The Florida Senate

CS/HB 823: Florida Uniform Principal and Income Act

GENERAL BILL by Civil Justice Subcommittee ; McBurney ; Bernard

Florida Uniform Principal and Income Act; Defines term "carrying value"; provides application; deletes provision authorizing trustee to release power to adjust between principal & income if trustee desires to convert form of certain trusts; limits power to adjust trust; deletes provision that provides construction & application relating to administration of trusts in this state or under this state's law; defines term "average fair market value" & revises term "unitrust amount"; deletes duplicative provision relating to conclusive determinations of terms of unitrust; revises provisions relating to express total return unitrust; substitutes term "trustee" for "fiduciary" with respect to judicial control of discretionary powers; revises provisions relating to determination & distribution of net income; revises provisions relating to distributions to residuary & remainder beneficiaries; substitutes term "fiduciary" for "trustee" to clarify that provisions apply to all fiduciaries; revises how distributions from entities are allocated between income & principal; revises provisions relating to allocations to trusts; revises provisions relating to allocation between income & principal when liquidating assets; clarifies apportionment of expenses between tenants & remaindermen.

• Bill History
• Related Bills (2)
• Bill Text (2)
• Amendments (0)
• Analyses (3)
• Vote History (0)
• Citations (31)

Bill History

Date	Chamber	Action
11/30/2011	House	• Filed
12/12/2011	House	• Referred to Civil Justice Subcommittee; Insurance and Banking Subcommittee; Judiciary Committee -HJ 81
1/9/2012	House	• PCS on Committee agenda-- Civil Justice Subcommittee, 01/11/12, 11:30 am, 404 HOB
1/10/2012	House	• Introduced -HJ 81
1/11/2012	House	• CS by Civil Justice Subcommittee; YEAS 14 NAYS 0 -HJ 238
1/19/2012	House	• Pending review of CS under Rule 7.19(c) • CS by Civil Justice Subcommittee read 1st time -HJ 233
1/20/2012	House	• Now in Insurance and Banking Subcommittee -HJ 247 • On Committee agenda-- Insurance and Banking Subcommittee, 01/24/12, 2:00 pm, 404 HOB
1/24/2012	House	• Favorable by Insurance and Banking Subcommittee; YEAS 12 NAYS 0 -HJ 299
1/26/2012	House	• Now in Judiciary Committee -HJ 299
2/6/2012	House	• On Committee agenda-- Judiciary Committee, 02/08/12, 8:30 am, 404 HOB
2/8/2012	House	• Favorable by- Judiciary Committee; YEAS 14 NAYS 0 -HJ 549 • Placed on Calendar -HJ 549
3/6/2012	House	• Laid on Table, companion bill(s) passed, see CS/SB 1050 (Ch. 2012-49) -HJ 1137

Related Bills

Bill Number	Subject	Filed By	Relationship	Last Action and Location	Track Bills
S 978 (c1)	Florida Uniform Principal and Income Act	Fasano	Similar	Last Action: 3/9/2012 S Died in Banking and Insurance, companion bill(s) passed, see CS/SB 1050 (Ch. 2012-49) Location: In committee/council (BI)
S 1050 (er)	Fiduciaries	Bogdanoff	Similar	Last Action: 4/7/2012 Chapter No. 2012-49 Location: Became Law

Bill Text

Version	Posted	Format
H 823 Filed	11/30/2011 4:40 PM	Web Page | PDF
H 823 c1	1/19/2012 7:42 AM	PDF

Committee Amendments

No Committee Amendments Available

Floor Amendments

No Floor Amendments Available

Bill Analyses

Type	Analysis	Author	Posted	Format
Bill Analysis	H 823	Civil Justice Subcommittee (Post-Meeting)	1/18/2012 7:47 PM	PDF
Bill Analysis	H 823	Insurance and Banking Subcommittee (Post-Meeting)	1/26/2012 11:33 AM	PDF
Bill Analysis	H 823	Judiciary Committee (Post-Meeting)	2/8/2012 1:57 PM	PDF

Vote History - Committee

No Committee Vote History Available

Vote History - Floor

No Vote History Available

Citations - Statutes (31)

Citation	Catchline	Location in Bill Location In Bill Help
738.102	Definitions.	Page 3 (pdf)
738.103	Fiduciary duties; general principles.	Page 3 (pdf)
738.104	Trustee’s power to adjust.	Page 4 (pdf)
738.1041	Total return unitrust.	Page 4 (pdf)
738.105	Judicial control of discretionary powers.	Page 15 (pdf)
738.201	Determination and distribution of net income.	Page 17 (pdf)
738.202	Distribution to residuary and remainder beneficiaries.	Page 19 (pdf)
738.301	When right to income begins and ends.	Page 22 (pdf)
738.302	Apportionment of receipts and disbursements when decedent dies or income interest begins.	Page 22 (pdf)
738.303	Apportionment when income interest ends.	Page 23 (pdf)
738.401	Character of receipts.	Page 23 (pdf)
738.402	Distribution from trust or estate.	Page 31 (pdf)
738.403	Business and other activities conducted by trustee.	Page 31 (pdf)
738.501	Principal receipts.	Page 32 (pdf)
738.502	Rental property.	Page 33 (pdf)
738.503	Obligation to pay money.	Page 34 (pdf)
738.504	Insurance policies and similar contracts.	Page 35 (pdf)
738.601	Insubstantial allocations not required.	Page 35 (pdf)
738.602	Payments from deferred compensation plans, annuities, and retirement plans or accounts.	Page 36 (pdf)
738.603	Liquidating asset.	Page 40 (pdf)
738.604	Minerals, water, and other natural resources.	Page 41 (pdf)
738.605	Timber.	Page 42 (pdf)
738.606	Property not productive of income.	Page 43 (pdf)
738.607	Derivatives and options.	Page 44 (pdf)
738.608	Asset-backed securities.	Page 44 (pdf)
738.701	Disbursements from income.	Page 45 (pdf)
738.702	Disbursements from principal.	Page 46 (pdf)
738.703	Transfers from income to principal for depreciation.	Page 47 (pdf)
738.704	Transfers from income to reimburse principal.	Page 48 (pdf)
738.705	Income taxes.	Page 48 (pdf)
738.801	Application with respect to apportionment of expenses; improvements.	Page 50 (pdf)

Citations - Constitution (0)

No Constitutional citations.

Citations - Chapter Law (0)

No Chapter Law citations.