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Glossary of Legislative Terms

CS/SB 978: Florida Uniform Principal and Income Act

GENERAL BILL by Judiciary ; Fasano

Florida Uniform Principal and Income Act; Deleting a provision authorizing a trustee to release the power to adjust between principal and income if the trustee desires to convert the form of certain trusts; deleting a duplicative provision relating to conclusive determinations of the terms of a unitrust; revising provisions relating to the determination and distribution of net income; substituting the term “fiduciary” for “trustee” to clarify that provisions apply to all fiduciaries; revising provisions relating to the allocation between income and principal when liquidating assets, etc.

Effective Date: 1/1/2013
 Last Action: 3/9/2012 Senate - Died in Banking and Insurance, companion bill(s) passed, see CS/SB 1050 (Ch. 2012-49)
Bill Text: Web Page | PDF
Senate Committee References:
  1. Judiciary (JU)
  2. Banking and Insurance (BI)
  3. Budget (BC)

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  • Bill History

    Date Chamber Action
    11/16/2011 Senate • Filed
    12/6/2011 Senate • Referred to Judiciary; Banking and Insurance; Budget -SJ 81
    1/10/2012 Senate • Introduced -SJ 81
    1/20/2012 Senate • On Committee agenda-- Judiciary, 01/25/12, 3:30 pm, 110 Senate Office Building
    1/25/2012 Senate • CS by Judiciary; YEAS 6 NAYS 0 -SJ 280
    1/26/2012 Senate • Pending reference review under Rule 4.7(2) - (Committee Substitute)
    1/27/2012 Senate • Now in Banking and Insurance -SJ 280
    • CS by Judiciary read 1st time -SJ 287
    3/9/2012 Senate • Died in Banking and Insurance, companion bill(s) passed, see CS/SB 1050 (Ch. 2012-49)

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  • CS/SB 978, Committee Substitute 1 (Current Bill Version) Posted 1/26/2012 at 10:05 AM

    Bill Text:   Web Page | PDF
    Analyses:   None

    Related Bills (2)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    H 823 (c1) Florida Uniform Principal and Income Act McBurney Similar Last Action: 3/6/2012 H Laid on Table, companion bill(s) passed, see CS/SB 1050 (Ch. 2012-49) -HJ 1137
    Location: Laid on Table     		Track This Bill
    S 1050 (er) Fiduciaries Bogdanoff Similar Last Action: 4/7/2012 Chapter No. 2012-49
    Location: Became Law     		Track This Bill

    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 3 (pdf)
    738.1041 Total return unitrust. Page 4 (pdf)
    738.105 Judicial control of discretionary powers. Page 14 (pdf)
    738.201 Determination and distribution of net income. Page 16 (pdf)
    738.202 Distribution to residuary and remainder beneficiaries. Page 18 (pdf)
    738.301 When right to income begins and ends. Page 21 (pdf)
    738.302 Apportionment of receipts and disbursements when decedent dies or income interest begins. Page 21 (pdf)
    738.303 Apportionment when income interest ends. Page 22 (pdf)
    738.401 Character of receipts. Page 22 (pdf)
    738.402 Distribution from trust or estate. Page 29 (pdf)
    738.403 Business and other activities conducted by trustee. Page 30 (pdf)
    738.501 Principal receipts. Page 31 (pdf)
    738.502 Rental property. Page 32 (pdf)
    738.503 Obligation to pay money. Page 33 (pdf)
    738.504 Insurance policies and similar contracts. Page 34 (pdf)
    738.601 Insubstantial allocations not required. Page 34 (pdf)
    738.602 Payments from deferred compensation plans, annuities, and retirement plans or accounts. Page 35 (pdf)
    738.603 Liquidating asset. Page 39 (pdf)
    738.604 Minerals, water, and other natural resources. Page 39 (pdf)
    738.605 Timber. Page 41 (pdf)
    738.606 Property not productive of income. Page 42 (pdf)
    738.607 Derivatives and options. Page 42 (pdf)
    738.608 Asset-backed securities. Page 43 (pdf)
    738.701 Disbursements from income. Page 44 (pdf)
    738.702 Disbursements from principal. Page 44 (pdf)
    738.703 Transfers from income to principal for depreciation. Page 46 (pdf)
    738.704 Transfers from income to reimburse principal. Page 46 (pdf)
    738.705 Income taxes. Page 47 (pdf)
    738.801 Application with respect to apportionment of expenses; improvements. Page 48 (pdf)

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  • SB 978, Original Filed Version Posted 11/16/2011 at 2:22 PM

    Bill Text:   Web Page | PDF
    Analyses:   Judiciary (Pre-Meeting) 1/24/2012 (pdf)
    Judiciary (Post-Meeting) 1/26/2012 (pdf)

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    H 823 (c1) Florida Uniform Principal and Income Act McBurney Similar Last Action: 3/6/2012 H Laid on Table, companion bill(s) passed, see CS/SB 1050 (Ch. 2012-49) -HJ 1137
    Location: Laid on Table     		Track This Bill

    Committee Amendments (1)

    Amendment Sponsor Filed Last Committee Action Format
    401280 - Amendment (Delete All)
    Delete everything after the enacting clause and insert:     		Judiciary
    (Joyner)     		1/24/2012
    3:39 PM     		Replaced by Committee Substitute
    1/26/2012     		Web Page
    PDF

    Committee Votes (1)

    Date Committee Result
    1/25/2012 3:30 PM Judiciary 6 Yeas - 0 Nays

    Citations - Statutes (31)

    Citation Catchline Location in Bill Location In Bill Help
    738.102 Definitions. Page 2 (pdf)
    738.104 Trustee’s power to adjust. Page 3 (pdf)
    738.1041 Total return unitrust. Page 3 (pdf)
    738.105 Judicial control of discretionary powers. Page 13 (pdf)
    738.201 Determination and distribution of net income. Page 15 (pdf)
    738.202 Distribution to residuary and remainder beneficiaries. Page 17 (pdf)
    738.301 When right to income begins and ends. Page 20 (pdf)
    738.302 Apportionment of receipts and disbursements when decedent dies or income interest begins. Page 20 (pdf)
    738.303 Apportionment when income interest ends. Page 21 (pdf)
    738.401 Character of receipts. Page 21 (pdf)
    738.402 Distribution from trust or estate. Page 28 (pdf)
    738.403 Business and other activities conducted by trustee. Page 29 (pdf)
    738.501 Principal receipts. Page 30 (pdf)
    738.502 Rental property. Page 31 (pdf)
    738.503 Obligation to pay money. Page 31 (pdf)
    738.504 Insurance policies and similar contracts. Page 32 (pdf)
    738.601 Insubstantial allocations not required. Page 33 (pdf)
    738.602 Payments from deferred compensation plans, annuities, and retirement plans or accounts. Page 34 (pdf)
    738.603 Liquidating asset. Page 38 (pdf)
    738.604 Minerals, water, and other natural resources. Page 38 (pdf)
    738.605 Timber. Page 39 (pdf)
    738.606 Property not productive of income. Page 40 (pdf)
    738.607 Derivatives and options. Page 41 (pdf)
    738.608 Asset-backed securities. Page 42 (pdf)
    738.701 Disbursements from income. Page 42 (pdf)
    738.702 Disbursements from principal. Page 43 (pdf)
    738.703 Transfers from income to principal for depreciation. Page 44 (pdf)
    738.704 Transfers from income to reimburse principal. Page 45 (pdf)
    738.705 Income taxes. Page 46 (pdf)
    738.801 Application with respect to apportionment of expenses; improvements. Page 47 (pdf)
    738.804 Application. Page 49 (pdf)

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