Florida Senate - 2005 COMMITTEE AMENDMENT
Bill No. SB 2494
Barcode 080696
CHAMBER ACTION
Senate House
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11 The Committee on Banking and Insurance (Fasano) recommended
12 the following amendment:
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14 Senate Amendment (with title amendment)
15 On page 4, between lines 11 and 12,
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17 insert:
18 Section 2. Subsections (1) and (2) of section
19 717.1101, Florida Statutes, are amended, and subsection (4) is
20 added to that section, to read:
21 717.1101 Unclaimed equity and debt of business
22 associations.--
23 (1)(a) Stock or other equity interest in a business
24 association is presumed unclaimed 3 5 years after the earliest
25 of:
26 1. The date of the most recent dividend, stock split,
27 or other distribution unclaimed by the apparent owner;
28 2. The date of a statement of account or other
29 notification or communication that was returned as
30 undeliverable; or
31 3. The date the holder discontinued mailings,
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Florida Senate - 2005 COMMITTEE AMENDMENT
Bill No. SB 2494
Barcode 080696
1 notifications, or communications to the apparent owner.
2 (b) Unmatured or unredeemed debt, other than a bearer
3 bond or an original issue discount bond, is presumed unclaimed
4 3 5 years after the date of the most recent interest payment
5 unclaimed by the owner.
6 (c) Matured or redeemed debt is presumed unclaimed 3 5
7 years after the date of maturity or redemption.
8 (d) At the time property is presumed unclaimed under
9 paragraph (a) or paragraph (b), any other property right
10 accrued or accruing to the owner as a result of the property
11 interest and not previously presumed unclaimed is also
12 presumed unclaimed.
13 (2) The running of such 3-year 5-year period ceases if
14 the person:
15 (a)1. Communicates in writing with the association or
16 its agent regarding the interest or a dividend, distribution,
17 or other sum payable as a result of the interest; or
18 2. Otherwise communicates with the association
19 regarding the interest or a dividend, distribution, or other
20 sum payable as a result of the interest, as evidenced by a
21 memorandum or other record on file with the association or its
22 agent.
23 (b) Presents an instrument issued to pay interest or a
24 dividend or other cash distribution. If any future dividend,
25 distribution, or other sum payable to the owner as a result of
26 the interest is subsequently not claimed by the owner, a new
27 period in which the property is presumed unclaimed commences
28 and relates back only to the time a subsequent dividend,
29 distribution, or other sum became due and payable.
30 (4) Any dividend, profit, distribution, interest
31 redemption, payment on principal, or other sum held or owing
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11:08 AM 04/12/05 s2494c-bi11-k0n
Florida Senate - 2005 COMMITTEE AMENDMENT
Bill No. SB 2494
Barcode 080696
1 by a business association for or to a shareholder,
2 certificateholder, member, bondholder, or other security
3 holder, who has not claimed it, or corresponded in writing
4 with the business association concerning it, within 3 years
5 after the date prescribed for payment or delivery, is presumed
6 unclaimed.
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8 (Redesignate subsequent sections.)
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11 ================ T I T L E A M E N D M E N T ===============
12 And the title is amended as follows:
13 On page 1, line 6, after the semicolon,
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15 insert:
16 amending s. 717.1101, F.S.; revising the time
17 in which stock, equity interest, and certain
18 debt of a business association is presumed
19 unclaimed; revising the time period in which
20 such property ceases to be unclaimed; providing
21 the time period in which certain other equity
22 of a business association is presumed
23 unclaimed;
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