Florida Senate - 2021 SB 1288 By Senator Boyd 21-01680-21 20211288__ 1 A bill to be entitled 2 An act relating to assets of an estate in 3 administration; amending s. 69.031, F.S.; deleting a 4 requirement that assets of an estate in administration 5 may be placed in a savings and loan association only 6 if such savings and loan association is a member of 7 the Federal Savings and Loan Insurance Corporation; 8 providing an effective date. 9 10 Be It Enacted by the Legislature of the State of Florida: 11 12 Section 1. Subsection (1) of section 69.031, Florida 13 Statutes, is amended to read: 14 69.031 Designated financial institutions for assets in 15 hands of guardians, curators, administrators, trustees, 16 receivers, or other officers.— 17 (1) When it is expedient in the judgment of any court 18 having jurisdiction of any estate in process of administration 19 by any guardian, curator, executor, administrator, trustee, 20 receiver, or other officer, because the size of the bond 21 required of the officer is burdensome or for other cause, the 22 court may order part or all of the personal assets of the estate 23 placed with a bank, trust company, or savings and loan 24 association (which savings and loan association is
a member of25 the Federal Savings and Loan Insurance Corporation anddoing 26 business in this state) designated by the court, consideration 27 being given to any bank, trust company or savings and loan 28 association proposed by the officer. When the assets are placed 29 with the designated financial institution, it shall file a 30 receipt therefor in the name of the estate and give the officer 31 a copy. Such receipt shall acknowledge the assets received by 32 the financial institution. All interest, dividends, principal 33 and other debts collected by the financial institution on 34 account thereof shall be held by the financial institution in 35 safekeeping, subject to the instructions of the officer 36 authorized by order of the court directed to the financial 37 institution. 38 Section 2. This act shall take effect July 1, 2021.