Florida Statutes 662.127 – Segregation of books, records, and assets; fiduciary assets not liable
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Terms Used In Florida Statutes 662.127
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Fiduciary: A trustee, executor, or administrator.
- 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means a family trust company that operates in accordance with this chapter and has been issued a license that has not been revoked or suspended by the office.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) Each family trust company and licensed family trust company shall maintain its fiduciary books and records separate and distinct from other records of the company and shall segregate all assets held in any fiduciary capacity from other assets of the company.(2) Assets received or held in a fiduciary capacity by a family trust company or licensed family trust company are not subject to the debts or obligations of the company.