§ 662.10 Short title
§ 662.102 Purposes; findings
§ 662.111 Definitions
§ 662.112 Degrees of kinship
§ 662.113 Applicability of other chapters of the financial institutions codes
§ 662.114 Family trust company and foreign licensed family trust company licensing not required
§ 662.115 Applicability of chapter to a family trust company or foreign licensed family trust company
§ 662.120 Maximum number of designated relatives
§ 662.121 Application for licensed family trust company; fees
§ 662.1215 Investigation of license applicants
§ 662.122 Registration of a family trust company or a foreign licensed family trust company
§ 662.1225 Requirements for a family trust company, licensed family trust company, or foreign licensed family trust company
§ 662.123 Organizational documents; use of term “family trust” in name.
§ 662.124 Minimum capital account required
§ 662.125 Directors or managers
§ 662.126 Fidelity bonds; insurance
§ 662.127 Segregation of books, records, and assets; fiduciary assets not liable
§ 662.128 Annual renewal
§ 662.129 Discontinuing business
§ 662.130 Powers of family trust companies, licensed family trust companies, and foreign licensed family trust companies
§ 662.131 Prohibitions
§ 662.132 Investments
§ 662.133 Oaths, affidavits, and acknowledgments
§ 662.134 Unlawful to advertise services
§ 662.135 Service as court-appointed fiduciary; bond requirement
§ 662.140 Rules
§ 662.141 Examination, investigations, and fees
§ 662.142 Revocation of license
§ 662.143 Cease and desist authority
§ 662.144 Failure to submit required report; fines
§ 662.145 Grounds for removal
§ 662.146 Confidentiality of books and records
§ 662.147 Records relating to the office examination; limited restrictions on public access
§ 662.148 Public records exemption
§ 662.150 Domestication of a foreign family trust company
§ 662.151 Registration of a foreign licensed family trust company to operate in this state

Terms Used In Florida Statutes > Chapter 662 - Family Trust Companies

  • Acquittal:
    1. Judgement that a criminal defendant has not been proved guilty beyond a reasonable doubt.
    2. A verdict of "not guilty."
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Applicant: means the corporation or limited liability company on whose behalf an application for a license to operate as a licensed family trust company is submitted under…. See Florida Statutes 662.111
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Authorized representative: means an officer or director of a family trust company, licensed family trust company, or foreign licensed family trust company, if organized as a corporation; or a manager, officer, or member of a family trust company, licensed family trust company, or foreign licensed family trust company, if organized as a limited liability company. See Florida Statutes 662.111
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Capital account: means the aggregate value of unimpaired capital stock based on the par value of the shares, plus any unimpaired surplus and undivided profits or retained earnings of a family trust company organized as a corporation; or the initial cash investment remitted for membership interests in a family trust company organized as a limited liability company, plus any undivided profits or retained earnings of the limited liability company. See Florida Statutes 662.111
  • Capital stock: means the shares of stock issued to create nonwithdrawable capital for a corporation, or membership interests issued to create nonwithdrawable capital for a limited liability company. See Florida Statutes 662.111
  • Collateral kinship: means a relationship that is not lineal but derives from a common ancestor. See Florida Statutes 662.111
  • Commercial banking: means the business of receiving demand and time deposits, paying checks, or lending money to the public. See Florida Statutes 662.111
  • Commission: means the Financial Services Commission. See Florida Statutes 662.111
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Contract: A legal written agreement that becomes binding when signed.
  • Controlling stockholder or member: means an individual who owns or has the ability or power to directly or indirectly vote at least 10 percent or more of the outstanding shares, membership interest, or membership units of the family trust company or licensed family trust company. See Florida Statutes 662.111
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Counterclaim: A claim that a defendant makes against a plaintiff.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Designated relative: means a common ancestor of a family, who may be a living or deceased person, and who is so designated in the application for a license or annual license. See Florida Statutes 662.111
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Executor: A male person named in a will to carry out the decedent
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Family affiliate: means a company or other entity in which one or more family members own, control, or have the power to directly or indirectly vote more than 50 percent of a class of voting securities of that company or other entity. See Florida Statutes 662.111
  • Family member: means :
    (a) A designated relative. 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
  • Family trust company-affiliated party: means :
    (a) A director, officer, manager, employee, or controlling stockholder or member of a family trust company, licensed family trust company, or foreign licensed family trust company; or
    (b) A stockholder, a member, or any other person as determined by the office who participates in the affairs of a family trust company, licensed family trust company, or foreign licensed family trust company. See Florida Statutes 662.111
  • Felony: A crime carrying a penalty of more than a year in prison.
  • 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
  • Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Impeachment: (1) The process of calling something into question, as in "impeaching the testimony of a witness." (2) The constitutional process whereby the House of Representatives may "impeach" (accuse of misconduct) high officers of the federal government for trial in the Senate.
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • 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
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Lineal kinship: means a family member who is in the direct line of ascent or descent from a designated relative. See Florida Statutes 662.111
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • oath: includes affirmations. See Florida Statutes 1.01
  • Oath: A promise to tell the truth.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Office: means the Office of Financial Regulation. See Florida Statutes 662.111
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • 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
  • Personal property: All property that is not real property.
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • 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
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Subpoena: A command to a witness to appear and give testimony.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trustee: A person or institution holding and administering property in trust.
  • writing: includes handwriting, printing, typewriting, and all other methods and means of forming letters and characters upon paper, stone, wood, or other materials. See Florida Statutes 1.01