660.418 – Investment of Fiduciary Funds in Syndicate Securities.
660.418 Investment of fiduciary funds in syndicate securities.—Notwithstanding any other provision of law, any financial institution with fiduciary powers may, in its fiduciary capacity, purchase bonds or other securities underwritten or otherwise distributed by the financial institution or by a syndicate that includes the financial institution, or an affiliate of the financial institution, provided that such […]
662.120 – Maximum Number of Designated Relatives.
662.120 Maximum number of designated relatives.— (1) A family trust company may not have more than one designated relative. (2) A licensed family trust company may have up to two designated relatives. The designated relatives may not have a common ancestor within three generations. History.—s. 9, ch. 2014-97; s. 4, ch. 2016-35.
660.42 – Establishment of Common Trust Funds.
660.42 Establishment of common trust funds.— (1) Any trust company or trust department may establish one or more common trust funds for the exclusive purpose of furnishing investments to itself as fiduciary, including estates, guardianships, managing agencies, and all other fiduciary relationships, now in existence or hereafter created, requiring or authorizing investment of funds held as fiduciary […]
660.43 – Common Trust Fund Investments.
660.43 Common trust fund investments.—No bank, association, or trust company shall mingle its own funds with any common trust fund managed by such bank, association, or trust company. History.—s. 3, ch. 28016, 1953; s. 1, ch. 67-336; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 141, 151, 152, ch. 80-260; ss. 2, 3, ch. 81-318; […]
660.431 – Prudent Investor Rule.
660.431 Prudent investor rule.— (1) A bank, association, trust company, or affiliate thereof, in establishing, maintaining, and administering one or more common trust funds for the purposes of furnishing investments to itself as fiduciary as set forth in s. 660.42, shall have a duty to invest and manage such common trust fund assets as follows: (a) The bank, […]
660.44 – Common Trust Fund to Be Audited Annually.
660.44 Common trust fund to be audited annually.—A trust company or trust department administering a common trust fund shall keep proper records, which in addition to all other necessary and proper matters shall show at all times the proportionate interest of each fiduciary account in the common trust fund, and, at least once during each period […]
660.45 – Common Trust Fund Court Accountings.
660.45 Common trust fund court accountings.—Unless ordered by a court of competent jurisdiction, the trust company or trust department operating such common trust funds is not required to render a court accounting with regard to such funds; but it may, by application to the circuit court, secure approval of such an accounting after such notice and […]
660.46 – Substitution of Fiduciaries.
660.46 Substitution of fiduciaries.— (1) The provisions of this section shall apply to the transfer of fiduciary accounts by substitution, and for those purposes these provisions shall constitute alternative procedures to those provided or required by any other provisions of law relating to the transfer of fiduciary accounts or the substitution of persons acting or who are […]
660.47 – Surrender of Fiduciary Powers.
660.47 Surrender of fiduciary powers.—Any state bank or association which has been granted trust powers and which desires to surrender such rights shall file with the office a certified copy of the resolution of its board of directors signifying such desire. Upon receipt of such resolution, the office shall make an investigation, and when it is […]
660.48 – Receivership or Voluntary Liquidation.
660.48 Receivership or voluntary liquidation.— (1) If a liquidator or receiver is appointed for a trust company or a state bank or association having a trust department, the liquidator or receiver shall, pursuant to the instructions of the office and the orders of any court and the federal regulatory agency having jurisdiction, proceed to close such fiduciary […]