CS/SB 1170: Florida Trust Code
GENERAL BILL by Judiciary ; Aronberg
Florida Trust Code; creates "Florida Trust Code"; provides general provisions & definitions; provides for judicial proceedings; provides for creation, validity, modification, & termination of trusts; provides for spendthrift, discretionary, & revocable trusts; provides for liability of trustee & rights of persons dealing with trustee; abolishes worthier title doctrine; provides construction of certain instrument language, etc. Amends FS.
Effective Date: 07/01/2007
Last Action: 6/14/2006 - Approved by Governor; Chapter No. 2006-217; See also HB 191 (Ch. 2006-77)
Bill Text: Web Page | PDF
Last Action: 6/14/2006 - Approved by Governor; Chapter No. 2006-217; See also HB 191 (Ch. 2006-77)
Bill Text: Web Page | PDF
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Bill History
Date Chamber Action 12/9/2005 Senate • Filed
1/11/2006 Senate • Referred to Judiciary; Banking and Insurance
3/3/2006 Senate • On Committee agenda-- Judiciary, 03/08/06, 2:00 pm, 401-S
3/7/2006 Senate • Introduced, referred to Judiciary; Banking and Insurance -SJ 00110; On Committee agenda-- Judiciary, 03/08/06, 2:00 pm, 401-S
3/8/2006 Senate • CS by Judiciary; YEAS 6 NAYS 0 -SJ 00236; CS read first time on 03/15/06 -SJ 00249
3/10/2006 Senate • Now in Banking and Insurance -SJ 00236
3/16/2006 Senate • On Committee agenda-- Banking and Insurance, 03/21/06, 2:00 pm, 412-K
3/21/2006 Senate • Favorable by- Banking and Insurance; YEAS 8 NAYS 0 -SJ 00276
3/22/2006 Senate • Placed on Calendar, on second reading -SJ 00276
3/30/2006 Senate • Placed on Special Order Calendar -SJ 00354; Read second time -SJ 00349
4/5/2006 Senate • Read third time -SJ 00367; CS passed; YEAS 39 NAYS 0 -SJ 00367
4/6/2006 House • In Messages
4/18/2006 House • Received, referred to Calendar -HJ 00459
4/20/2006 House • Placed on Special Order Calendar; Substituted for HB 425 -HJ 00535; Read second time -HJ 00535
4/21/2006 House • Read third time -HJ 00545; CS passed; YEAS 113 NAYS 0 -HJ 00545
4/24/2006 Senate • Ordered enrolled -SJ 00607
6/7/2006 • Signed by Officers and presented to Governor
6/14/2006 • Approved by Governor; Chapter No. 2006-217; See also HB 191 (Ch. 2006-77)
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CS/SB 1170, Enrolled (Current Bill Version) Posted 4/24/2006 at 5:37 PM
Bill Text: Web Page | PDF Analyses: None Related Bills (3)
Bill Number Subject Filed By Relationship Last Action and Location H 425 Mahon Similar Last Action: 4/20/2006 H Placed on Special Order Calendar; Substituted CS/SB 1170; Laid on Table, Link/Iden/Sim/Compare passed, refer to CS/SB 1170 (Ch. 2006-217), HB 191 (Ch. 2006-77) -HJ 00535
Location:H 191 (e1) Bogdanoff Compare Last Action: 6/6/2006 Approved by Governor; Chapter No. 2006-77; See also HB 193 (Ch. 2006-129), CS/SB 1170 (Ch. 2006-217)
Location:S 356 (e1) Guardianship/Court Monitors Campbell Compare Last Action: 4/19/2006 S Substituted HB 191 -SJ 00437; Laid on Table, Link/Iden/Sim/Compare passed, refer to HB 191 (Ch. 2006-77), HB 193 (Ch. 2006-129), CS/SB 1170 (Ch. 2006-217)
Location:Citations - Statutes (224)
