CS/HB 823 (2012) -  Florida Uniform Principal and Income Act

General Bill by Civil Justice Subcommittee and McBurney and Bernard
Florida Uniform Principal and Income Act: Defines term "carrying value"; provides application; deletes provision authorizing trustee to release power to adjust between principal & income if trustee desires to convert form of certain trusts; limits power to adjust trust; deletes provision that provides construction & application relating to administration of trusts in this state or under this state's law; defines term "average fair market value" & revises term "unitrust amount"; deletes duplicative provision relating to conclusive determinations of terms of unitrust; revises provisions relating to express total return unitrust; substitutes term "trustee" for "fiduciary" with respect to judicial control of discretionary powers; revises provisions relating to determination & distribution of net income; revises provisions relating to distributions to residuary & remainder beneficiaries; substitutes term "fiduciary" for "trustee" to clarify that provisions apply to all fiduciaries; revises how distributions from entities are allocated between income & principal; revises provisions relating to allocations to trusts; revises provisions relating to allocation between income & principal when liquidating assets; clarifies apportionment of expenses between tenants & remaindermen.
Companion Bill passed CS/SB 1050 Fiduciaries By Banking and Insurance and Bogdanoff
Effective Date: January 1, 2013
Last Event: Companion Bill passed, companion bill(s) passed, see CS/SB 1050 (Ch. 2012-49) on Tuesday, March 6, 2012 12:49 PM; HB Laid on Table

Referred Committees and Committee Actions

House Referrals

Related Bills

Bill # Subject Relationship
Bill #: CS/SB 978 Subject: Florida Uniform Principal and Income Act Relationship: Similar
Bill #: CS/SB 1050 Subject: Fiduciaries Relationship: Similar

Bill Text

Staff Analysis

Chamber Committee
Chamber: House Committee: Judiciary Committee 2/8/2012 1:55:02 PM
Chamber: House Committee: Judiciary Committee 2/6/2012 4:42:01 PM
Chamber: House Committee: Insurance & Banking Subcommittee 1/26/2012 11:30:33 AM
Chamber: House Committee: Insurance & Banking Subcommittee 1/22/2012 3:19:45 PM
Chamber: House Committee: Insurance & Banking Subcommittee 1/22/2012 2:58:39 PM --UnPublished--
Chamber: House Committee: Civil Justice Subcommittee 1/18/2012 7:47:08 PM
Chamber: House Committee: Civil Justice Subcommittee 1/10/2012 8:42:02 AM

Vote History

(No Votes Recorded)

