The 2023 Florida Statutes (including Special Session C)

Title XXXVIII
BANKS AND BANKING

Chapter 660
TRUST BUSINESS

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F.S. 660.40

660.40 Self dealing.—

(1) Except as provided in s. 660.37, funds held by a trust company or a trust department shall not be invested in the obligations or securities of the trust company or of the bank or association of which the trust department is a part unless authorized by the governing instrument or by court order; however, if the retention of obligations or securities of the trust company or the bank or association of which the trust department is a part is authorized by the governing instrument or by court order, the trust company or trust department in its fiduciary capacity may exercise rights to purchase securities of the trust company or of the bank or association of which the trust department is a part, when offered pro rata to stockholders; and when the exercise of rights or receipt of a stock dividend results in fractional share holdings, additional fractional shares may be purchased to complement the fractional shares so acquired.

(2) Assets of a fiduciary account held by a trust company or a trust department shall not be sold or transferred, by loan or otherwise, to the trust company or the bank or association of which the trust department is a part or to its directors, officers, or employees except:

(a) When lawfully authorized by the governing instrument or by court order;

(b) As provided in ss. 660.42-660.45;

(c) With the approval of, or when required by, the office in order to prevent loss to a fiduciary account in any case where the trust company or the trust department has incurred a liability in the handling of the assets of the fiduciary account.

History.—ss. 138, 152, ch. 80-260; ss. 2, 3, ch. 81-318; s. 1, ch. 91-307; s. 1, ch. 92-303; s. 1812, ch. 2003-261.

F.S. 660.40 on Google Scholar

F.S. 660.40 on Casetext

Amendments to 660.40

Arrestable Offenses / Crimes under Fla. Stat. 660.40

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

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 660.40.

Annotations, Discussions, Cases:

Cases from cite.case.law:

YOUNG, v. ZON,, 827 F. Supp. 2d 144 (W.D.N.Y. 2011)

. . . . § 660.40 that the prosecutor file a written notice of a request for conditional examination of a witness . . . Ground Two: Ineffective Assistance of Trial Counsel — Failure to Demand Compliance with C.P.L. § 660.40 . . . for a conditional examination of the victim pursuant to New York Criminal Procedure Law (“C.P.L.”) § 660.40 . . . of the conditional examination by arguing that allowing the conditional examination under C.P.L. § 660.40 . . . Law §§ 660.40(l)(b); (3). . . . .

W. GORUM v. ENSCO OFFSHORE COMPANY, 80 F. App'x 353 (5th Cir. 2003)

. . . court erred in calculating prejudgment interest, we reduce that award from the sum awarded—$932.40—to $660.40 . . .

FOSTER, v. WEBER,, 578 So. 2d 857 (Fla. Dist. Ct. App. 1991)

. . . title'and interest” in Campground membership agreements and promissory notes in the amount of $65,-660.40 . . .

In BROADY A. MINER, v. FARM CREDIT SERVICES OF NORTHWEST MISSOURI, f k a Sr. G., 96 B.R. 218 (Bankr. W.D. Mo. 1988)

. . . Broady, which have not been paid are those of the County Collector of Atchison County in the sum of $660.40 . . .

SHERMAN TREATERS LTD. v. AHLBRANDT,, 115 F.R.D. 519 (D.D.C. 1987)

. . . Accordingly, the Court will make a 50 percent reduction of the $42,-660.40 claimed by Mr. . . .

HAWAIIAN MOTOR COMPANY, v. UNITED STATES,, 617 F.2d 286 (C.C.P.A. 1980)

. . . TSUS provides for “Internal combustion engines and parts thereof” in the superior headings to items 660.40 . . . the internal combustion engines were to be imported separately, they would be classified under items 660.40 . . . alone, would not be classified under any of these items because it is specially provided for in items 660.40 . . .

Co. v., 67 C.C.P.A. 42 (C.C.P.A. 1980)

v., 65 Cust. Ct. 343 (Cust. Ct. 1970)

. . . pertinent provisions read as follows: Internal combustion engines and parts thereof: Piston-type engines: 660.40 . . .

v., 64 Cust. Ct. 308 (Cust. Ct. 1970)

. . . It has .also provided specially in item 660.40 for the free entry of piston-type engines to be installed . . .

J. H. LANE CO. v. THE UNITED STATES, 62 Ct. Cl. 721 (Ct. Cl. 1927)

. . . Total sales for 1919_$53, 752,248.97 Merchandise sales_ 348, 698.67 Commission sales_ 63,403, 660.40 . . .