Florida Senate - 2012                              CS for SB 458
       
       
       
       By the Committee on Banking and Insurance; and Senator Bennett
       
       
       
       
       597-03060-12                                           2012458c1
    1                        A bill to be entitled                      
    2         An act relating to the Uniform Fraudulent Transfer
    3         Act; amending s. 726.102, F.S.; defining the terms
    4         “charitable contribution” and “qualified religious or
    5         charitable entity or organization”; amending s.
    6         726.109, F.S.; exempting certain transfers of
    7         charitable contributions from the provisions of ch.
    8         726, F.S.; providing for application of the act;
    9         providing an effective date.
   10  
   11  Be It Enacted by the Legislature of the State of Florida:
   12  
   13         Section 1. Subsections (3), (4), (5), (6), (7), (8), (9),
   14  (10), (11), (12), and (13) of section 726.102, Florida Statutes,
   15  are renumbered as subsections (4), (5), (6), (7), (8), (9),
   16  (10), (11), (13), (14), and (15), respectively, and new
   17  subsections (3) and (12) are added to that section, to read:
   18         726.102 Definitions.—As used in ss. 726.101-726.112:
   19         (3) “Charitable contribution” means a charitable
   20  contribution as that term is defined in s. 170(c) of the
   21  Internal Revenue Code of 1986, if that contribution:
   22         (a) Is made by a natural person or a qualified religious or
   23  charitable entity or organization; and
   24         (b) Consists of:
   25         1. A financial instrument as that term is defined in s.
   26  731(c)(2)(C) of the Internal Revenue Code of 1986; or
   27         2. Cash.
   28         (12) “Qualified religious or charitable entity or
   29  organization” means:
   30         (a) An entity described in s. 170(c)(1) of the Internal
   31  Revenue Code of 1986; or
   32         (b) An entity or organization described in s. 170(c)(2) of
   33  the Internal Revenue Code of 1986.
   34         Section 2. Subsection (7) is added to section 726.109,
   35  Florida Statutes, to read:
   36         726.109 Defenses, liability, and protection of transferee.—
   37         (7)(a) Except as provided in paragraph (b), a transfer of a
   38  charitable contribution that is received in good faith by a
   39  qualified religious or charitable entity or organization is not
   40  a transfer that is covered by this chapter.
   41         (b) A transfer of a charitable contribution that was
   42  received on or within 2 years before the date of commencement of
   43  an action under this chapter or the commencement of proceedings
   44  under any state or federal law, including the appointment of an
   45  assignee for the benefit of creditors, appointment of a trustee
   46  or receiver, or the filing of a petition under the Federal
   47  Bankruptcy Code, is not entitled to the protection of paragraph
   48  (a) unless the transfer was received in good faith, and:
   49         1. The amount of the contribution does not exceed 15
   50  percent of the gross annual income of the transferor for the
   51  year in which the transfer of the contribution is made; or
   52         2. The contribution made by the transferor exceeded the
   53  percentage amount of gross annual income specified in
   54  subparagraph 1., if the transfer was consistent with the
   55  practices of the transferor in making charitable contributions.
   56         Section 3. This act shall take effect July 1, 2012, but
   57  does not apply to transfers that are avoided by the entry of a
   58  judgment prior to July 1, 2012.