Florida Senate - 2021                                     SB 688
       
       
        
       By Senator Berman
       
       
       
       
       
       31-00573C-21                                           2021688__
    1                        A bill to be entitled                      
    2         An act relating to waivers of exemptions of applicable
    3         assets; creating s. 222.105, F.S.; providing that
    4         certain exemptions of certain assets may not be waived
    5         unless certain conditions are met; specifying
    6         references that are insufficient to pledge a security
    7         interest in certain assets or to waive certain
    8         protections; defining the term “applicable assets”;
    9         amending s. 679.1081, F.S.; providing that a
   10         description of certain accounts and entitlements by
   11         certain type of collateral is insufficient; providing
   12         applicability; providing an effective date.
   13          
   14  Be It Enacted by the Legislature of the State of Florida:
   15  
   16         Section 1. Section 222.105, Florida Statutes, is created to
   17  read:
   18         222.105 Waiver of exemptions; requirements.—
   19         (1) The exemptions set forth in this chapter with respect
   20  to applicable assets may not be waived unless the person who is
   21  entitled to such exemption has specifically pledged a security
   22  interest in the applicable asset in a security agreement, as
   23  defined in s. 679.1021, that identifies the asset by specific
   24  reference to the applicable asset.
   25         (2) The following references in a security agreement
   26  purporting to pledge a security interest are insufficient to
   27  pledge applicable assets or to waive the protections afforded to
   28  applicable assets by this chapter:
   29         (a) All of a person’s “assets and rights, wherever located,
   30  whether now owned or after acquired, and all proceeds thereof,”
   31  or other words of similar import, including, but not limited to,
   32  those described in s. 679.1081(3); or
   33         (b) References only to the type of collateral, as described
   34  in s. 679.1081(5).
   35         (3) For purposes of this section, “applicable assets” means
   36  those assets described in ss. 222.13-222.16, s. 222.18, and ss.
   37  222.201-222.22.
   38         Section 2. Subsection (5) of section 679.1081, Florida
   39  Statutes, is amended to read:
   40         679.1081 Sufficiency of description.—
   41         (5) A description only by type of collateral defined in
   42  this chapter is an insufficient description of:
   43         (a) A commercial tort claim;
   44         (b) In a consumer transaction, consumer goods, a security
   45  entitlement, a securities account, or a commodity account; or
   46         (c) An account consisting of a right to payment of a
   47  monetary obligation for the sale of real property that is the
   48  debtor’s homestead under the laws of this state; or.
   49         (d) Accounts and other entitlements set forth in ss.
   50  222.13-222.16, s. 222.18, and ss. 222.201-222.22.
   51         Section 3. This act applies to security interests created
   52  after the effective date of this act.
   53         Section 4. This act shall take effect October 1, 2021.