Terms Used In Florida Statutes 727.115

  • Assignee: means a natural person solely in such person's capacity as an assignee for the benefit of creditors under the provisions of this chapter, which assignee shall not be a creditor or an equity security holder or have any interest adverse to the interest of the estate. See Florida Statutes 727.103
  • Assignor: means the person or entity that has executed and delivered the assignment to the assignee. See Florida Statutes 727.103
  • Court: means the circuit court where the petition is filed in accordance with…. See Florida Statutes 727.103
  • Creditor: means any person having a claim against the assignor, whether such claim is contingent, liquidated, unliquidated, or disputed. See Florida Statutes 727.103
  • Estate: means all of the assets of the assignor. See Florida Statutes 727.103
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.

(1) The court shall remove or replace the assignee on application of the assignor, of the assignee, or of any creditor, or on its own motion, if the assignee has not executed and filed the bond required by s. 727.104(2); if the assignee resigns, refuses, or fails to serve for any reason; or for good cause.
(2) Upon removal, resignation, or death of the assignee, the court shall appoint a replacement assignee if the court deems in its discretion that further administration of the estate is required. Upon executing and filing a bond pursuant to s. 727.104(2), the replacement assignee shall forthwith take possession of the estate and assume her or his duties as assignee.
(3) Whenever the court shall be satisfied that the assignee so removed or replaced has fully accounted for and turned over to the replacement assignee appointed by the court all of the property of the estate and has filed a report of all receipts and disbursements during her or his tenure as assignee, the court shall enter an order discharging the assignee from all further duties, liabilities, and responsibilities as assignee after notice and a hearing.