |
| 61 | hypothecate, release, satisfy, or foreclose such mortgage unless |
| 62 | a contrary intention shall appear in the mortgage or assignment; |
| 63 | provided that there shall not appear of record among the public |
| 64 | records of the county in which the property constituting |
| 65 | security is situate at the time of recording of such mortgage or |
| 66 | assignment, a declaration of trust by such mortgagee or assignee |
| 67 | declaring the purposes of such trust, if any, or declaring that |
| 68 | such mortgage is held other than for the benefit of the |
| 69 | mortgagee or assignee. |
| 70 | Section 2. The amendments to section 689.07, Florida |
| 71 | Statutes, provided by this act are intended to clarify existing |
| 72 | law and shall apply retroactively. |
| 73 | Section 3. This act shall take effect upon becoming a law. |