Florida Statutes 662.131 – Prohibitions
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 662.131
- Commercial banking: means the business of receiving demand and time deposits, paying checks, or lending money to the public. See Florida Statutes 662.111
- Family trust company: means a corporation or limited liability company that:(a) Is exclusively owned by one or more family members. See Florida Statutes 662.111
- Fiduciary: A trustee, executor, or administrator.
- Foreign licensed family trust company: means a family trust company that:
(a) Is licensed by a state in the United States other than this state or the District of Columbia. See Florida Statutes 662.111- Licensed family trust company: means a family trust company that operates in accordance with this chapter and has been issued a license that has not been revoked or suspended by the office. See Florida Statutes 662.111
- 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
- Probate: Proving a will
Notwithstanding any provision of this chapter, a family trust company, licensed family trust company, or foreign licensed family trust company may not:(1) Engage in commercial banking; however, it may establish accounts at financial institutions for its own purposes or on behalf of family members to whom it provides services pursuant to this chapter.(2) Engage in fiduciary services with the public unless licensed pursuant to chapter 658.(3) Serve as a personal representative or a copersonal representative of a probate estate administered in this state.(4) Serve as an attorney in fact or agent, including as a co-attorney in fact or co-agent, under a power of attorney pursuant to chapter 709.