Citation Catchline Location in Bill Location In Bill Help 497.458 Disposition of proceeds received on contracts. 518.117 607.0802 Qualifications of directors. 660.25 Definitions. 660.417 Investment of fiduciary funds into mutual fund accounts; permissible activity under certain circumstances. 660.418 Investment of fiduciary funds in syndicate securities. 660.46 Substitution of fiduciaries. 689.071 Land trusts transferring interests in real estate; ownership vests in trustee. 689.075 Inter vivos trusts; powers retained by settlor. 689.175 709.08 Durable power of attorney. 721.08 Escrow accounts; nondisturbance instruments; alternate security arrangements; transfer of legal title. 721.53 Subordination instruments; alternate security arrangements. 731.103 Evidence as to death or status. 731.1035 731.201 General definitions. 731.303 Representation. 732.2075 Sources from which elective share payable; abatement. 732.513 Devises to trustee. 732.603 Antilapse; deceased devisee; class gifts. 732.604 Failure of testamentary provision. 732.611 Devises to be per stirpes. 733.212 Notice of administration; filing of objections. 733.602 General duties. 733.805 Order in which assets abate. 733.817 Apportionment of estate taxes. 736.0101 736.0102 736.0103 736.0104 736.0105 736.0106 736.0107 736.0108 736.0109 736.0110 736.0111 736.0112 736.0201 736.0202 736.0203 736.0204 736.0205 736.0206 736.0207 736.0301 736.0302 736.0303 736.0304 736.0305 736.0306 736.0401 736.0402 736.0403 736.0404 736.0405 736.0406 736.0407 736.0408 736.0409 736.0410 736.04113 736.04115 736.0412 736.0413 736.0414 736.0415 736.0416 736.0417 736.0501 736.0502 736.0503 736.0504 736.0505 736.05053 736.05055 736.0506 736.0507 736.0601 736.0602 736.0603 736.0604 736.0701 736.0702 736.0703 736.0704 736.0705 736.0706 736.0707 736.0708 736.0709 736.0801 736.0802 736.0803 736.0804 736.0805 736.0806 736.0807 736.0808 736.0809 736.0810 736.08105 736.0811 736.0812 736.08125 736.0813 736.08135 736.0814 736.08147 736.0815 736.0816 736.08163 736.08165 736.0817 736.0901 736.1001 736.1002 736.1003 736.1004 736.1005 736.1006 736.1007 736.1008 736.1009 736.1010 736.1011 736.1012 736.1013 736.1014 736.1015 736.1016 736.1017 736.1018 736.1101 736.1102 736.1103 736.1104 736.1105 736.1106 736.1107 736.1108 736.1201 736.1202 736.1203 736.1204 736.1205 736.1206 736.1207 736.1208 736.1209 736.1210 736.1301 736.1302 736.1303 737.101 Principal place of administration of trust. 737.105 Qualification of foreign trustee. 737.106 Revocable trust prior to dissolution of marriage. 737.111 Execution requirements for express trusts. 737.115 Notice of trustee duties. 737.116 Trust for care of animal. 737.201 Court powers over trusts. 737.202 Trust proceedings; venue. 737.203 Trust proceedings; dismissal of matters relating to foreign trusts. 737.2035 Costs and attorney's fees in trust proceedings. 737.204 Proceedings for review of employment of agents and review of compensation of trustee and employees of trust. 737.2041 Trustee's attorney's fees. 737.205 Trust proceedings; commencement. 737.206 Effect of fraud, duress, mistake, and undue influence. 737.2065 Trust contests. 737.207 Penalty clause for contest. 737.208 Administration pending outcome of contest or other proceeding. 737.209 Improper distribution or payment; liability of distributee. 737.301 General duties not limited. 737.302 Trustee's standard of care and performance. 737.303 Duty to inform and account to beneficiaries. 737.3035 Trust accountings. 737.304 Duty to provide bond. 737.305 Trustee's duty concerning location of trust. 737.3053 Trustee's duty to distribute trust income. 737.3054 Trustee's duty to pay expenses and obligations of grantor's estate. 737.3055 Trustee's duty to ascertain marketable title of trust real property. 737.306 Personal liability of trustee. 737.3061 Limitations on actions against certain trusts. 737.307 Limitations on proceedings against trustees after beneficiary receives trust disclosure documents. 737.308 Notice of trust. 737.309 Resignation of trustee. 