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PCS for HB 6077 (2021): An act relating to assets of an estate in administration

Summary

A proposed committee substitute, PCS for HB 6077, of 2021, a bill to be entitled an act relating to assets of an estate in administration. Section 1 amends subsection (1) of section 69.031, Florida Statutes, on designated financial institutions for assets in the hands of guardians, curators, administrators, trustees, receivers or other officers. The bill deletes the requirement that a savings and loan association holding estate assets be a member of the Federal Savings and Loan Insurance Corporation. Section 2 states that the act takes effect July 1, 2021.

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“PCS for HB 6077 (2021): An act relating to assets of an estate in administration.” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-3100-insurance-banking-subcommittee-proposed-committee-bills-pcbs-57cb969021/, SHA-256 95611255160c530d3fb9288eaecca0cab1e25cef4c0a457b07c72dc22fd8e7d3.

Full text

F   L      O   R   I   D   A     H   O   U   S   E      O   F      R   E   P    R   E   S   E   N   T   A   T   I   V   E   S




           PCS for HB 6077                                                                                      2021




    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 only be placed in a savings and loan association
    6              if it is a member of the Federal Savings and Loan
    7              Insurance Corporation; providing an effective date.
    8
    9      Be It Enacted by the Legislature of the State of Florida:
10
11                 Section 1.         Subsection (1) of section 69.031, Florida
12         Statutes, is amended to read:
13                 69.031       Designated financial institutions for assets in
14         hands of guardians, curators, administrators, trustees,
15         receivers, or other officers.—
16                 (1)       When it is expedient in the judgment of any court
17         having jurisdiction of any estate in process of administration
18         by any guardian, curator, executor, administrator, trustee,
19         receiver, or other officer, because the size of the bond
20         required of the officer is burdensome or for other cause, the
21         court may order part or all of the personal assets of the estate
22         placed with a bank, trust company, or savings and loan
23         association (which savings and loan association is a member of
24         the Federal Savings and Loan Insurance Corporation and doing
25         business in this state) designated by the court, consideration

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        CODING: Words stricken are deletions; words underlined are additions.
                                                                                                        PCS for HB 6077
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        PCS for HB 6077                                                                                      2021




26      being given to any bank, trust company or savings and loan
27      association proposed by the officer. When the assets are placed
28      with the designated financial institution, it shall file a
29      receipt therefor in the name of the estate and give the officer
30      a copy. Such receipt shall acknowledge the assets received by
31      the financial institution. All interest, dividends, principal
32      and other debts collected by the financial institution on
33      account thereof shall be held by the financial institution in
34      safekeeping, subject to the instructions of the officer
35      authorized by order of the court directed to the financial
36      institution.
37              Section 2.         This act shall take effect July 1, 2021.




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     CODING: Words stricken are deletions; words underlined are additions.
                                                                                                     PCS for HB 6077

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