The 2023 Florida Statutes (including Special Session C)

Title XXXIX
COMMERCIAL RELATIONS

Chapter 673
UNIFORM COMMERCIAL CODE: NEGOTIABLE INSTRUMENTS

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F.S. 673.3071

673.3071 Notice of breach of fiduciary duty.—

(1) In this section, the term:

(a) “Fiduciary” means an agent, trustee, partner, corporate officer or director, or other representative owing a fiduciary duty with respect to an instrument.

(b) “Represented person” means the principal, beneficiary, partnership, corporation, or other person to whom the duty stated in paragraph (a) is owed.

(2) If an instrument is taken from a fiduciary for payment or collection or for value, the taker has knowledge of the fiduciary status of the fiduciary, and the represented person makes a claim to the instrument or its proceeds on the basis that the transaction of the fiduciary is a breach of fiduciary duty, the following rules apply:

(a) Notice of breach of fiduciary duty by the fiduciary is notice of the claim of the represented person.

(b) In the case of an instrument payable to the represented person or the fiduciary as such, the taker has notice of the breach of fiduciary duty if the instrument is:

1. Taken in payment of or as security for a debt known by the taker to be the personal debt of the fiduciary;

2. Taken in a transaction known by the taker to be for the personal benefit of the fiduciary; or

3. Deposited to an account other than an account of the fiduciary, as such, or an account of the represented person.

(c) If an instrument is issued by the represented person or the fiduciary, as such, and made payable to the fiduciary personally, the taker does not have notice of the breach of fiduciary duty unless the taker knows of the breach of fiduciary duty.

(d) If an instrument is issued by the represented person or the fiduciary, as such, to the taker as payee, the taker has notice of the breach of fiduciary duty if the instrument is:

1. Taken in payment of or as security for a debt known by the taker to be the personal debt of the fiduciary;

2. Taken in a transaction known by the taker to be for the personal benefit of the fiduciary; or

3. Deposited to an account other than an account of the fiduciary, as such, or an account of the represented person.

History.—s. 2, ch. 92-82.

F.S. 673.3071 on Google Scholar

F.S. 673.3071 on Casetext

Amendments to 673.3071

Arrestable Offenses / Crimes under Fla. Stat. 673.3071

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

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 673.3071.

Annotations, Discussions, Cases:

Cases from cite.case.law:

In MERIDIAN ASSET MANAGEMENT, INC. v. f k a, 296 B.R. 243 (Bankr. N.D. Fla. 2003)

. . . . § 673.3071; (5) faded to sufficiently allege the Plaintiffs had a right to possess property and demanded . . . Stat. § 673.3071(2)(b)2,3 and (d)3, Notice of Breach of Fiduciary Duty, the Bank was put on notice of . . . Florida Statute § 673.3071(2) Notice of Breach of Fiduciary Duty states: (2) If an instrument is taken . . . Stat. § 673.3071(2)(c), and previously mentioned precedent, I hold that Capital City Bank was not aware . . .