Florida Senate - 2021                                    SB 1288
       By Senator Boyd
       21-01680-21                                           20211288__
    1                        A bill to be entitled                      
    2         An act relating to assets of an estate in
    3         administration; amending s. 69.031, F.S.; deleting a
    4         requirement that assets of an estate in administration
    5         may be placed in a savings and loan association only
    6         if such savings and loan association is a member of
    7         the Federal Savings and Loan Insurance Corporation;
    8         providing an effective date.
   10  Be It Enacted by the Legislature of the State of Florida:
   12         Section 1. Subsection (1) of section 69.031, Florida
   13  Statutes, is amended to read:
   14         69.031 Designated financial institutions for assets in
   15  hands of guardians, curators, administrators, trustees,
   16  receivers, or other officers.—
   17         (1) When it is expedient in the judgment of any court
   18  having jurisdiction of any estate in process of administration
   19  by any guardian, curator, executor, administrator, trustee,
   20  receiver, or other officer, because the size of the bond
   21  required of the officer is burdensome or for other cause, the
   22  court may order part or all of the personal assets of the estate
   23  placed with a bank, trust company, or savings and loan
   24  association (which savings and loan association is a member of
   25  the Federal Savings and Loan Insurance Corporation and doing
   26  business in this state) designated by the court, consideration
   27  being given to any bank, trust company or savings and loan
   28  association proposed by the officer. When the assets are placed
   29  with the designated financial institution, it shall file a
   30  receipt therefor in the name of the estate and give the officer
   31  a copy. Such receipt shall acknowledge the assets received by
   32  the financial institution. All interest, dividends, principal
   33  and other debts collected by the financial institution on
   34  account thereof shall be held by the financial institution in
   35  safekeeping, subject to the instructions of the officer
   36  authorized by order of the court directed to the financial
   37  institution.
   38         Section 2. This act shall take effect July 1, 2021.