Chapter 727 — Chapter 727
17 sections in this chapter.
Fla. Stat. § 727.101 Intent of chapter
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The intent of this chapter is to provide a uniform procedure for the administration and orderly liquidation of insolvent estates, and to ensure full reporting to creditors and equal distribution of assets according to priorities as established under this chapter.
Fla. Stat. § 727.102 Jurisdiction of proceedings and venue
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All proceedings under this chapter shall be subject to the order and supervision of the circuit court for the county where the petition is filed in accordance with s. 727.104(2).
Fla. Stat. § 727.103 Definitions
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As used in this chapter, unless the context requires a different meaning, the term:(1) “Asset” means a legal or equitable interest of the assignor in property, which includes anything that may be the subject of ownership, whether real or personal, tangible or intangible, includin…
Fla. Stat. § 727.104 Commencement of proceedings
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(1)(a) An irrevocable assignment and schedules shall be made in writing, containing the name and address of the assignor and assignee and providing for an equal distribution of the estate according to the priorities set forth in s. 727.114.(b) The assignment shall be in substanti…
Fla. Stat. § 727.105 Actions against assignee
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(1) An action may not be commenced against the assignee except as provided in this chapter, but nothing contained in this chapter affects any action or proceeding by a governmental unit to enforce such governmental unit’s police or regulatory power. Except in the case of a consen…
Fla. Stat. § 727.106 Turnover
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Any person or entity in possession, custody, or control of assets of the estate, other than a creditor holding a lien or a right of setoff or recoupment with respect to the subject assets, shall, upon notice by the assignee of the assignment proceeding, promptly turn such assets …
Fla. Stat. § 727.107 Duties of assignor
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The assignor shall:(1) Assist the assignee in the administration of the estate and comply with all orders of the court;(2) Upon delivery of the assignment to the assignee, deliver to the assignee all of the assets of the estate in the assignor’s possession, custody, or control, i…
Fla. Stat. § 727.108 Duties of assignee
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The assignee shall:(1) Collect and reduce to money the assets of the estate, whether by suit in any court of competent jurisdiction or by public or private sale, including, but not limited to, prosecuting any tort claims or causes of action that were previously held by the assign…
Fla. Stat. § 727.109 Power of the court
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The court shall have power to:(1) Enforce all provisions of this chapter.(2) Set, approve, or reconsider the amount of the assignee’s bond.(3) Upon notice and a hearing, if requested, authorize the business of the assignor to be conducted by the assignee for longer than 45 calend…
Fla. Stat. § 727.110 Actions by assignee and other parties in interest
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(1) All matters requiring court authorization under this chapter shall be brought by motion, except for the following matters, which shall be brought by supplemental proceeding, as provided in subsection (2):(a) An action by the assignee to recover money or other assets of the es…
Fla. Stat. § 727.111 Notice
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(1) The assignee shall give notice of the assignment by publication in a newspaper of general circulation published in the county where the petition is filed and in any other county or counties where the assignment is required to be recorded pursuant to s. 727.104(2), once a week…
Fla. Stat. § 727.112 Proof of claim
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(1) All claims other than claims of creditors with liens on assets of the estate, whether contingent, liquidated, unliquidated, or disputed, which arose prior to the filing date, must be filed in accordance with the provisions of this chapter, and any such claim not so filed is b…
Fla. Stat. § 727.113 Objections to claims
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(1) At any time before the entry of an order approving the assignee’s final report, the assignee or any party in interest may file with the court an objection to a claim, which objection must be in writing and set forth the nature of the objection, and shall serve a copy thereof …
Fla. Stat. § 727.114 Priority of claims
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Allowed claims shall receive distribution under this chapter in the following order of priority and, with the exception of paragraph (1)(a), on a pro rata basis:(1)(a) Creditors with liens on assets of the estate, which liens are duly perfected pursuant to applicable law, shall r…
Fla. Stat. § 727.115 Resignation or removal of assignee
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(1) The court shall remove or replace the assignee on application of the assignor, of the assignee, or of any creditor, or on its own motion, if the assignee has not executed and filed the bond required by s. 727.104(2); if the assignee resigns, refuses, or fails to serve for any…
Fla. Stat. § 727.116 Assignee’s final report and discharge
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(1) Upon distribution of all assets of the estate, the assignee shall petition the court for his or her discharge upon notice and a hearing in accordance with s. 727.111(5).(2) The assignee’s final report setting forth all receipts and disbursements of the estate shall be annexed…
Fla. Stat. § 727.117 Assignee’s deed form
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(1) If an assignee sells real property of the estate, the deed shall be in substantially the following form:ASSIGNEE’S DEEDThis Assignee’s Deed is made and executed this day of , (year) , by , as Assignee for the Estate of , Case No. in the Circuit Court of County, Florida, whose…