Bill Text: FL S0826 | 2014 | Regular Session | Comm Sub

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Bill Title: Trusts

Spectrum: Bipartisan Bill

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

Download: Florida-2014-S0826-Comm_Sub.html

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       Florida Senate - 2014                              CS for SB 826
       
       
        
       By the Committee on Judiciary; and Senator Joyner
       
       
       
       
       
       590-02441-14                                           2014826c1
    1                        A bill to be entitled                      
    2         An act relating to trusts; amending s. 736.0703, F.S.;
    3         limiting the liability of excluded trustees; providing
    4         that certain powers to direct the actions of a trustee
    5         are not applicable under certain circumstances;
    6         providing an effective date.
    7          
    8  Be It Enacted by the Legislature of the State of Florida:
    9  
   10         Section 1. Subsection (9) of section 736.0703, Florida
   11  Statutes, is amended to read:
   12         736.0703 Cotrustees.—
   13         (9) If the terms of a trust instrument provide for the
   14  appointment of more than one trustee but confer upon one or more
   15  of the trustees, to the exclusion of the others, the power to
   16  direct or prevent specified actions of the trustees, the
   17  excluded trustees shall act in accordance with the exercise of
   18  the power. Except in cases of willful misconduct on the part of
   19  the excluded trustee with the authority to direct or prevent
   20  actions of the trustees of which the excluded trustee has actual
   21  knowledge, an excluded trustee is not liable, individually or as
   22  a fiduciary, for any consequence that results from compliance
   23  with the exercise of the power, regardless of the information
   24  available to the excluded trustees. An The excluded trustee does
   25  not have a duty or an trustees are relieved of any obligation to
   26  review, inquire, investigate, or make recommendations or
   27  evaluations with respect to the exercise of the power. The
   28  trustee or trustees having the power to direct or prevent
   29  actions of the excluded trustees shall be liable to the
   30  beneficiaries with respect to the exercise of the power as if
   31  the excluded trustees were not in office and shall have the
   32  exclusive obligation to account to and to defend any action
   33  brought by the beneficiaries with respect to the exercise of the
   34  power. The provisions of s. 736.0808(2) do not apply if the
   35  person entrusted with the power to direct the actions of the
   36  excluded trustee is also a cotrustee.
   37         Section 2. This act shall take effect July 1, 2014.