Bill Amendment: FL S0826 | 2014 | Regular Session

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: Trusts

Status: 2014-04-11 - Laid on Table, companion bill(s) passed, see CS/CS/HB 405 (Ch. 2014-115) [S0826 Detail]

Download: Florida-2014-S0826-Senate_Committee_Amendment_923688.html

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       Florida Senate - 2014                        COMMITTEE AMENDMENT
       Bill No. SB 826
       
       
       
       
       
       
                                Ì923688[Î923688                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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    1         Senate Amendment (with title amendment)
    2  
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Subsection (9) of section 736.0703, Florida
    6  Statutes, is amended to read:
    7         736.0703 Cotrustees.—
    8         (9) If the terms of a trust instrument provide for the
    9  appointment of more than one trustee but confer upon one or more
   10  of the trustees, to the exclusion of the others, the power to
   11  direct or prevent specified actions of the trustees, the
   12  excluded trustees shall act in accordance with the exercise of
   13  the power. Except in cases of willful misconduct on the part of
   14  the excluded trustee with the authority to direct or prevent
   15  actions of the trustees of which the excluded trustee has actual
   16  knowledge, an excluded trustee is not liable, individually or as
   17  a fiduciary, for any consequence that results from compliance
   18  with the exercise of the power, regardless of the information
   19  available to the excluded trustees. An The excluded trustee does
   20  not have a duty or an trustees are relieved of any obligation to
   21  review, inquire, investigate, or make recommendations or
   22  evaluations with respect to the exercise of the power. The
   23  trustee or trustees having the power to direct or prevent
   24  actions of the excluded trustees shall be liable to the
   25  beneficiaries with respect to the exercise of the power as if
   26  the excluded trustees were not in office and shall have the
   27  exclusive obligation to account to and to defend any action
   28  brought by the beneficiaries with respect to the exercise of the
   29  power. The provisions of s. 736.0808(2) do not apply if the
   30  person entrusted with the power to direct the actions of the
   31  excluded trustee is also a cotrustee.
   32         Section 2. This act shall take effect July 1, 2014.
   33  
   34  ================= T I T L E  A M E N D M E N T ================
   35  And the title is amended as follows:
   36         Delete everything before the enacting clause
   37  and insert:
   38                        A bill to be entitled                      
   39         An act relating to trusts; amending s. 736.0703, F.S.;
   40         limiting the liability of excluded trustees; providing
   41         that certain powers to direct the actions of a trustee
   42         are not applicable under certain circumstances;
   43         providing an effective date.