662.123 – Organizational Documents; Use of Term “Family Trust” in Name.
662.123 Organizational documents; use of term “family trust” in name.— (1) The articles of incorporation, certificate of incorporation, or articles of organization of a family trust company or licensed family trust company must contain: (a) The name adopted by the company, which must distinguish the company from any other trust company formed in this state or engaged in […]
662.124 – Minimum Capital Account Required.
662.124 Minimum capital account required.— (1) A licensed family trust company that has one designated relative may not be organized or operated with an owners’ capital account of less than $250,000. The minimum capital account shall be increased to $350,000 if two designated relatives of the licensed family trust company are named in the application for a […]
662.125 – Directors or Managers.
662.125 Directors or managers.— (1) Exclusive authority to manage a family trust company or licensed family trust company is vested in a board of directors, if a corporation, or a board of directors or managers, if a limited liability company. (2) A family trust company or licensed family trust company shall have at least three directors, if a […]
662.126 – Fidelity Bonds; Insurance.
662.126 Fidelity bonds; insurance.— (1) The directors or managers of a licensed family trust company shall procure and maintain fidelity bonds on all active officers, directors, managers, members acting in a managerial capacity, and employees of the company, regardless of whether they receive a salary or other compensation from the company, in order to indemnify the company […]
662.127 – Segregation of Books, Records, and Assets; Fiduciary Assets Not Liable.
662.127 Segregation of books, records, and assets; fiduciary assets not liable.— (1) Each family trust company and licensed family trust company shall maintain its fiduciary books and records separate and distinct from other records of the company and shall segregate all assets held in any fiduciary capacity from other assets of the company. (2) Assets received or held […]
662.128 – Annual Renewal.
662.128 Annual renewal.— (1) A family trust company, licensed family trust company, or foreign licensed family trust company shall file an annual renewal application with the office on an annual basis no later than 45 days after the anniversary of the filing of either the initial application or the prior year’s renewal application. (2) The license renewal application […]
662.129 – Discontinuing Business.
662.129 Discontinuing business.—If a licensed family trust company desires to discontinue business as a licensed family trust company, it must file with the office a certified copy of the resolution of the board of directors, or members if a limited liability company, authorizing that action. Upon discharge from all fiduciary duties which it has undertaken, the […]
662.130 – Powers of Family Trust Companies, Licensed Family Trust Companies, and Foreign Licensed Family Trust Companies.
662.130 Powers of family trust companies, licensed family trust companies, and foreign licensed family trust companies.— (1) A family trust company or a licensed family trust company may, for its eligible members and individuals: (a) Act as a sole or copersonal representative, executor, or curator for probate estates being administered in a state or jurisdiction other than this […]
662.131 – Prohibitions.
662.131 Prohibitions.—Notwithstanding any provision of this chapter, a family trust company, licensed family trust company, or foreign licensed family trust company may not: (1) Engage in commercial banking; however, it may establish accounts at financial institutions for its own purposes or on behalf of family members to whom it provides services pursuant to this chapter. (2) Engage in […]
662.114 – Family Trust Company and Foreign Licensed Family Trust Company Licensing Not Required.
662.114 Family trust company and foreign licensed family trust company licensing not required.—A family trust company or foreign licensed family trust company is not required to be a licensed family trust company. History.—s. 7, ch. 2014-97.