Florida Statutes 713.32 – Insurance proceeds liable for demands
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 713.32
- Contract: means an agreement for improving real property, written or unwritten, express or implied, and includes extras or change orders. See Florida Statutes 713.01
- Contract: A legal written agreement that becomes binding when signed.
- Improvement: means any building, structure, construction, demolition, excavation, solid-waste removal, landscaping, or any part thereof existing, built, erected, placed, made, or done on land or other real property for its permanent benefit. See Florida Statutes 713.01
- Lien: A claim against real or personal property in satisfaction of a debt.
- Lienor: means a person who is:(a) A contractor;(b) A subcontractor;(c) A sub-subcontractor;(d) A laborer;(e) A materialman who contracts with the owner, a contractor, a subcontractor, or a sub-subcontractor; or(f) A professional lienor under…. See Florida Statutes 713.01
- materials: means performance or furnishing by the lienor or by another for him or her. See Florida Statutes 713.01
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Notice of commencement: means the notice recorded as provided in…. See Florida Statutes 713.01
- Owner: means a person who is the owner of any legal or equitable interest in real property, which interest can be sold by legal process, and who enters into a contract for the improvement of the real property. See Florida Statutes 713.01
- 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
- Real property: means the land that is improved and the improvements thereon, including fixtures, except any such property owned by the state or any county, municipality, school board, or governmental agency, commission, or political subdivision. See Florida Statutes 713.01
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustee: A person or institution holding and administering property in trust.
The proceeds of any insurance that by the terms of the policy contract are payable to the owner of improved real property or a lienor and actually received or to be received by him or her because of the damage, destruction, or removal by fire or other casualty of an improvement on which lienors have furnished labor or services or materials shall, after the owner or lienor, as the case may be, has been reimbursed therefrom for any premiums paid by him or her, be liable to liens or demands for payment provided by this part to the same extent and in the same manner, order of priority, and conditions as the real property or payments under a direct contract would have been, if the improvement had not been so damaged, destroyed, or removed. The insurer may pay the proceeds of the policy of insurance to the insured named in the policy and thereupon any liability of the insurer under this part shall cease. The named insured who receives any proceeds of the policy shall be deemed a trustee of the proceeds, and the proceeds shall be deemed trust funds for the purposes designated by this section for a period of 1 year from the date of receipt of the proceeds. This section shall not apply to that part of the proceeds of any policy of insurance payable to a person, including a mortgagee, who holds a lien perfected before the recording of the notice of commencement or recommencement.