Florida Statute 326.005 - Full Text and Legal Analysis

The 2025 Florida Statutes

Title XXIV
VESSELS

Chapter 326
YACHT AND SHIP BROKERS

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326.005 Escrow depository, closing transactions.—

(1) A broker shall place any funds received pursuant to a transaction into a trust account in a savings and loan association, bank, trust company, or other financial institution located in this state having a net worth in excess of $5 million until he or she disburses such funds. A separate record shall be maintained of all such moneys received and the disposition thereof.

(2) At the closing of a transaction in which title to a yacht is transferred, a broker shall provide the seller and purchaser with an itemized closing statement, including the selling price and all charges and credits, a description of any yachts exchanged, and the amount of any consideration. If the transaction is closed through escrow and the escrow holder renders a closing statement which reveals such information, that shall be deemed compliance with this subsection on the part of the licensed broker.

(3) A broker who intentionally fails to comply with the provisions of this section concerning the establishment of a trust account, deposits of funds into a trust account, and withdrawal therefrom, commits a felony of the third degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084. The failure to establish a trust account or to place funds therein as required in this section is prima facie evidence of an intentional and purposeful violation of this section.

History.—ss. 5, 7, ch. 88-282; s. 5, ch. 89-128; s. 4, ch. 91-429; s. 448, ch. 95-148.

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Amendments to 326.005

Annotations, Discussions, Cases:

Arrestable Offenses / Crimes under Fla. Stat. 326.005

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

S326.005 3 - EMBEZZLE - SHIP BROKER FAIL ESTABLISH USE TRUST ACCOUNT - F: T

S326.005 - EMBEZZLE - SHIP BROKER FAIL ESTABLISH USE TRUST ACCOUNT - F: T

Cases Citing Statute 326.005

Total Results: 3

In Re MacK Properties, Inc.

381 B.R. 793, 21 Fla. L. Weekly Fed. B 608, 2007 Bankr. LEXIS 4481, 2007 WL 4878915

United States Bankruptcy Court, M.D. Florida | Filed: Nov 16, 2007 | Docket: 1864264

Cited 11 times | Published

the imperative "shall" rather than "may" in Section 326.[5]Jama v. Immigration *798 and Customs Enforcement

St. Andrews Park, Inc. v. United States Department of the Army Corps of Engineers

314 F. Supp. 2d 1238, 2004 U.S. Dist. LEXIS 6902, 2004 WL 853310

District Court, S.D. Florida | Filed: Jan 27, 2004 | Docket: 384588

Cited 5 times | Published

monetary penalties. See U.S.C. § 1319(b); 33 C.F.R. § 326.5; see also Banks, 768 F.Supp. at 811; Inn of Daphne

Center for a Sustainable Coast v. U.S. Army Corps of Engineers

Court of Appeals for the Eleventh Circuit | Filed: May 2, 2024 | Docket: 67473222

Published

Argued: Jun 29, 2023

or other relief as appropriate.” Id. § 326.5(a). “Appropriate cases for criminal or civil

This Florida statute resource is curated by Graham W. Syfert, Esq., a Jacksonville, Florida personal injury and workers' compensation attorney. For legal consultation, call 904-383-7448.