Title XL, Real and Personal Property

(1) An agent is a fiduciary. Notwithstanding the provisions in the power of attorney, an agent who has accepted appointment:(a) Must act only within the scope of authority granted in the power of attorney. In exercising that authority, the agent:1. May not act contrary to the pri…

A power of attorney may provide that the agent is not liable for any acts or decisions made by the agent in good faith and under the power of attorney, except to the extent the provision:(1) Relieves the agent of liability for breach of a duty committed dishonestly, with improper…

(1) A court may construe or enforce a power of attorney, review the agent’s conduct, terminate the agent’s authority, remove the agent, and grant other appropriate relief.(2) The following persons may petition the court:(a) The principal or the agent, including any nominated succ…

An agent who violates this part is liable to the principal or the principal’s successors in interest for the amount required to:(1) Restore the value of the principal’s property to what it would have been had the violation not occurred; and(2) Reimburse the principal or the princ…

Unless the power of attorney provides a different method for an agent’s resignation, an agent may resign by giving notice to the principal, to the guardian if the principal is incapacitated and one has been appointed for the principal, and to any co-agent, or if none, the next su…

(1)(a) A third person who in good faith accepts a power of attorney that appears to be executed in the manner required by law at the time of its execution may rely upon the power of attorney and the actions of the agent which are reasonably within the scope of the agent’s authori…

(1) A third person must accept or reject a power of attorney within a reasonable time. Four days, excluding Saturdays, Sundays, and legal holidays, are presumed to be a reasonable time for a financial institution or broker-dealer to accept or reject a power of attorney with respe…

(1) A notice, including a notice of revocation, notice of partial or complete termination by adjudication of incapacity or by the occurrence of an event referenced in the power of attorney, notice of death of the principal, notice of suspension by initiation of proceedings to det…

(1) Except as provided in this section or other applicable law, an agent may only exercise authority specifically granted to the agent in the power of attorney and any authority reasonably necessary to give effect to that express grant of specific authority. General provisions in…

(1) Notwithstanding s. 709.2201, an agent may exercise the following authority only if the principal signed or initialed next to each specific enumeration of the authority, the exercise of the authority is consistent with the agent’s duties under s. 709.2114, and the exercise is …

(1) A power of attorney that includes the statement that the agent has “authority to conduct banking transactions as provided in section 709.2208(1), Florida Statutes” grants general authority to the agent to engage in the following transactions with financial institutions withou…

(1) For purposes of this section, “supported decisionmaking agreement” means an agreement in which the power of attorney grants an agent the authority to receive information and to communicate on behalf of the principal without granting the agent the authority to bind or act on b…

The common law of agency and principles of equity supplement this part, except as modified by this part or other state law.History.—s. 27, ch. 2011-210.

This part does not supersede any other law applicable to financial institutions or other entities, and that law controls if inconsistent with this part.History.—s. 28, ch. 2011-210.

The remedies under this part are not exclusive and do not abrogate any right or remedy under any other law other than this part.History.—s. 29, ch. 2011-210.

This part modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. s. 7001 et seq., but does not modify, limit, or supersede s. 101(c) of that act, or authorize electronic delivery of any of the notices described in s. 103(…

Except as otherwise provided in this part:(1) With respect to formalities of execution, this part applies to a power of attorney created on or after October 1, 2011.(2) With respect to all matters other than formalities of execution, this part applies to a power of attorney regar…

This act may be cited as the “Florida Uniform Transfers to Minors Act.”History.—s. 1, ch. 85-95.

