Florida Statutes > Chapter 740 – Fiduciary Access to Digital Assets
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Terms Used In Florida Statutes > Chapter 740 - Fiduciary Access to Digital Assets
- Accommodation: means any apartment, condominium or cooperative unit, cabin, lodge, hotel or motel room, campground, cruise ship cabin, houseboat or other vessel, recreational or other motor vehicle, or any private or commercial structure which is real or personal property and designed for overnight occupancy by one or more individuals. See Florida Statutes 721.05
- Account: means an arrangement under a terms-of-service agreement in which the custodian carries, maintains, processes, receives, or stores a digital asset of the user or provides goods or services to the user. See Florida Statutes 740.002
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Agent: means a person that is granted authority to act for a principal under a durable or nondurable power of attorney, whether denominated an agent, an attorney in fact, or otherwise. See Florida Statutes 740.002
- Agreement for deed: means any written contract utilized in the sale of timeshare estates which provides that legal title will not be conveyed to the purchaser until the contract price has been paid in full and the terms of payment of which extend for a period in excess of 180 days after either the date of execution of the contract or completion of construction, whichever occurs later. See Florida Statutes 721.05
- Agreement for transfer: means any written contract utilized in the sale of personal property timeshare interests which provides that legal title will not be transferred to the purchaser until the contract price has been paid in full and the terms of payment of which extend for a period in excess of 180 days after either the date of execution of the contract or completion of construction, whichever occurs later. See Florida Statutes 721.05
- 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.
- Applicable law: means the law of the jurisdiction where the accommodations and facilities referred to are located. See Florida Statutes 721.52
- Arrest: Taking physical custody of a person by lawful authority.
- Assessment: means the share of funds required for the payment of common expenses which is assessed from time to time against each purchaser by the managing entity. See Florida Statutes 721.05
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Carries: means to engage in the transmission of electronic communications. See Florida Statutes 740.002
- Catalog of electronic communications: means information that identifies each person with which a user has had an electronic communication, the time and date of the communication, and the electronic address of the person. See Florida Statutes 740.002
- Chambers: A judge's office.
- Closing: means :(a) For any plan selling timeshare estates, conveyance of the legal or beneficial title to a timeshare estate as evidenced by the delivery of a deed for conveyance of legal title, or other instrument for conveyance of beneficial title, to the purchaser or to the clerk of the court for recording or conveyance of the equitable title to a timeshare estate as evidenced by the irretrievable delivery of an agreement for deed to the clerk of the court for recording. See Florida Statutes 721.05
- Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
- Common expenses: means :
(a) Those expenses, fees, or taxes properly incurred for the maintenance, operation, and repair of the accommodations or facilities, or both, constituting the timeshare plan. See Florida Statutes 721.05- Component site: means a specific geographic site where a portion of the accommodations and facilities of the multisite timeshare plan are located. See Florida Statutes 721.52
- Conspicuous type: means :
(a) Type in upper and lower case letters two point sizes larger than the largest nonconspicuous type, exclusive of headings, on the page on which it appears but in at least 10-point type; or(b) Where the use of 10-point type would be impractical or impossible with respect to a particular piece of written advertising material, a different style of type or print may be used, so long as the print remains conspicuous under the circumstances. See Florida Statutes 721.05- Consumer resale timeshare interest: means :
(a) A timeshare interest owned by a purchaser;(b) One or more reserved occupancy rights relating to a timeshare interest owned by a purchaser; or(c) One or more reserved occupancy rights relating to, or arranged through, an exchange program in which a purchaser is a member. See Florida Statutes 721.05- Consumer timeshare reseller: means a purchaser who acquires a timeshare interest for his or her own use and occupancy and later offers the timeshare interest for resale or rental. See Florida Statutes 721.05
- Content of an electronic communication: means information concerning the substance or meaning of the communication which:
(a) Has been sent or received by a user;(b) Is in electronic storage by a custodian providing an electronic communication service to the public or is carried or maintained by a custodian providing a remote computing service to the public; and(c) Is not readily accessible to the public. See Florida Statutes 740.002- Contract: A legal written agreement that becomes binding when signed.
- Contract: means any agreement conferring the rights and obligations of a timeshare plan on the purchaser. See Florida Statutes 721.05
- 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 740.002
- creating developer: which means any person who creates the timeshare plan;
2. See Florida Statutes 721.05- Credit bureau: An agency that collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans. Typical clients include banks, mortgage lenders, credit card companies, and other financing companies. (Also commonly referred to as consumer-reporting agency or credit-reporting agency.) Source: OCC
- Custodian: means a person that carries, maintains, processes, receives, or stores a digital asset of a user. See Florida Statutes 740.002
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Decedent: A deceased person.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Dependent: A person dependent for support upon another.
