The Florida Senate

717.119  Payment or delivery of abandoned property.--

(1)  Every person who is required to file a report under s. 717.117 shall simultaneously pay or deliver to the department all abandoned property required to be reported. Such payment or delivery shall accompany the report as required in this chapter for the preceding calendar year.

(2)  If the owner establishes the right to receive the abandoned property to the satisfaction of the holder before the property has been delivered or it appears that for some other reason the presumption of abandonment is erroneous, the holder need not pay or deliver the property to the department, which will no longer be presumed abandoned, but in lieu thereof shall file a verified written explanation of the proof of claim or of the error in the presumption of abandonment.

(3)  All stock or other intangible ownership interest reported under this chapter on the annual report filing required in s. 717.117 shall be sold and the proceeds remitted to the department with the report. Reasonable fees within the industry's standards may be deducted from the proceeds for the costs of selling the stock or other intangible ownership interest. Upon delivery of the net proceeds to the department, the holder and any transfer agent, registrar, or other person acting for or on behalf of a holder is relieved of all liability of every kind in accordance with the provisions of s. 717.1201 to every person for any losses or damages resulting to the person by the sale and delivery to the department of the net proceeds.

(4)  All intangible and tangible property held in a safe-deposit box or any other safekeeping repository reported under s. 717.117 shall not be delivered to the department until 120 days after the report due date. If such property is not filed on or before the applicable filing date, the holder shall pay to the department a penalty of $10 for each safe-deposit box received late, but such penalty shall not exceed $1,000. As necessary for proper administration of this chapter, the department may waive any penalty due with appropriate justification. On written request by any person required to deliver safe-deposit box contents, the department may postpone the delivery.

(5)  Any holder may request an extension in writing of up to 60 days for the delivery of property if extenuating circumstances exist for the late delivery of the property, and the department may grant such an extension in writing.

History.--s. 20, ch. 87-105; s. 11, ch. 96-301.