Terms Used In Florida Statutes > Chapter 719 > Part VI - Conversions to Cooperative

• Accounting period: means a calendar year unless a fiduciary selects another period of 12 calendar months or approximately 12 calendar months. See Florida Statutes 738.102
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Association: means the corporation for profit or not for profit that owns the record interest in the cooperative property or a leasehold of the property of a cooperative and that is responsible for the operation of the cooperative. See Florida Statutes 719.103
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Beneficiary: includes :
  (a) For a trust:

  1. See Florida Statutes 738.102
• Buyer: means a person who purchases a cooperative. See Florida Statutes 719.103
• Carrying value: means the fair market value at the time the assets are received by the fiduciary. See Florida Statutes 738.102
• Common expenses: means all expenses and assessments properly incurred by the association for the cooperative. See Florida Statutes 719.103
• Conspicuous type: means type in capital letters no smaller than the largest type on the page on which it appears. See Florida Statutes 719.103
• Contract: A legal written agreement that becomes binding when signed.
• Cooperative: means that form of ownership of real property wherein legal title is vested in a corporation or other entity and the beneficial use is evidenced by an ownership interest in the association and a lease or other muniment of title or possession granted by the association as the owner of all the cooperative property. See Florida Statutes 719.103
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Court: means a circuit court of this state. See Florida Statutes 738.102
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Developer: means a person who creates a cooperative or who offers cooperative parcels for sale or lease in the ordinary course of business, but does not include the owner or lessee of a unit who has acquired or leased the unit for his or her own occupancy, nor does it include a condominium association which creates a cooperative by conversion of an existing residential condominium after control of the association has been transferred to the unit owners if, following the conversion, the unit owners will be the same persons. See Florida Statutes 719.103
• Distribution: means a payment or transfer by a fiduciary to a beneficiary in the beneficiary's capacity as a beneficiary, without consideration other than the beneficiary's right to receive the payment or transfer under the terms of the trust as defined in this section, will, life estate, or term interest. See Florida Statutes 738.102
• Division: means the Division of Florida Condominiums, Timeshares, and Mobile Homes of the Department of Business and Professional Regulation. See Florida Statutes 719.103
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Estate: means a decedent's estate, including the property of the decedent as the estate is originally constituted and the property of the estate as it exists at any time during administration. See Florida Statutes 738.102
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fiduciary: A trustee, executor, or administrator.
• Fiduciary: includes a trustee, a trust director as defined in…. See Florida Statutes 738.102
• Income: means money or other property a fiduciary receives as current return from principal. See Florida Statutes 738.102
• Income interest: means the right of a current income beneficiary to receive all or part of net income, whether the terms of the trust require the net income to be distributed or authorize the net income to be distributed in the fiduciary's discretion. See Florida Statutes 738.102
• Independent person: means a person who is not:
  (a) For a trust:

  1. See Florida Statutes 738.102
• Internal Revenue Code: means the Internal Revenue Code of 1986, as amended. See Florida Statutes 738.102
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Net income: means the total allocations during an accounting period to income under the terms of a trust and this chapter minus the disbursements during the period, other than distributions, allocated to income under the terms of the trust and this chapter. See Florida Statutes 738.102
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual; a business or a nonprofit entity; an estate; a trust; a public corporation; a government or governmental subdivision, agency, or instrumentality; or other legal entity. See Florida Statutes 738.102
• person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
• Personal property: All property that is not real property.
• Principal: means property held in trust for distribution to, production of income for, or use by a current or successor beneficiary. See Florida Statutes 738.102
• Record: means information inscribed on a tangible medium or stored in an electronic or other medium and is retrievable in perceivable form. See Florida Statutes 738.102
• registered mail: includes certified mail with return receipt requested. See Florida Statutes 1.01
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Rental agreement: means any written agreement, or oral agreement if for less duration than 1 year, providing for use and occupancy of premises. See Florida Statutes 719.103
• Residential cooperative: means a cooperative consisting of cooperative units, any of which are intended for use as a private residence. See Florida Statutes 719.103
• Settlor: means a person, including a testator, who creates or contributes property to a trust. See Florida Statutes 738.102
• Trust: includes an express trust, whether private or charitable, with additions to the trust, wherever and however created; and a trust created or determined by a judgment or decree under which the trust is to be administered in the manner of an express trust. See Florida Statutes 738.102
• Trustee: means a person, other than a personal representative, that owns or holds property for the benefit of a beneficiary. See Florida Statutes 738.102
• Trustee: A person or institution holding and administering property in trust.
• Unit: means a part of the cooperative property which is subject to exclusive use and possession. See Florida Statutes 719.103
• writing: includes handwriting, printing, typewriting, and all other methods and means of forming letters and characters upon paper, stone, wood, or other materials. See Florida Statutes 1.01