- Designated recipient: means a person chosen by a user through an online tool to administer digital assets of the user. See Florida Statutes 740.002
- Developer: includes :
(a)1. See Florida Statutes 721.05- Digital asset: means an electronic record in which an individual has a right or interest. See Florida Statutes 740.002
- Division: means the Division of Florida Condominiums, Timeshares, and Mobile Homes of the Department of Business and Professional Regulation. See Florida Statutes 721.05
- Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Florida Statutes 740.002
- Electronic communication service: means a custodian that provides to a user the ability to send or receive an electronic communication. See Florida Statutes 740.002
- Enrolled: means paid membership in an exchange program or membership in an exchange program evidenced by written acceptance or confirmation of membership. See Florida Statutes 721.05
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Escrow account: means an account established solely for the purposes set forth in this chapter with a financial institution located within this state. See Florida Statutes 721.05
- Escrow agent: includes only:
(a) A savings and loan association, bank, trust company, or other financial institution, any of which must be located in this state and any of which must have a net worth in excess of $5 million;(b) An attorney who is a member of The Florida Bar or his or her law firm;(c) A real estate broker who is licensed pursuant to chapter 475 or his or her brokerage firm; or(d) A title insurance agent that is licensed pursuant to…. See Florida Statutes 721.05- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Exchange company: means any person owning or operating, or owning and operating, an exchange program. See Florida Statutes 721.05
- Exchange program: means any method, arrangement, or procedure for the voluntary exchange of the right to use and occupy accommodations and facilities among purchasers. See Florida Statutes 721.05
- Facility: means any permanent amenity, including any structure, furnishing, fixture, equipment, service, improvement, or real or personal property, improved or unimproved, other than an accommodation of the timeshare plan, which is made available to the purchasers of a timeshare plan. See Florida Statutes 721.05
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: means an original, additional, or successor personal representative, guardian, agent, or trustee. See Florida Statutes 740.002
- Filed public offering statement: means a public offering statement that has been filed with the division pursuant to…. See Florida Statutes 721.05
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Fraud: Intentional deception resulting in injury to another.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Guardian: means a person who is appointed by the court as guardian of the property of a minor or an incapacitated individual. See Florida Statutes 740.002
- Incidental benefit: means an accommodation, product, service, discount, or other benefit which is offered to a prospective purchaser of a timeshare plan or to a purchaser of a timeshare plan prior to the expiration of his or her initial 10-day voidability period pursuant to…. See Florida Statutes 721.05
- Information: means data, text, images, videos, sounds, codes, computer programs, software, databases, or the like. See Florida Statutes 740.002
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lead dealer: means any person who sells or otherwise provides a resale service provider or any other person with personal contact information for five or more owners of timeshare interests. See Florida Statutes 721.05
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- Managing entity: means the person who operates or maintains the timeshare plan pursuant to…. See Florida Statutes 721.05
- minor: includes any person who has not attained the age of 18 years. See Florida Statutes 1.01
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Multisite timeshare plan: means any method, arrangement, or procedure with respect to which a purchaser obtains, by any means, a recurring right to use and occupy accommodations or facilities of more than one component site, only through use of a reservation system, whether or not the purchaser is able to elect to cease participating in the plan. See Florida Statutes 721.52
- 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.
- offer: means the solicitation, advertisement, or inducement, or any other method or attempt, to encourage any person to acquire the opportunity to participate in a timeshare plan. See Florida Statutes 721.05
- Online tool: means an electronic service provided by a custodian which allows the user, in an agreement distinct from the terms-of-service agreement between the custodian and user, to provide directions for disclosure or nondisclosure of digital assets to a third person. See Florida Statutes 740.002
- Person: means an individual, estate, trust, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity. See Florida Statutes 740.002
- 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 contact information: means any information that can be used to contact the owner of a specific timeshare interest, including, but not limited to, the owner's name, address, telephone number, and e-mail address. See Florida Statutes 721.05
- Personal property: All property that is not real property.