737.401 Powers of trustee conferred by trust or by law. 737.402 Powers of trustees conferred by this part. 737.4025 Powers of trustees conferred by this part in relation to environmental or human health laws affecting trust property or to trust property contaminated with hazardous or toxic substances; liability. 737.403 Power of court to permit deviation or to approve transactions involving conflict of interest. 737.4031 Judicial modification of trusts. 737.4032 Nonjudicial modification of trusts. 737.4033 Costs and attorney's fees. 737.404 Powers exercisable by joint trustees; liability. 737.405 Third persons protected. 737.406 Application of this part. 737.501 Definitions. 737.502 Application of this part. 737.503 Trustee of a private foundation trust or a split interest trust. 737.504 Powers and duties of trustee of a private foundation trust or a split interest trust. 737.505 Notice that this part does not apply. 737.506 Power to amend trust instrument. 737.507 Power of court to permit deviation. 737.508 Release; property and persons affected; manner of effecting. 737.509 Election to come under this part. 737.510 Supervision by public charitable organization. 737.511 Interpretation. 737.512 Inapplicability to certain trusts. 737.6035 Antilapse; deceased trust beneficiary; class gifts. 737.621 Rules of construction; general provisions. 737.622 Change in securities; accessions; nonademption. 737.623 Construction of generic terms. 737.624 Gifts to be per stirpes. 737.625 Killer not entitled to receive property or other benefits by reason of victim's death. 737.626 Evidence as to death or status. 737.627 Costs and attorney's fees. 738.104 Trustee's power to adjust. 738.1041 Total return unitrust. 738.202 Distribution to residuary and remainder beneficiaries. 739.102 Definitions. 744.331 Procedures to determine incapacity. 744.361 Powers and duties of guardian. 744.441 Powers of guardian upon court approval. 744.462 -
CS/SB 1170, Committee Substitute 1 Posted 3/10/2006 at 3:35 PM
Bill Text: Web Page | PDF Analyses: Banking and Insurance (Post-Meeting) 3/21/2006 (pdf)
Judiciary (Post-Meeting) 3/10/2006 (pdf)
Committee Votes (1)
Date Committee Result 3/21/2006 2:00 PM Banking and Insurance 8 Yeas - 0 Nays Floor Votes (2)
Date Chamber Result 4/5/2006 9:55 AM Senate 39 Yeas - 0 Nays 4/21/2006 10:10 AM House 113 Yeas - 0 Nays Citations - Statutes (224)
Citation Catchline Location in Bill Location In Bill Help 497.458 Disposition of proceeds received on contracts. 518.117 607.0802 Qualifications of directors. 660.25 Definitions. 660.417 Investment of fiduciary funds into mutual fund accounts; permissible activity under certain circumstances. 660.418 Investment of fiduciary funds in syndicate securities. 660.46 Substitution of fiduciaries. 689.071 Land trusts transferring interests in real estate; ownership vests in trustee. 689.075 Inter vivos trusts; powers retained by settlor. 689.175 709.08 Durable power of attorney. 721.08 Escrow accounts; nondisturbance instruments; alternate security arrangements; transfer of legal title. 721.53 Subordination instruments; alternate security arrangements. 731.103 Evidence as to death or status. 731.1035 731.201 General definitions. 731.303 Representation. 732.2075 Sources from which elective share payable; abatement. 732.513 Devises to trustee. 732.603 Antilapse; deceased devisee; class gifts. 732.604 Failure of testamentary provision. 732.611 Devises to be per stirpes. 733.212 Notice of administration; filing of objections. 733.602 General duties. 733.805 Order in which assets abate. 733.817 Apportionment of estate taxes. 