Terms Used In Florida Statutes > Chapter 719 > Part V - Regulation and Disclosure Prior to Sale of Residential Cooperatives

• 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.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Assessment: means a share of the funds required for the payment of common expenses, which from time to time is assessed against the unit owner. See Florida Statutes 719.103
• 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: includes :
  (a) For a trust:

  1. See Florida Statutes 738.102
• 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}
• Board of administration: means the board of directors or other representative body responsible for administration of the association. See Florida Statutes 719.103
• Buyer: means a person who purchases a cooperative. See Florida Statutes 719.103
• Bylaws: means the bylaws of the association existing from time to time. 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
• Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
• Common areas: includes within its meaning the following:
  (a) The cooperative property which is not included within the units. See Florida Statutes 719.103
• Common expenses: means all expenses and assessments properly incurred by the association for the cooperative. See Florida Statutes 719.103
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• 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
• Cooperative documents: means :
  (a) The documents that create a cooperative, including, but not limited to, articles of incorporation of the association, bylaws, and the ground lease or other underlying lease, if any. See Florida Statutes 719.103
• Cooperative property: means the lands, leaseholds, and personal property owned by a cooperative association. 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
• Current income beneficiary: means a beneficiary to which a fiduciary may or must distribute net income, regardless of whether the fiduciary also distributes principal to the beneficiary. See Florida Statutes 738.102
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Decedent: A deceased person.
• 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
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• 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
• Equity facilities club: means a club comprised of recreational facilities in which proprietary membership interests are sold to individuals, which membership interests entitle the individuals to use certain physical facilities owned by the equity club. See Florida Statutes 719.103
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• 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
• 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.
• Executor: A male person named in a will to carry out the decedent
• 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.
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Fiduciary: A trustee, executor, or administrator.
• Fiduciary: includes a trustee, a trust director as defined in…. See Florida Statutes 738.102
• 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}
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
• 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.
• 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
• Inter vivos: Transfer of property from one living person to another living person.
• Internal Revenue Code: means the Internal Revenue Code of 1986, as amended. See Florida Statutes 738.102
• 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.
• 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.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
• Limited common areas: means those common areas which are reserved for the use of a certain cooperative unit or units to the exclusion of other units, as specified in the cooperative documents. See Florida Statutes 719.103
• Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
• minor: includes any person who has not attained the age of 18 years. See Florida Statutes 1.01
• 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.
• operation of the cooperative: includes the administration and management of the cooperative property. See Florida Statutes 719.103
• 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.
• Personal representative: means an executor, an administrator, a successor personal representative, a special administrator, or a person that performs substantially the same function with respect to an estate under the law governing the person's status. See Florida Statutes 738.102
• Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
• 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
• 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.
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Settlor: means a person, including a testator, who creates or contributes property to a trust. See Florida Statutes 738.102
• Special tax benefit: means :
  (a) Exclusion of a transfer to a trust from gifts described in…. See Florida Statutes 738.102
• Statute: A law passed by a legislature.
• Structural integrity reserve study: means a study of the reserve funds required for future major repairs and replacement of the cooperative property performed as required under…. See Florida Statutes 719.103
• Subpoena: A command to a witness to appear and give testimony.
• Successor beneficiary: means a person entitled to receive income or principal or to use property when an income interest or other current interest ends. See Florida Statutes 738.102
• Terms of a trust: means :
  (a) Except as otherwise provided in paragraph (b), the manifestation of the settlor's intent regarding a trust's provisions as:

  1. See Florida Statutes 738.102
• Testator: A male person who leaves a will at death.
• Timeshare estate: means any interest in a unit under which the exclusive right of use, possession, or occupancy of the unit circulates among the various purchasers of a timeshare plan pursuant to chapter 721 on a recurring basis for a period of time. See Florida Statutes 719.103
• 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