The Florida Senate

732.107  Escheat.--

(1)  When a person leaving an estate dies without being survived by any person entitled to it, the property shall escheat to the state.

(2)(a)  In this event, or when doubt exists about the existence of any person entitled to the estate, the personal representative shall institute a proceeding for the determination of beneficiaries, as provided in this code, within 1 year after letters have been issued to him or her, and notice shall be served on the Department of Legal Affairs. If the personal representative fails to institute the proceeding within the time fixed, it may be instituted by the Department of Legal Affairs.

(b)  On or before January 15 of each year, each court shall furnish to the department a list of all estates being administered in which no person appears to be entitled to the property and the personal representative has not instituted a proceeding for the determination of beneficiaries.

(3)  If the court determines that there is no person entitled to the estate and that the estate escheats, the property shall be sold and the proceeds paid to the Treasurer of the state and deposited by him or her in the State School Fund within a reasonable time to be fixed by the court.

(4)  At any time within 10 years after the granting of letters, a person claiming to be entitled to the estate of the decedent may petition to reopen the administration and assert his or her rights to escheated property. If the claimant is entitled to any of the estate of the decedent, the court shall fix the amount to which he or she is entitled, and it shall be repaid to him or her with interest at the legal rate by the officials charged with the disbursement of state school funds. If no claim is asserted within the time fixed, the title of the state to the property and the proceeds shall become absolute.

(5)  The Department of Legal Affairs shall represent the state in all proceedings concerning escheated estates.

(6)(a)  If a person entitled to the funds assigns his or her rights to receive payment to an attorney or private investigative agency which is duly licensed to do business in this state pursuant to a written agreement with such person, the Department of Banking and Finance is authorized to make distribution in accordance with such assignment.

(b)  Payments made to an attorney or private investigative agency shall be promptly deposited into a trust or escrow account which is regularly maintained by the attorney or private investigative agency in a financial institution authorized to accept such deposits and located in this state.

(c)  Distribution by the attorney or private investigative agency to the person entitled to the funds shall be made within 10 days following final credit of the deposit into the trust or escrow account at the financial institution, unless a party to the agreement protests in writing such distribution before it is made.

(d)  The department shall not be civilly or criminally liable for any funds distributed pursuant to this subsection, provided such distribution is made in good faith.

(7)  Except as herein provided, escheated estates shall be administered as other estates.

History.--s. 1, ch. 74-106; s. 10, ch. 75-220; s. 4, ch. 89-291; s. 9, ch. 89-299; s. 953, ch. 97-102.

Note.--Created from former s. 731.33.