| 1 | A bill to be entitled |
| 2 | An act relating to fraudulent transfers; amending s. |
| 3 | 726.102, F.S.; defining the term "exempt organization" |
| 4 | for purposes of the Uniform Fraudulent Transfer Act; |
| 5 | amending s. 726.109, F.S.; providing that an exempt |
| 6 | organization that, in good faith, accepts a charitable |
| 7 | contribution from a person for its charitable purpose |
| 8 | is deemed to have exchanged reasonably equivalent |
| 9 | value for purposes of an exception to voidability of |
| 10 | transfers; amending ss. 718.704 and 721.05, F.S.; |
| 11 | conforming cross-references; providing an effective |
| 12 | date. |
| 13 |
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| 14 | Be It Enacted by the Legislature of the State of Florida: |
| 15 |
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| 16 | Section 1. Subsections (7) through (13) of section |
| 17 | 726.102, Florida Statutes, are renumbered as subsections (8) |
| 18 | through (14), respectively, and a new subsection (7) is added to |
| 19 | that section to read: |
| 20 | 726.102 Definitions.-As used in ss. 726.101-726.112: |
| 21 | (7) "Exempt organization" means any organization that is |
| 22 | qualified as exempt from federal income taxation under s. |
| 23 | 501(c)(3) or s. 501(c)(4) of the Internal Revenue Code of 1986, |
| 24 | as amended. |
| 25 | Section 2. Subsection (1) of section 726.109, Florida |
| 26 | Statutes, is amended to read: |
| 27 | 726.109 Defenses, liability, and protection of |
| 28 | transferee.- |
| 29 | (1) A transfer or obligation is not voidable under s. |
| 30 | 726.105(1)(a) against a person who took in good faith and for a |
| 31 | reasonably equivalent value or against any subsequent transferee |
| 32 | or obligee. An exempt organization that, in good faith, accepts |
| 33 | a charitable contribution from a person for its charitable |
| 34 | purpose or purposes is deemed to have exchanged a reasonably |
| 35 | equivalent value for purposes of this subsection. |
| 36 | Section 3. Paragraph (c) of subsection (4) of section |
| 37 | 718.704, Florida Statutes, is amended to read: |
| 38 | 718.704 Assignment and assumption of developer rights by |
| 39 | bulk assignee; bulk buyer.- |
| 40 | (4) An acquirer of condominium parcels is not a bulk |
| 41 | assignee or a bulk buyer if the transfer to such acquirer was |
| 42 | made: |
| 43 | (c) By a person who would be considered an insider as |
| 44 | defined in under s. 726.102 726.102(7). |
| 45 | Section 4. Paragraph (e) of subsection (10) of section |
| 46 | 721.05, Florida Statutes, is amended to read: |
| 47 | 721.05 Definitions.-As used in this chapter, the term: |
| 48 | (10) "Developer" includes: |
| 49 | (e) A successor or concurrent developer shall be exempt |
| 50 | from any liability inuring to a predecessor or concurrent |
| 51 | developer of the same timeshare plan, except as provided in s. |
| 52 | 721.15(7), provided that this exemption shall not apply to any |
| 53 | of the successor or concurrent developer's responsibilities, |
| 54 | duties, or liabilities with respect to the timeshare plan that |
| 55 | accrue after the date the successor or concurrent developer |
| 56 | became a successor or concurrent developer, and provided that |
| 57 | such transfer does not constitute a fraudulent transfer. In |
| 58 | addition to other provisions of law, a transfer by a predecessor |
| 59 | developer to a successor or concurrent developer shall be deemed |
| 60 | fraudulent if the predecessor developer made the transfer: |
| 61 | 1. With actual intent to hinder, delay, or defraud any |
| 62 | purchaser or the division; or |
| 63 | 2. To a person that would constitute an insider as defined |
| 64 | in under s. 726.102 726.102(7). |
| 65 |
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| 66 | The provisions of this paragraph shall not be construed to |
| 67 | relieve any successor or concurrent developer from the |
| 68 | obligation to comply with the provisions of any applicable |
| 69 | timeshare instrument. |
| 70 | Section 5. This act shall take effect July 1, 2012. |