Bill History

Event Time Member Committee Ver.
Event: H Laid on Table, companion bill(s) passed, see CS/SB 1050 (Ch. 2012-49) Time: 03/06/2012 - 12:49 PM Member: Committee: Version: c1
Event: H Added to Second Reading Calendar Time: 02/08/2012 - 1:59 PM Member: Committee: Version: c1
Event: H Bill released to House Calendar Time: 02/08/2012 - 1:59 PM Member: Committee: Version: c1
Event: H Reported out of Judiciary Committee Time: 02/08/2012 - 1:59 PM Member: Committee: Judiciary Committee Version: c1
Event: H Favorable by Judiciary Committee Time: 02/08/2012 - 10:30 AM Member: Committee: Judiciary Committee Version: c1
Event: H Added to Judiciary Committee agenda Time: 02/06/2012 - 4:16 PM Member: Committee: Judiciary Committee Version: c1
Event: H Now in Judiciary Committee Time: 01/26/2012 - 11:29 AM Member: Committee: Judiciary Committee Version: c1
Event: H Reported out of Insurance & Banking Subcommittee Time: 01/26/2012 - 11:29 AM Member: Committee: Insurance & Banking Subcommittee Version: c1
Event: H Favorable by Insurance & Banking Subcommittee Time: 01/24/2012 - 4:30 PM Member: Committee: Insurance & Banking Subcommittee Version: c1
Event: H Added to Insurance & Banking Subcommittee agenda Time: 01/20/2012 - 4:20 PM Member: Committee: Insurance & Banking Subcommittee Version: c1
Event: H Now in Insurance & Banking Subcommittee Time: 01/20/2012 - 1:27 PM Member: Committee: Insurance & Banking Subcommittee Version: c1
Event: H Referred to Judiciary Committee Time: 01/20/2012 - 1:27 PM Member: Committee: Judiciary Committee Version: c1
Event: H Referred to Insurance & Banking Subcommittee Time: 01/20/2012 - 1:27 PM Member: Committee: Insurance & Banking Subcommittee Version: c1
Event: H 1st Reading Time: 01/19/2012 - 7:48 PM Member: Committee: Version: c1
Event: H CS Filed Time: 01/19/2012 - 7:42 AM Member: Committee: Version: c1
Event: H Laid on Table under Rule 7.19(a) Time: 01/19/2012 - 7:42 AM Member: Committee: Version: __
Event: H Reported out of Civil Justice Subcommittee Time: 01/18/2012 - 7:47 PM Member: Committee: Civil Justice Subcommittee Version: __
Event: H Favorable with CS by Civil Justice Subcommittee Time: 01/11/2012 - 2:00 PM Member: Committee: Civil Justice Subcommittee Version: __
Event: H 1st Reading Time: 01/10/2012 - 11:59 PM Member: Committee: Version: __
Event: H PCS added to Civil Justice Subcommittee agenda Time: 01/09/2012 - 4:17 PM Member: Committee: Civil Justice Subcommittee Version: __
Event: H Now in Civil Justice Subcommittee Time: 12/12/2011 - 9:04 AM Member: Committee: Civil Justice Subcommittee Version: __
Event: H Referred to Judiciary Committee Time: 12/12/2011 - 9:04 AM Member: Committee: Judiciary Committee Version: __
Event: H Referred to Insurance & Banking Subcommittee Time: 12/12/2011 - 9:04 AM Member: Committee: Insurance & Banking Subcommittee Version: __
Event: H Referred to Civil Justice Subcommittee Time: 12/12/2011 - 9:04 AM Member: Committee: Civil Justice Subcommittee Version: __
Event: H Filed Time: 11/30/2011 - 4:40 PM Member: McBurney Committee: Version: __

Statutes Referenced by this Bill

Statute Other Bill Citations
738.102 CS/SB 978, CS/SB 1050
738.103 CS/SB 978, CS/SB 1050
738.104 CS/SB 978, CS/SB 1050
738.1041 CS/SB 978, CS/SB 1050
738.105 CS/SB 978, CS/SB 1050
738.201 CS/SB 978, CS/SB 1050
738.202 CS/SB 978, CS/SB 1050
738.301 CS/SB 978, CS/SB 1050
738.302 CS/SB 978, CS/SB 1050
738.303 CS/SB 978, CS/SB 1050
738.401 CS/SB 978, CS/SB 1050
738.402 CS/SB 978, CS/SB 1050
738.403 CS/SB 978, CS/SB 1050
738.501 CS/SB 978, CS/SB 1050
738.502 CS/SB 978, CS/SB 1050
738.503 CS/SB 978, CS/SB 1050
738.504 CS/SB 978, CS/SB 1050
738.601 CS/SB 978, CS/SB 1050
738.602 CS/SB 978, CS/SB 1050
738.603 CS/SB 978, CS/SB 1050
738.604 CS/SB 978, CS/SB 1050
738.605 CS/SB 978, CS/SB 1050
738.606 CS/SB 978, CS/SB 1050
738.607 CS/SB 978, CS/SB 1050
738.608 CS/SB 978, CS/SB 1050
738.701 CS/SB 978, CS/SB 1050
738.702 CS/SB 978, CS/SB 1050
738.703 CS/SB 978, CS/SB 1050
738.704 CS/SB 978, CS/SB 1050
738.705 CS/SB 978, CS/SB 1050
738.801 CS/SB 978, CS/SB 1050

(*) Not the latest version