Florida Statute 607.1330 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXVI
BUSINESS ORGANIZATIONS

Chapter 607
FLORIDA BUSINESS CORPORATION ACT

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F.S. 607.1330

607.1330 Court action.—

(1) If a shareholder makes demand for payment under s. 607.1326 which remains unsettled, the corporation shall commence a proceeding within 60 days after receiving the payment demand and petition the court to determine the fair value of the shares and accrued interest, if and to the extent applicable, calculated and accrued from the date the corporate action became effective and taking into account the amount of any prepayment previously made to the shareholder by the corporation pursuant to s. 607.1326(3). If the corporation does not commence the proceeding within the 60-day period, any shareholder who has made a demand pursuant to s. 607.1326 may commence the proceeding in the name of the corporation.

(2) The proceeding shall be commenced in the circuit court in the applicable county. If by virtue of the corporate action becoming effective the entity has become a foreign eligible entity without a registered office in this state, the proceeding shall be commenced in the county in this state in which the principal office or registered office of the domestic corporation merged with the foreign eligible entity was located immediately before the time the corporate action became effective. If such entity has, and immediately before the corporate action became effective had, no principal or registered office in this state, then the proceeding shall be commenced in the county in this state in which the corporation has, or immediately before the time the corporate action became effective had, an office in this state. If such entity has, or immediately before the time the corporate action became effective had, no office in this state, the proceeding shall be commenced in the county in which the corporation’s registered office is or was last located.

(3) All shareholders, whether or not residents of this state, whose demands remain unsettled shall be made parties to the proceeding as in an action against their shares. The corporation shall serve a copy of the initial pleading in such proceeding upon each shareholder party who is a resident of this state in the manner provided by law for the service of a summons and complaint and upon each nonresident shareholder party by registered or certified mail or by publication as provided by law.

(4) The jurisdiction of the court in which the proceeding is commenced under subsection (2) is plenary and exclusive. If it so elects, the court may appoint one or more persons as appraisers to receive evidence and recommend a decision on the question of fair value. The appraisers shall have the powers described in the order appointing them or in any amendment to the order. The shareholders demanding appraisal rights are entitled to the same discovery rights as parties in other civil proceedings. There shall be no right to a jury trial.

(5) Each shareholder entitled to appraisal rights who is made a party to the proceeding is entitled to judgment for the amount of the fair value of such shareholder’s shares as found by the court, plus accrued interest, if and to the extent applicable and as found by the court, taking into account the amount of any prepayment previously made to the shareholder by the corporation pursuant to s. 607.1326(3).

(6) The corporation shall pay each such shareholder the amount found to be due within 10 days after final determination of the proceedings. Upon payment of the judgment, the shareholder shall cease to have any rights to receive any further consideration with respect to such shares other than any amounts ordered to be paid for court costs and attorney fees under s. 607.1331.

History.—s. 2, ch. 2004-378; s. 170, ch. 2019-90; s. 8, ch. 2021-13.

F.S. 607.1330 on Google Scholar

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Amendments to 607.1330

Arrestable Offenses / Crimes under Fla. Stat. 607.1330

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

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 607.1330.

Annotations, Discussions, Cases:

Cases Citing Statute 607.1330

Total Results: 5

SHIVA STEIN v. BBX CAPITAL CORP.

Court: Fla. Dist. Ct. App. | Date Filed: 2018-03-21T00:00:00-07:00

Citation: 241 So. 3d 874

Snippet: Foreclosure FreeSearch, 12 So. 3d at 776 (quoting § 607.1330(4), Fla. Stat.).

Omes v. Ultra Enterprises, Inc.

Court: Fla. Dist. Ct. App. | Date Filed: 2017-08-23T00:00:00-07:00

Citation: 225 So. 3d 956, 2017 Fla. App. LEXIS 12034, 2017 WL 3611546

Snippet: establish the fair value of Omes’s shares. See § 607.1330(1), Fla. Stat. (2016). The trial court, after

Lally Orange Buick Pontiac GMC, Inc. v. Sandhu

Court: Fla. Dist. Ct. App. | Date Filed: 2016-12-22T00:00:00-08:00

Citation: 207 So. 3d 981, 2016 Fla. App. LEXIS 18782

Snippet: or (3) a judicial appraisal pursuant to section 607.1330, Florida Statutes (2013). Appellants also counterclaimed…value of the shares “as found by the court.” § 607.1330(5), Fla. Stat. (2013). To facilitate this process…recommend a decision on the question of fair value.” § 607.1330(4), Fla. Stat. (2013). A trial court’s determination…recommend a decision on the question of fair value. § 607.1330(4), Fla. Stat. (2013). The court may also credit…fair value of Sandhu’s shares pursuant to section 607.1330(4), Florida Statutes (2013). REVERSED and

Sinibaldi v. Sinibaldi ex rel. Get Strong, Inc.

Court: Fla. Dist. Ct. App. | Date Filed: 2011-11-04T00:00:00-07:00

Citation: 100 So. 3d 72, 2011 WL 5253030, 2011 Fla. App. LEXIS 17487

Snippet: counts seeking an accounting pursuant to section 607.1330, Florida Statutes (2007), and for breach of fiduciary

Foreclosure FreeSearch, Inc. v. Sullivan

Court: Fla. Dist. Ct. App. | Date Filed: 2009-04-29T00:00:00-07:00

Citation: 12 So. 3d 771, 2009 Fla. App. LEXIS 3866, 2009 WL 1139252

Snippet: after receiving the payment demand ...." § 607.1330(1), Fla. Stat. If the corporation fails to initiate…commenced ... is plenary and exclusive." "§ 607.1330(4), Fla. Stat. The court is authorized to appoint…as parties in other civil proceedings." § 607.1330(4), Fla. Stat. It is worth noting that M/S'