Florida Statutes 662.120 – Maximum number of designated relatives
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Terms Used In Florida Statutes 662.120
- Designated relative: means a common ancestor of a family, who may be a living or deceased person, and who is so designated in the application for a license or annual license. See Florida Statutes 662.111
- Family trust company: means a corporation or limited liability company that:(a) Is exclusively owned by one or more family members. See Florida Statutes 662.111
- Licensed family trust company: means a family trust company that operates in accordance with this chapter and has been issued a license that has not been revoked or suspended by the office. See Florida Statutes 662.111
(1) A family trust company may not have more than one designated relative.(2) A licensed family trust company may have up to two designated relatives. The designated relatives may not have a common ancestor within three generations.