As used in this act, the term:(1) “Adult” means an individual who has attained the age of 21 years.(2) “Benefit plan” means a retirement plan and may include, but is not limited to, any pension, profit-sharing, stock-bonus, or stock-ownership plan or individual retirement account…

(1) This act applies to a transfer that refers to this act in the designation under s. 710.111(1) by which the transfer is made if at the time of the transfer, the transferor, the minor, or the custodian is a resident of this state or the custodial property is located in this sta…

(1) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed in substanc…

A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to s. 710.111. Notwithstanding s. 710.106, a transfer by irrevocable gift from a trust over which the grantor ha…

(1) A personal representative or trustee may make an irrevocable transfer pursuant to s. 710.111 to a custodian for the benefit of a minor as authorized in the governing will or trust.(2) If the testator or settlor has nominated a custodian under s. 710.104 to receive the custodi…

(1) Subject to subsection (3), a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to s. 710.111, in the absence of a will or under a will or trust that does not contain an author…

(1) Subject to subsections (2) and (3), a person not subject to s. 710.106 or s. 710.107 who holds property, including, but not limited to, a benefit plan, of a minor not having a conservator, or who owes a liquidated debt to a minor not having a conservator, may make an irrevoca…

A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this act.History.—s. 1, ch. 85-95.

(1) Custodial property is created and a transfer is made whenever:(a) An uncertificated security or a certificated security in registered form is either:1. Registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by t…

A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under this act by the same custodian for the benefit of the same minor constitutes a single custodianship.History.—s. 1, ch. 85-95.

(1) The validity of a transfer made in a manner prescribed in this act is not affected by:(a) Failure of the transferor to comply with s. 710.111(3) concerning possession and control;(b) Designation of an ineligible custodian, except designation of the transferor in the case of p…

(1) A custodian shall:(a) Take control of custodial property;(b) Register or record title to custodial property if appropriate; and(c) Collect, hold, manage, invest, and reinvest custodial property.(2) In dealing with custodial property, a custodian shall observe the standard of …

(1) A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only.(2) This section doe…

(1) A custodian may deliver or pay to the minor or expend for the minor’s benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to the duty or ability of the custodian personally…

(1) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian’s duties.(2) Except for one who is a transferor under s. 710.105, a custodian has a noncumulative election during each calendar year to charge…

A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining:(1) The val…

(1) A claim based on:(a) A contract entered into by a custodian acting in a custodial capacity;(b) An obligation arising from the ownership or control of custodial property; or(c) A tort committed during the custodianship,may be asserted against the custodial property by proceedi…

(1) A person nominated under s. 710.104 or designated under s. 710.111 as custodian may decline to serve by delivering a valid disclaimer under chapter 739 to the person who made the nomination or to the transferor or the transferor’s legal representative. If the event giving ris…

(1) A minor who has attained the age of 14 years, the minor’s guardian of the person or legal representative, an adult member of the minor’s family, a transferor, or a transferor’s legal representative may petition the court for an accounting by the custodian or the custodian’s l…

(1) The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor’s estate upon the earlier of:(a) The minor’s attainment of 21 years of age with respect to custodial property transferred under s. 710.105 or s. 710.106. However, a trans…

This act applies to a transfer within the scope of s. 710.103 made after October 1, 1985, if:(1) The transfer purports to have been made under the Florida Gifts to Minors Act (former ss. 710.01-710.10); or(2) The instrument by which the transfer purports to have been made uses in…

(1) Any transfer of custodial property as now defined in this act made before October 1, 1985, is validated notwithstanding that there was no specific authority in the Florida Gifts to Minors Act for the coverage of custodial property of that kind or for a transfer from that sour…

This act shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this act among states enacting it.History.—s. 1, ch. 85-95.

Sections 711.50-711.512 may be cited as the “Florida Uniform Transfer-on-Death Security Registration Act.”History.—s. 3, ch. 94-216.

In ss. 711.50-711.512, unless the context otherwise requires, the term:(1) “Beneficiary form” means a registration of a security which indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon th…

Only individuals whose registration of a security shows sole ownership by one individual or multiple ownership by two or more with right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. Multiple owners of a security registered in ben…

A security may be registered in beneficiary form if the form is authorized by this or a similar statute of the state of organization of the issuer or registering entity, the location of the registering entity’s principal office, the office of its transfer agent or its office maki…

A security, whether evidenced by certificate or account, is registered in beneficiary form when the registration includes a designation of a beneficiary to take the ownership at the death of the owner or the deaths of all multiple owners.History.—s. 3, ch. 94-216.