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Terms Used In Florida Statutes 717.127

  • Department: means the Department of Financial Services. See Florida Statutes 717.101
  • Holder: means :
    (a) A person who is in possession or control or has custody of property or the rights to property belonging to another; is indebted to another on an obligation; or is obligated to hold for the account of, or to deliver or pay to, the owner, property subject to this chapter; or
    (b) A trustee in case of a trust. See Florida Statutes 717.101
The department may decline to receive any property reported under this chapter that the department considers to have a value less than the expense of giving notice and of sale. If the department elects not to receive custody of the property, the holder shall be notified within 120 days after filing the report required under s. 717.117 or remitting the property required under s. 717.119.