736.0101 736.0102 736.0103 736.0104 736.0105 736.0106 736.0107 736.0108 736.0109 736.0110 736.0111 736.0112 736.0201 736.0202 736.0203 736.0204 736.0205 736.0206 736.0207 736.0301 736.0302 736.0303 736.0304 736.0305 736.0306 736.0401 736.0402 736.0403 736.0404 736.0405 736.0406 736.0407 736.0408 736.0409 736.0410 736.04113 736.04115 736.0412 736.0413 736.0414 736.0415 736.0416 736.0417 736.0501 736.0502 736.0503 736.0504 736.0505 736.05053 736.05055 736.0506 736.0507 736.0601 736.0602 736.0603 736.0604 736.0701 736.0702 736.0703 736.0704 736.0705 736.0706 736.0707 736.0708 736.0709 736.0801 736.0802 736.0803 736.0804 736.0805 736.0806 736.0807 736.0808 736.0809 736.0810 736.08105 736.0811 736.0812 736.08125 736.0813 736.08135 736.0814 736.08147 736.0815 736.0816 736.08163 736.08165 736.0817 736.0901 736.1001 736.1002 736.1003 736.1004 736.1005 736.1006 736.1007 736.1008 736.1009 736.1010 736.1011 736.1012 736.1013 736.1014 736.1015 736.1016 736.1017 736.1018 736.1101 736.1102 736.1103 736.1104 736.1105 736.1106 736.1107 736.1108 736.1201 736.1202 736.1203 736.1204 736.1205 736.1206 736.1207 736.1208 736.1209 736.1210 736.1301 736.1302 736.1303 737.101 Principal place of administration of trust. 737.105 Qualification of foreign trustee. 737.106 Revocable trust prior to dissolution of marriage. 737.111 Execution requirements for express trusts. 737.115 Notice of trustee duties. 737.116 Trust for care of animal. 737.201 Court powers over trusts. 737.202 Trust proceedings; venue. 737.203 Trust proceedings; dismissal of matters relating to foreign trusts. 737.2035 Costs and attorney's fees in trust proceedings. 737.204 Proceedings for review of employment of agents and review of compensation of trustee and employees of trust. 737.2041 Trustee's attorney's fees. 737.205 Trust proceedings; commencement. 737.206 Effect of fraud, duress, mistake, and undue influence. 737.2065 Trust contests. 737.207 Penalty clause for contest. 737.208 Administration pending outcome of contest or other proceeding. 737.209 Improper distribution or payment; liability of distributee. 737.301 General duties not limited. 737.302 Trustee's standard of care and performance. 737.303 Duty to inform and account to beneficiaries. 737.3035 Trust accountings. 737.304 Duty to provide bond. 737.305 Trustee's duty concerning location of trust. 737.3053 Trustee's duty to distribute trust income. 737.3054 Trustee's duty to pay expenses and obligations of grantor's estate. 737.3055 Trustee's duty to ascertain marketable title of trust real property. 737.306 Personal liability of trustee. 737.3061 Limitations on actions against certain trusts. 737.307 Limitations on proceedings against trustees after beneficiary receives trust disclosure documents. 737.308 Notice of trust. 737.309 Resignation of trustee. 737.401 Powers of trustee conferred by trust or by law. 737.402 Powers of trustees conferred by this part. 737.4025 Powers of trustees conferred by this part in relation to environmental or human health laws affecting trust property or to trust property contaminated with hazardous or toxic substances; liability. 737.403 Power of court to permit deviation or to approve transactions involving conflict of interest. 737.4031 Judicial modification of trusts. 737.4032 Nonjudicial modification of trusts. 737.4033 Costs and attorney's fees. 737.404 Powers exercisable by joint trustees; liability. 737.405 Third persons protected. 737.406 Application of this part. 737.501 Definitions. 737.502 Application of this part. 737.503 Trustee of a private foundation trust or a split interest trust. 737.504 Powers and duties of trustee of a private foundation trust or a split interest trust. 737.505 Notice that this part does not apply. 