(1) Upon determining the default or insolvency of a qualified public depository, the Chief Financial Officer shall notify, by first-class mail, all public depositors that have complied with s. 280.17 of such default or insolvency. The notice must direct all public depositors having claims or demands against the Public Deposits Trust Fund occasioned by the default or insolvency to file their claims with the Chief Financial Officer within 30 days after the date of the notice.
(2) A claim against the Public Deposits Trust Fund is binding on the fund only if presented within 30 days after the date of the notice.
(3) This section does not affect any proceeding to:
(a) Enforce any real property mortgage, chattel mortgage, security interest, or other lien on property of a qualified public depository that is in default or insolvency; or
Terms Used In Florida Statutes 280.085
- Default or insolvency: includes , without limitation, the failure or refusal of a qualified public depository to pay a check or warrant drawn upon sufficient and collected funds by a public depositor or to return a deposit on demand or at maturity together with interest as agreed; the issuance of an order by a supervisory authority restraining such depository from making payments of deposit liabilities; or the appointment of a receiver for such depository. See Florida Statutes 280.02
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.(b) Establish liability of a qualified public depository that is in default or insolvency to the limits of any federal or other casualty insurance protection.
(4) The notice required in subsection (1) is not required if the default or insolvency of a qualified public depository is resolved in a manner in which all Florida public deposits are acquired by another insured bank, savings bank, or savings association.