Bill Summary

by Rodríguez (J)  CS Sponsors: Judiciary Committee, Civil Justice Subcommittee

Land Trusts: Providing requirements relating to vesting of ownership in trustee; revises rights, liabilities, & duties of land trust beneficiaries; provides exclusion & applicability; revises provisions relating to land trust transfers of real property & vesting of ownership in trustee; prohibits operation of statute of uses & doctrine of merger to execute land trust or to vest trust property under certain conditions; provides conditions under which beneficial interest is deemed real property; authorizes certain beneficial ownership methods; provides for perfection of security documents; provides that trustee’s legal & equitable title to trust property is separate & distinct from beneficiary's beneficial interest in land trust & trust property; prohibits lien, judgment, mortgage, security interest or other encumbrance against one interest from automatically attaching to another interest; provides that appointment of guardian ad litem is not necessary in certain foreclosure litigation affecting title to trust property of land trust; provides for determination of applicable law for certain trusts; provides applicability relating to UCC financing statements; provides requirements for recording effectiveness; revises & provides scope of Florida Trust Code. Effective Date: upon becoming a law

   H Civil Justice Subcommittee
   H Insurance & Banking Subcommittee
   H Judiciary Committee