737.506 Power to amend trust instrument. 737.507 Power of court to permit deviation. 737.508 Release; property and persons affected; manner of effecting. 737.509 Election to come under this part. 737.510 Supervision by public charitable organization. 737.511 Interpretation. 737.512 Inapplicability to certain trusts. 737.6035 Antilapse; deceased trust beneficiary; class gifts. 737.621 Rules of construction; general provisions. 737.622 Change in securities; accessions; nonademption. 737.623 Construction of generic terms. 737.624 Gifts to be per stirpes. 737.625 Killer not entitled to receive property or other benefits by reason of victim's death. 737.626 Evidence as to death or status. 737.627 Costs and attorney's fees. 738.104 Trustee's power to adjust. 738.1041 Total return unitrust. 738.202 Distribution to residuary and remainder beneficiaries. 739.102 Definitions. 744.331 Procedures to determine incapacity. 744.361 Powers and duties of guardian. 744.441 Powers of guardian upon court approval. 744.462 -
SB 1170, Original Filed Version Posted 12/9/2005 at 10:59 AM
Bill Text: Web Page | PDF Analyses: None Committee Amendments (1)
Amendment Sponsor Filed Last Committee Action Format 144346 - Amendment
Judiciary
(Aronberg)3/7/2006
4:09 PMReplaced by Committee Substitute
3/8/2006Web Page
PDFCommittee Votes (1)
Date Committee Result 3/8/2006 2:00 PM Judiciary 6 Yeas - 0 Nays Citations - Statutes (222)
Citation Catchline Location in Bill Location In Bill Help 497.458 Disposition of proceeds received on contracts. 607.0802 Qualifications of directors. 660.25 Definitions. 660.418 Investment of fiduciary funds in syndicate securities. 660.46 Substitution of fiduciaries. 689.071 Land trusts transferring interests in real estate; ownership vests in trustee. 689.075 Inter vivos trusts; powers retained by settlor. 689.175 709.08 Durable power of attorney. 721.08 Escrow accounts; nondisturbance instruments; alternate security arrangements; transfer of legal title. 721.53 Subordination instruments; alternate security arrangements. 731.103 Evidence as to death or status. 731.1035 731.201 General definitions. 731.303 Representation. 732.2075 Sources from which elective share payable; abatement. 732.513 Devises to trustee. 732.603 Antilapse; deceased devisee; class gifts. 732.604 Failure of testamentary provision. 732.611 Devises to be per stirpes. 733.212 Notice of administration; filing of objections. 733.602 General duties. 733.805 Order in which assets abate. 733.817 Apportionment of estate taxes. 736.0101 736.0102 736.0103 736.0104 736.0105 736.0106 736.0107 736.0108 736.0109 736.0110 736.0111 736.0112 736.0201 736.0202 736.0203 736.0204 736.0205 736.0206 736.0207 736.0301 736.0302 736.0303 736.0304 736.0305 736.0306 736.0401 736.0402 736.0403 736.0404 736.0405 736.0406 736.0407 736.0408 736.0409 736.0410 736.04113 736.04115 736.0412 736.0413 736.0414 736.0415 736.0416 736.0417 736.0501 736.0502 736.0503 736.0504 736.0505 736.05053 736.05055 736.0506 736.0507 736.0601 736.0602 736.0603 736.0604 736.0701 736.0702 736.0703 736.0704 736.0705 736.0706 736.0707 736.0708 736.0709 736.0801 736.0802 736.0803 736.0804 736.0805 736.0806 736.0807 736.0808 736.0809 736.0810 736.08105 736.0811 736.0812 736.08125 736.0813 736.08135 736.0814 736.08147 736.0815 736.0816 736.08163 736.08165 736.0817 736.0901 736.1001 736.1002 736.1003 736.1004 736.1005 736.1006 736.1007 736.1008 736.1009 736.1010 736.1011 736.1012 736.1013 736.1014 736.1015 736.1016 736.1017 736.1018 736.1101 736.1102 736.1103 736.1104 736.1105 736.1106 736.1107 736.1108 736.1201 736.1202 736.1203 736.1204 736.1205 736.1206 736.1207 736.1208 736.1209 736.1210 736.1301 736.1302 736.1303 737.101 Principal place of administration of trust. 