- Personal representative: means the fiduciary appointed by the court to administer the estate of a deceased individual pursuant to letters of administration or an order appointing a curator or administrator ad litem for the estate. See Florida Statutes 740.002
- Plaintiff: The person who files the complaint in a civil lawsuit.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Power of attorney: means a record that grants an agent authority to act in the place of a principal pursuant to chapter 709. See Florida Statutes 740.002
- Principal: means an individual who grants authority to an agent in a power of attorney. See Florida Statutes 740.002
- Probate: Proving a will
- Public offering statement: means the written materials describing a single-site timeshare plan or a multisite timeshare plan, including a text and any exhibits attached thereto as required by ss. See Florida Statutes 721.05
- Purchaser: means any person, other than a developer, who by means of a voluntary transfer acquires a legal or equitable interest in a timeshare plan other than as security for an obligation. See Florida Statutes 721.05
- Purchaser public offering statement: means that portion of the filed public offering statement which must be delivered to purchasers pursuant to…. See Florida Statutes 721.05
- Quorum: The number of legislators that must be present to do business.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Florida Statutes 740.002
- Regulated short-term product: means a contractual right, offered by the seller, to use accommodations of a timeshare plan or other accommodations, provided that:
(a) The agreement to purchase the short-term right to use is executed in this state on the same day that the prospective purchaser receives an offer to acquire an interest in a timeshare plan and does not execute a purchase contract, after attending a sales presentation; and(b) The acquisition of the right to use includes an agreement that all or a portion of the consideration paid by the prospective purchaser for the right to use will be applied to or credited against the price of a future purchase of a timeshare interest, or that the cost of a future purchase of a timeshare interest will be fixed or locked in at a specified price. See Florida Statutes 721.05- Remote computing service: means a custodian that provides to a user computer processing services or the storage of digital assets by means of an electronic communications system as defined in Florida Statutes 740.002
- Resale advertiser: means any person who offers, personally or through an agent, resale advertising services to consumer timeshare resellers for compensation or valuable consideration, regardless of whether the offer is made in person, by mail, by telephone, through the Internet, or by any other medium of communication. See Florida Statutes 721.05
- Resale advertising service: means any good or service relating to, or a promise of assistance in connection with, advertising or promoting the resale or rental of a consumer resale timeshare interest located or offered within this state, including any offer to advertise or promote the sale or purchase of any such interest. See Florida Statutes 721.05
- Resale broker: means any person, or any agent or employee of such person, who is licensed pursuant to chapter 475 and who offers or provides resale brokerage services to consumer timeshare resellers for compensation or valuable consideration, regardless of whether the offer is made in person, by mail, by telephone, through the Internet, or by any other medium of communication. See Florida Statutes 721.05
- Resale brokerage services: means , with respect to a consumer resale timeshare interest in a timeshare property located or offered within this state, any activity that directly or indirectly consists of any of the activities described in…. See Florida Statutes 721.05
- Resale service provider: means any resale advertiser, or other person or entity, including any agent or employee of such person or entity, who offers or uses telemarketing, direct mail, e-mail, or any other means of communication in connection with the offering of resale brokerage or resale advertising services to consumer timeshare resellers. See Florida Statutes 721.05
- Resale transfer agreement: means a contract or other agreement between a person offering timeshare interest transfer services and a consumer timeshare reseller, in which the person offering timeshare interest transfer services agrees to provide such services as described in…. See Florida Statutes 721.05
- Reservation system: means the method, arrangement, or procedure by which a purchaser, in order to reserve the use and occupancy of any accommodation or facility of the multisite timeshare plan for one or more use periods, is required to compete with other purchasers in the same multisite timeshare plan regardless of whether such reservation system is operated and maintained by the multisite timeshare plan managing entity, an exchange company, or any other person. See Florida Statutes 721.52
- Seller: means any developer or any other person, or any agent or employee thereof, who offers timeshare interests in the ordinary course of business. See Florida Statutes 721.05
- Service of process: The service of writs or summonses to the appropriate party.
- Statute: A law passed by a legislature.
- Terms-of-service agreement: means an agreement that controls the relationship between a user and a custodian. See Florida Statutes 740.002
- Timeshare estate: means a right to occupy a timeshare unit, coupled with a freehold estate or an estate for years with a future interest in a timeshare property or a specified portion thereof, or coupled with an ownership interest in a condominium unit pursuant to…. See Florida Statutes 721.05
- Timeshare instrument: means one or more documents, by whatever name denominated, creating or governing the operation of a timeshare plan. See Florida Statutes 721.05
- Timeshare interest: means a timeshare estate, a personal property timeshare interest, or a timeshare license. See Florida Statutes 721.05
- Timeshare interest transfer services: means any good or service relating to an offer or agreement to transfer ownership of a consumer resale timeshare interest, or assistance with or a promise of assistance in connection with the transfer of ownership of a consumer resale timeshare interest, as described in…. See Florida Statutes 721.05
- Timeshare license: means a right to occupy a timeshare unit, which right is not a personal property timeshare interest or a timeshare estate. See Florida Statutes 721.05
- Timeshare period: means the period or periods of time when a purchaser of a timeshare interest is afforded the opportunity to use the accommodations of a timeshare plan. See Florida Statutes 721.05
- timeshare plan: includes :
(a) A "personal property timeshare plan" which means a timeshare plan in which the accommodations are comprised of personal property that is not permanently affixed to real property; and(b) A "real property timeshare plan" which means a timeshare plan in which the accommodations of the timeshare plan are comprised of or permanently affixed to real property. See Florida Statutes 721.05- Timeshare property: means one or more timeshare units subject to the same timeshare instrument, together with any other property or rights to property appurtenant to those timeshare units. See Florida Statutes 721.05
- Timeshare unit: means an accommodation of a timeshare plan which is divided into timeshare periods. See Florida Statutes 721.05
- Trustee: A person or institution holding and administering property in trust.
- Trustee: means a fiduciary that holds legal title to property under an agreement, declaration, or trust instrument that creates a beneficial interest in the settlor or other persons. See Florida Statutes 740.002
- User: means a person that has an account with a custodian. See Florida Statutes 740.002
- Ward: means an individual for whom a guardian has been appointed. See Florida Statutes 740.002
- 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