The 2023 Florida Statutes (including Special Session C)

Title XXXVII
INSURANCE

Chapter 631
INSURER INSOLVENCY; GUARANTY OF PAYMENT

View Entire Chapter

F.S. 631.154

631.154 Funds, assets, or other property in the possession of third person.—

(1) If the receiver determines that funds, assets, or property in the possession of another person are rightfully the property of the estate, the receiver shall deliver to such person a written demand for immediate delivery of the funds, assets, or property to the receiver, referencing this section by number, referencing the court and docket number of the receivership action, and notifying the person that any claim of right to the funds, assets, or property by her or him must be presented to the court within 20 days after the date of the written demand. Any person who holds funds, assets, or other property belonging to an entity placed in receivership under this chapter shall deliver the funds, assets, or other property to the receiver on demand. Should the person allege any right to retain the funds, assets, or other property pursuant to s. 631.155, s. 631.191, s. 631.261, s. 631.262, s. 631.263, or s. 631.281, a pleading setting out the right shall be filed with the court within 20 days after the receipt of the receiver’s demand that the funds, assets, or property be delivered to the receiver. The person shall serve a copy of the pleading on the receiver. The pleading of the person shall inform the court as to the nature of the claim to the property, the alleged value of the assets or property, or the amount of funds held, and what action has been taken by the person to preserve and protect the assets or property or to preserve any funds pending determination of the dispute.

(2) If requested by the receiver, a hearing shall be held to determine where and under what conditions the property, assets, or funds shall be held by the person pending determination of the dispute. The court may impose conditions as it may deem necessary or appropriate for the preservation of the property until the court can determine the validity of the person’s claim to the property, assets, or funds. If any property, assets, or funds are allowed to remain in the possession of the person after demand made by the receiver, that person shall be strictly liable for any waste, loss, or damage of the property, assets, or funds retained.

(3) If a person has filed a pleading alleging any right to retain funds, assets, or property, the court shall hold a subsequent hearing to determine entitlement to the funds, assets, or property claimed by the receiver.

(4) If a person fails to file the pleading required by subsection (1) within the 20-day period, the court may, upon petition of the receiver and upon a copy of the petition being served by the petitioner to such person, issue its summary order directing the immediate delivery of the funds, assets, or property to the receiver and finding that the person has waived all claims of right to the funds, assets, or property.

(5) This section shall apply to all proceedings brought by the receiver to recover funds, assets, or property believed by the receiver under this chapter to be assets of the entity subject to an order of conservation, rehabilitation, or liquidation. The receiver shall be exempt from the provisions of s. 57.111.

(6) Should the receiver be successful in establishing its claim or any part thereof, the receiver shall be entitled to recover judgment for the following:

(a) The property or its cash value as of the date of the order of conservation, rehabilitation, or liquidation, whichever is applicable.

(b) Rental for the use of the property to run from the date of the order of conservation, rehabilitation, or liquidation, whichever is applicable, to the date the property is delivered to the receiver.

(c) In the case of funds, interest at the statutory rate to run from the date of the order of conservation, rehabilitation, or liquidation, whichever is applicable, to the date the funds are delivered to the receiver.

(d) All costs, investigative and other expenses, including, but not limited to, those for department staff, incurred in the recovery of the property, assets, or funds, and reasonable attorney’s fees. Department staff costs and expenses include staff salaries.

It is the intent of this section that a person found to be holding receivership assets fully reimburse the receiver for any and all efforts made to recover those assets.

History.—s. 7, ch. 89-360; s. 1, ch. 90-192; ss. 87, 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 399, ch. 97-102; s. 10, ch. 2002-25.

F.S. 631.154 on Google Scholar

F.S. 631.154 on Casetext

Amendments to 631.154

Arrestable Offenses / Crimes under Fla. Stat. 631.154

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 631.154.

Annotations, Discussions, Cases:

Cases from cite.case.law:

STATE DEPARTMENT OF FINANCIAL SERVICES v. BRANCH BANKING AND TRUST COMPANY, v., 40 So. 3d 829 (Fla. Dist. Ct. App. 2010)

. . . also indicated that its notices were offered as responses to a demand DFS had served under section 631.154 . . . same time as the bank filed its notices of claim, DFS filed an emergency motion pursuant to section 631.154 . . . full period of discovery, expert analysis, and a trial on the merits as is contemplated in Section 631.154 . . . In the instant case, DFS invoked the procedure outlined in section 631.154, which provides, in pertinent . . . Under section 631.154(B), DFS was entitled to two hearings before the trial court determined the ultimate . . .

IMAGINE INSURANCE CO. LTD. v. STATE DEPARTMENT OF FINANCIAL SERVICES a, 999 So. 2d 693 (Fla. Dist. Ct. App. 2008)

. . . In response to a demand by the Receiver, pursuant to section 631.154, Florida Statutes, Imagine asserted . . . Section 631.154(1), Florida Statutes (2004), addresses “[founds, assets, or other property in the possession . . .

CHASE BANK OF TEXAS NATIONAL ASSOCIATION f k a f k a v. STATE DEPARTMENT OF INSURANCE,, 860 So. 2d 472 (Fla. Dist. Ct. App. 2003)

. . . See § 631.154, Fla. Stat. (2001). . . .

FLORIDA DEPARTMENT OF INSURANCE, v. VARIOUS SHAREHOLDERS,, 857 So. 2d 972 (Fla. Dist. Ct. App. 2003)

. . . order by which the trial court denied its motion for an award of attorney’s fees pursuant to section 631.154 . . .

LIDSKY P. A. v. FLORIDA DEPARTMENT OF INSURANCE, Co., 643 So. 2d 631 (Fla. Dist. Ct. App. 1994)

. . . trial court’s non-final “Order on Receiver’s Motion for Partial Summary Judgment Pursuant to Section 631.154 . . . In compliance with the procedural requirements of section 631.154, the Department sent a certified letter . . .

In RECEIVERSHIPS OF SOUTHEASTERN REINSURANCE COMPANY, INC. Co. FLORIDA DEPARTMENT OF INSURANCE, v. CENTEX- GREAT SOUTHWEST CORPORATION,, 639 So. 2d 646 (Fla. Dist. Ct. App. 1994)

. . . This case arises out of a demand by the receiver pursuant to section 631.154, Florida Statutes, for return . . . GSW cross-appeals and asserts that the trial court lacked subject matter jurisdiction, under section 631.154 . . . On December 2, 1991, in accordance with section 631.154, Florida Statutes, the receiver made a demand . . . The trial court also ordered GSW to report to the court, in accordance with section 631.154(1), Florida . . . Pursuant to section 631.154(6)(d), we conclude that the receiver failed to establish that these items . . .

NOVA INSURANCE GROUP, INC. v. FLORIDA DEPARTMENT OF INSURANCE,, 606 So. 2d 429 (Fla. Dist. Ct. App. 1992)

. . . It was pursuant to these statutes and section 631.154 that the department sought to obtain possession . . . Section 631.154 provides in pertinent part: (1)Any person who holds funds or other property belonging . . . funds in this case, we are not persuaded that it is consistent with a common sense reading of section 631.154 . . . Section 631.154(l)’s reference to the offset provisions of section 631.281 provides an example of just . . . Subsection (2) of section 631.154 describes what the court must do if the receiver seeks to impose conditions . . .

V. A. GIBSON, H. F. E. A. M. C. d b a v. RESOLUTION TRUST CORPORATION, N. A., 750 F. Supp. 1565 (S.D. Fla. 1990)

. . . . § 631.154 (Supp.1990); Charles W. Virgin Insurance Agency, Inc. v. . . .