Florida Senate - 2022                        COMMITTEE AMENDMENT
       Bill No. SB 1368
       
       
       
       
       
       
                                Ì503122dÎ503122                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  02/10/2022           .                                
                                       .                                
                                       .                                
                                       .                                
       —————————————————————————————————————————————————————————————————




       —————————————————————————————————————————————————————————————————
       The Committee on Banking and Insurance (Gruters) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 53 - 153
    4  and insert:
    5  qualified beneficiaries except as otherwise provided in s.
    6  736.0813(1)(d).
    7         Section 3. Present subsections (4), (5), and (6) of section
    8  736.0109, Florida Statutes, are redesignated as subsections (5),
    9  (6), and (7), respectively, a new subsection (4) is added to
   10  that section, and subsection (1) and present subsection (4) of
   11  that section are amended, to read:
   12         736.0109 Methods and waiver of notice.—
   13         (1) Notice to a person under this code or the sending of a
   14  document to a person under this code must be accomplished in a
   15  manner reasonably suitable under the circumstances and likely to
   16  result in receipt of the notice or document. Permissible methods
   17  of notice or for sending a document include first-class mail,
   18  personal delivery, delivery to the person’s last known place of
   19  residence or place of business, a properly directed facsimile or
   20  other electronic message, including e-mail, or posting on a
   21  secure electronic account or website in accordance with
   22  subsection (3).
   23         (4) Notwithstanding subsection (3), a family trust company,
   24  licensed family trust company, or foreign licensed family trust
   25  company, as defined in s. 662.111, that is a trustee of a trust
   26  may use any permissible method for providing notice or for
   27  sending a document specified in subsection (1) or may send a
   28  properly directed e-mail that contains an attached notice or
   29  document or contains a hyperlink through which the recipient can
   30  view the notice or document as a permissible method of providing
   31  notice or sending a document. For purposes of this subsection,
   32  such notice or document sent by e-mail is deemed to have been
   33  sent if any username, password, or other specific instructions
   34  needed to access the notice or document are communicated to the
   35  recipient beforehand or contemporaneously with the sending of
   36  the e-mail message containing the notice, document, or
   37  hyperlink, or upon the request of the recipient.
   38         (5)(4) Notice to a person under this code, or the sending
   39  of a document to a person under this code electronically by
   40  electronic message, is complete when the document is sent.
   41         (a) An electronic message is presumed received on the date
   42  that the message is sent.
   43         (b) If the sender has knowledge that an electronic message
   44  did not reach the recipient, the electronic message is deemed to
   45  have not been received. The sender has the burden to prove that
   46  another copy of the notice or document was sent by electronic
   47  message or by other means authorized by this section.
   48         Section 4. Subsection (5) of section 736.0303, Florida
   49  Statutes, is amended to read:
   50         736.0303 Representation by fiduciaries and parents.—To the
   51  extent there is no conflict of interest between the
   52  representative and the person represented or among those being
   53  represented with respect to a particular question or dispute:
   54         (5) A parent may represent and bind the parent’s unborn
   55  child and the unborn descendants of such unborn child, or the
   56  parent’s minor child and the minor or unborn descendants of such
   57  minor child, if a guardian of the property for the unborn child,
   58  minor child, or such child’s descendants has not been appointed.
   59         Section 5. Subsection (1) of section 736.0409, Florida
   60  Statutes, is amended to read:
   61         736.0409 Noncharitable trust without ascertainable
   62  beneficiary.—Except as otherwise provided in s. 736.0408 or by
   63  another provision of law, the following rules apply:
   64         (1) A trust may be created for a noncharitable purpose
   65  without a definite or definitely ascertainable beneficiary or
   66  for a noncharitable but otherwise valid purpose to be selected
   67  by the trustee. The trust may not be enforced for more than
   68  1,000 21 years.
   69         Section 6. Paragraph (d) of subsection (1) of section
   70  736.0813, Florida Statutes, is amended to read:
   71         736.0813 Duty to inform and account.—The trustee shall keep
   72  the qualified beneficiaries of the trust reasonably informed of
   73  the trust and its administration.
   74         (1) The trustee’s duty to inform and account includes, but
   75  is not limited to, the following:
   76         (d) A trustee of an irrevocable trust shall provide a trust
   77  accounting, as set forth in s. 736.08135, from the date of the
   78  last accounting or, if none, from the date on which the trustee
   79  became accountable, to each qualified beneficiary at least
   80  annually and on termination of the trust or on change of the
   81  trustee. Notwithstanding s. 736.0105 or the duties under this
   82  paragraph, if a family trust company, licensed family trust
