Florida Senate - 2021                             CS for SB 1288
       By the Committee on Judiciary; and Senator Boyd
       590-02603-21                                          20211288c1
    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 and
    8         doing business in this state; providing an effective
    9         date.
   11  Be It Enacted by the Legislature of the State of Florida:
   13         Section 1. Subsection (1) of section 69.031, Florida
   14  Statutes, is amended to read:
   15         69.031 Designated financial institutions for assets in
   16  hands of guardians, curators, administrators, trustees,
   17  receivers, or other officers.—
   18         (1) When it is expedient in the judgment of any court
   19  having jurisdiction of any estate in process of administration
   20  by any guardian, curator, executor, administrator, trustee,
   21  receiver, or other officer, because the size of the bond
   22  required of the officer is burdensome or for other cause, the
   23  court may order part or all of the personal assets of the estate
   24  placed with a bank, trust company, or savings and loan
   25  association (which savings and loan association is a member of
   26  the Federal Savings and Loan Insurance Corporation and doing
   27  business in this state) designated by the court, consideration
   28  being given to any bank, trust company or savings and loan
   29  association proposed by the officer. When the assets are placed
   30  with the designated financial institution, it shall file a
   31  receipt therefor in the name of the estate and give the officer
   32  a copy. Such receipt shall acknowledge the assets received by
   33  the financial institution. All interest, dividends, principal
   34  and other debts collected by the financial institution on
   35  account thereof shall be held by the financial institution in
   36  safekeeping, subject to the instructions of the officer
   37  authorized by order of the court directed to the financial
   38  institution.
   39         Section 2. This act shall take effect July 1, 2021.