737.105 Qualification of foreign trustee. 737.106 Revocable trust prior to dissolution of marriage. 737.111 Execution requirements for express trusts. 737.115 Notice of trustee duties. 737.116 Trust for care of animal. 737.201 Court powers over trusts. 737.202 Trust proceedings; venue. 737.203 Trust proceedings; dismissal of matters relating to foreign trusts. 737.2035 Costs and attorney's fees in trust proceedings. 737.204 Proceedings for review of employment of agents and review of compensation of trustee and employees of trust. 737.2041 Trustee's attorney's fees. 737.205 Trust proceedings; commencement. 737.206 Effect of fraud, duress, mistake, and undue influence. 737.2065 Trust contests. 737.207 Penalty clause for contest. 737.208 Administration pending outcome of contest or other proceeding. 737.209 Improper distribution or payment; liability of distributee. 737.301 General duties not limited. 737.302 Trustee's standard of care and performance. 737.303 Duty to inform and account to beneficiaries. 737.3035 Trust accountings. 737.304 Duty to provide bond. 737.305 Trustee's duty concerning location of trust. 737.3053 Trustee's duty to distribute trust income. 737.3054 Trustee's duty to pay expenses and obligations of grantor's estate. 737.3055 Trustee's duty to ascertain marketable title of trust real property. 737.306 Personal liability of trustee. 737.3061 Limitations on actions against certain trusts. 737.307 Limitations on proceedings against trustees after beneficiary receives trust disclosure documents. 737.308 Notice of trust. 737.309 Resignation of trustee. 737.401 Powers of trustee conferred by trust or by law. 737.402 Powers of trustees conferred by this part. 737.4025 Powers of trustees conferred by this part in relation to environmental or human health laws affecting trust property or to trust property contaminated with hazardous or toxic substances; liability. 737.403 Power of court to permit deviation or to approve transactions involving conflict of interest. 737.4031 Judicial modification of trusts. 737.4032 Nonjudicial modification of trusts. 737.4033 Costs and attorney's fees. 737.404 Powers exercisable by joint trustees; liability. 737.405 Third persons protected. 737.406 Application of this part. 737.501 Definitions. 737.502 Application of this part. 737.503 Trustee of a private foundation trust or a split interest trust. 737.504 Powers and duties of trustee of a private foundation trust or a split interest trust. 737.505 Notice that this part does not apply. 737.506 Power to amend trust instrument. 737.507 Power of court to permit deviation. 737.508 Release; property and persons affected; manner of effecting. 737.509 Election to come under this part. 737.510 Supervision by public charitable organization. 737.511 Interpretation. 737.512 Inapplicability to certain trusts. 737.6035 Antilapse; deceased trust beneficiary; class gifts. 737.621 Rules of construction; general provisions. 737.622 Change in securities; accessions; nonademption. 737.623 Construction of generic terms. 737.624 Gifts to be per stirpes. 737.625 Killer not entitled to receive property or other benefits by reason of victim's death. 737.626 Evidence as to death or status. 737.627 Costs and attorney's fees. 738.104 Trustee's power to adjust. 738.1041 Total return unitrust. 738.202 Distribution to residuary and remainder beneficiaries. 739.102 Definitions. 744.331 Procedures to determine incapacity. 744.361 Powers and duties of guardian. 744.441 Powers of guardian upon court approval. 744.462