   83  company, or foreign licensed family trust company, as defined in
   84  s. 662.111, is a trustee of an irrevocable trust, the terms of
   85  the trust may permit for accounting to the qualified
   86  beneficiaries only at the termination of the trust; upon the
   87  removal, resignation, or other event resulting in a trustee
   88  ceasing to serve as a trustee; or upon demand of a qualified
   89  beneficiary or the representative of a qualified beneficiary.
   90  This paragraph may not be construed to prohibit a trustee that
   91  is a family trust company, licensed family trust company, or
   92  foreign licensed family trust company from voluntarily
   93  accounting to the qualified beneficiaries annually or at other
   94  times selected by such trustee.
   95  
   96  Paragraphs (a) and (b) do not apply to an irrevocable trust
   97  created before the effective date of this code, or to a
   98  revocable trust that becomes irrevocable before the effective
   99  date of this code. Paragraph (a) does not apply to a trustee who
  100  accepts a trusteeship before the effective date of this code.
  101         Section 7. Present subsection (3) of section 736.08135,
  102  Florida Statutes, is redesignated as subsection (4) and amended,
  103  and a new subsection (3) is added to that section, to read:
  104         736.08135 Trust accountings.—
  105         (3) Notwithstanding subsections (1) and (2), if a family
  106  trust company, licensed family trust company, or foreign
  107  licensed family trust company, as defined in s. 662.111, is a
  108  trustee of the trust, such trustee may elect, for any accounting
  109  period, to provide the qualified beneficiaries with all of the
  110  following information:
  111         (a) A notice stating that the trustee has made an election
  112  to provide the information described in this subsection.
  113         (b)The information required by paragraph (2)(a) and, if
  114  applicable, the information required by paragraph (2)(f).
  115         (c) A financial statement for the trust which summarizes
  116  the information provided pursuant to paragraphs (2)(b)-(e). The
  117  financial statement must contain sufficient information to put
  118  the beneficiary on notice of the trust’s comprehensive assets
  119  and liabilities as well as of the transactions occurring during
  120  the accounting period. A financial statement that reports a
  121  summary of the comprehensive assets and liabilities at the
  122  beginning and end of the accounting period and the aggregate
  123  amounts of all cash and property transactions, gains, losses,
  124  receipts, expenses, disbursements, distributions, accruals, or
  125  allowances occurring within the accounting period for each
  126  category of assets and liabilities meets the requirements of
  127  this paragraph.
  128  
  129  For the purposes of this chapter, a financial statement that a
  130  trustee provides to a beneficiary of a trust under this
  131  subsection is deemed to be a trust accounting. Any trustee that
  132  makes the election provided in this subsection shall, upon
  133  request of any beneficiary made within the limitations period
  134  under s. 736.1008, make available the detailed information
  135  necessary for preparation of the financial statement to the
  136  beneficiary within 30 days after the date of such request,
  137  including providing copies of the requested information. A
  138  request by a beneficiary for the detailed information necessary
  139  for the preparation of the financial statement tolls the running
  140  of any applicable limitations period until the detailed
  141  information is made available to the beneficiary.
  142         (4)(3) Subsections (1) and (2) govern the form and content
  143  of all trust accountings rendered for any accounting periods
  144  beginning on or after January 1, 2003, and all trust accountings
  145  rendered on or after July 1, 2018. The election provided in
  146  subsection (3) for trusts for which a family trust company,
  147  licensed family trust company, or foreign licensed family trust
  148  company, as defined in s. 662.111, is a trustee is available for
  149  any accounting periods beginning on or after July 1, 2022. This
  150  subsection
  151  
  152  ================= T I T L E  A M E N D M E N T ================
  153  And the title is amended as follows:
  154         Delete lines 7 - 19
  155  and insert:
  156         to account to qualified beneficiaries under certain
  157         circumstances; amending s. 736.0109, F.S.; clarifying
  158         circumstances under which notice, or the sending of a
  159         document, to a person under the Florida Trust Code is
  160         deemed satisfied; authorizing certain trust companies
  161         that are trustees to use specified methods for
  162         providing notice or sending a document; specifying
  163         when such notice or document is deemed sent; amending
  164         s. 736.0303, F.S.; specifying circumstances under
  165         which a parent may represent and bind the unborn
  166         descendants of his or her unborn child or the minor or
  167         unborn descendants of his or her minor child; amending
  168         s. 736.0409, F.S.; revising the timeframe for which
  169         certain noncharitable trusts may be enforced; amending
  170         s. 736.0813, F.S.; providing that the terms of a trust
  171         may permit for accounting to the qualified
  172         beneficiaries only under certain circumstances;
  173         providing construction; amending s. 736.08135, F.S.;
  174         providing an alternate procedure for trust accountings
  175         for specified trustees under certain