607.0833

Loans to officers, directors, and employees; guaranty of obligations.

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607.0833 Loans to officers, directors, and employees; guaranty of obligations.—Any corporation may lend money to, guarantee any obligation of, or otherwise assist any officer, director, or employee of the corporation or of a subsidiary, whenever, in the judgment of the board of directors, such loan, guaranty, or assistance may reasonably be expected to benefit the corporation. The loan, guaranty, or other assistance may be with or without interest and may be unsecured or secured in such manner as the board of directors shall approve, including a pledge of shares of stock of the corporation. Nothing in this section shall be deemed to deny, limit, or restrict the powers of guaranty or warranty of any corporation at common law or under any statute. Loans, guarantees, or other types of assistance are subject to s. 607.0832.

History.—s. 87, ch. 89-154; s. 102, ch. 2019-90.

Notes of Decisions

Cited in 2 cases, 2004–2015 · leading case: First Union National Bank v. Brown

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First Union National Bank v. Brown (2004) ncctapp “Global argues alternatively that Fla. Stat. § 607.0833 (2003) should apply because Global’s principal place of business is in Florida.”

Jax Utilities Management, Inc. v. Hancock Bank, A Foreign Corp. (2015) fladistctapp · cites it 2× “”); § 607.0833, Fla. Stat. (2011) (“Nothing in this section shall be deemed to deny, limit, or restrict the powers of guaranty-or warranty of any corporation at common law or under any statute.”

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