Terms Used In Florida Statutes 280.051

  • Custodian: means the Chief Financial Officer or a bank, savings association, or trust company that:
    (a) Is organized and existing under the laws of this state, any other state, or the United States;
    (b) Has executed all forms required under this chapter or any rule adopted hereunder;
    (c) Agrees to be subject to the jurisdiction of the courts of this state, or of the courts of the United States which are located within this state, for the purpose of any litigation arising out of this chapter; and
    (d) Has been approved by the Chief Financial Officer to act as a custodian. See Florida Statutes 280.02
  • Market value: means the value of collateral calculated pursuant to…. See Florida Statutes 280.02
  • 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
  • Qualified public depository: means a bank, savings bank, or savings association that:
    (a) Is organized and exists under the laws of the United States or the laws of this state or any other state or territory of the United States. See Florida Statutes 280.02
  • tangible equity capital: means total equity capital, as defined on the balance-sheet portion of the Consolidated Reports of Condition and Income (call report), less intangible assets, as submitted to the regulatory banking authority. See Florida Statutes 280.02
  • Trustee: A person or institution holding and administering property in trust.
A qualified public depository may be suspended or disqualified or both if the Chief Financial Officer determines that the qualified public depository has:

(1) Violated any of the provisions of this chapter or any rule adopted by the Chief Financial Officer pursuant to this chapter.
(2) Submitted reports containing inaccurate or incomplete information regarding public deposits or collateral for such deposits, tangible equity capital, or the calculation of required collateral.
(3) Failed to maintain required collateral.
(4) Grossly misstated the market value of the securities pledged as collateral.
(5) Failed to pay any administrative penalty.
(6) Failed to furnish the Chief Financial Officer with prompt and accurate information, or failed to allow inspection and verification of any information, dealing with public deposits or dealing with the exact status of its tangible equity capital, or other financial information that the Chief Financial Officer determines necessary to verify compliance with this chapter or any rule adopted pursuant to this chapter.
(7) Failed to furnish the Chief Financial Officer, when the Chief Financial Officer requested, with a power of attorney or bond power or other bond assignment form required by the bond agent, bond trustee, or other transferor for each issue of registered certificated securities pledged.
(8) Failed to furnish any agreement, report, form, or other information required to be filed pursuant to s. 280.16, or when requested by the Chief Financial Officer.
(9) Submitted reports signed by an unauthorized individual.
(10) Submitted reports without a certified or verified signature, or both, if required by law.
(11) Released a security without notice or approval.
(12) Failed to execute or have the custodian execute a collateral control agreement before using a custodian.
(13) Failed to give notification as required by s. 280.10.