Florida Statute 631.154 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXVII
INSURANCE

Chapter 631
INSURER INSOLVENCY; GUARANTY OF PAYMENT

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F.S. 631.154

631.154 Funds, assets, or other property in the possession of third person.—

(1) If the receiver determines that funds, assets, or property in the possession of another person are rightfully the property of the estate, the receiver shall deliver to such person a written demand for immediate delivery of the funds, assets, or property to the receiver, referencing this section by number, referencing the court and docket number of the receivership action, and notifying the person that any claim of right to the funds, assets, or property by her or him must be presented to the court within 20 days after the date of the written demand. Any person who holds funds, assets, or other property belonging to an entity placed in receivership under this chapter shall deliver the funds, assets, or other property to the receiver on demand. Should the person allege any right to retain the funds, assets, or other property pursuant to s. 631.155, s. 631.191, s. 631.261, s. 631.262, s. 631.263, or s. 631.281, a pleading setting out the right shall be filed with the court within 20 days after the receipt of the receiver’s demand that the funds, assets, or property be delivered to the receiver. The person shall serve a copy of the pleading on the receiver. The pleading of the person shall inform the court as to the nature of the claim to the property, the alleged value of the assets or property, or the amount of funds held, and what action has been taken by the person to preserve and protect the assets or property or to preserve any funds pending determination of the dispute.

(2) If requested by the receiver, a hearing shall be held to determine where and under what conditions the property, assets, or funds shall be held by the person pending determination of the dispute. The court may impose conditions as it may deem necessary or appropriate for the preservation of the property until the court can determine the validity of the person’s claim to the property, assets, or funds. If any property, assets, or funds are allowed to remain in the possession of the person after demand made by the receiver, that person shall be strictly liable for any waste, loss, or damage of the property, assets, or funds retained.

(3) If a person has filed a pleading alleging any right to retain funds, assets, or property, the court shall hold a subsequent hearing to determine entitlement to the funds, assets, or property claimed by the receiver.

(4) If a person fails to file the pleading required by subsection (1) within the 20-day period, the court may, upon petition of the receiver and upon a copy of the petition being served by the petitioner to such person, issue its summary order directing the immediate delivery of the funds, assets, or property to the receiver and finding that the person has waived all claims of right to the funds, assets, or property.

(5) This section shall apply to all proceedings brought by the receiver to recover funds, assets, or property believed by the receiver under this chapter to be assets of the entity subject to an order of conservation, rehabilitation, or liquidation. The receiver shall be exempt from the provisions of s. 57.111.

(6) Should the receiver be successful in establishing its claim or any part thereof, the receiver shall be entitled to recover judgment for the following:

(a) The property or its cash value as of the date of the order of conservation, rehabilitation, or liquidation, whichever is applicable.

(b) Rental for the use of the property to run from the date of the order of conservation, rehabilitation, or liquidation, whichever is applicable, to the date the property is delivered to the receiver.

(c) In the case of funds, interest at the statutory rate to run from the date of the order of conservation, rehabilitation, or liquidation, whichever is applicable, to the date the funds are delivered to the receiver.

(d) All costs, investigative and other expenses, including, but not limited to, those for department staff, incurred in the recovery of the property, assets, or funds, and reasonable attorney’s fees. Department staff costs and expenses include staff salaries.

It is the intent of this section that a person found to be holding receivership assets fully reimburse the receiver for any and all efforts made to recover those assets.

History.—s. 7, ch. 89-360; s. 1, ch. 90-192; ss. 87, 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 399, ch. 97-102; s. 10, ch. 2002-25.

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F.S. 631.154 on Casetext

Amendments to 631.154

Arrestable Offenses / Crimes under Fla. Stat. 631.154

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

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 631.154.

Annotations, Discussions, Cases:

Cases Citing Statute 631.154

Total Results: 7

State Department of Financial Services v. Branch Banking & Trust Co.

Court: Fla. Dist. Ct. App. | Date Filed: 2010-07-13T00:00:00-07:00

Citation: 40 So. 3d 829, 2010 Fla. App. LEXIS 10147, 2010 WL 2732606

Snippet: responses to a demand DFS had served under section 631.154, Florida Statutes (2009). The bank filed a notice… filed an emergency motion pursuant to section 631.154(2), Florida Statutes (2009), in each case. In its…trial on the merits as is contemplated in Section 631.154, Florida Statutes. The trial court appeared to … DFS invoked the procedure outlined in section 631.154, which provides, in pertinent part, as follows:…ultimate determination of entitlement to the funds. § 631.154(2). Once the receiver invokes this procedure, the

Imagine Ins. Co., Ltd. v. State Ex Rel. Dept. of Financial Services

Court: Fla. Dist. Ct. App. | Date Filed: 2008-12-15T23:53:00-08:00

Citation: 999 So. 2d 693

Snippet: a demand by the Receiver, pursuant to section 631.154, Florida Statutes,[*] Imagine asserted, in February… and PADOVANO, JJ., concur. NOTES [*] Section 631.154(1), Florida Statutes (2004), addresses "[f

Chase Bank of Texas Natl. Ass'n v. State Dept. of Insurance

Court: Fla. Dist. Ct. App. | Date Filed: 2003-11-05T23:53:00-08:00

Citation: 860 So. 2d 472

Snippet: such as this in a delinquency proceeding. See § 631.154, Fla. Stat. (2001). The fact that the liquidation

Florida Department of Insurance v. Various Shareholders

Court: Fla. Dist. Ct. App. | Date Filed: 2003-10-24T00:00:00-07:00

Citation: 857 So. 2d 972, 2003 Fla. App. LEXIS 16040

Snippet: an award of attorney’s fees pursuant to section 631.154(6), Florida Statutes. In accordance with the plain

Lidsky v. Florida Department of Insurance

Court: Fla. Dist. Ct. App. | Date Filed: 1994-09-14T00:00:00-07:00

Citation: 643 So. 2d 631, 1994 Fla. App. LEXIS 8785

Snippet: Partial Summary Judgment Pursuant to Sec*633tion 631.154.”1 The proceedings were instituted by the Florida…compliance with the procedural requirements of section 631.154, the Department sent a certified letter to Lidsky

Florida Department of Insurance v. Centex-Great Southwest Corp.

Court: Fla. Dist. Ct. App. | Date Filed: 1994-07-05T00:00:00-07:00

Citation: 639 So. 2d 646, 1994 Fla. App. LEXIS 6519

Snippet: salaries pursuant to section 631.154(6)(d). Pursuant to section 631.154(6)(d), we conclude that the receiver…of a demand by the receiver pursuant to section 631.154, Florida Statutes, for return of funds of the receivership…lacked subject matter jurisdiction, under section 631.154, over the dispute between the receiver and GSW,…On December 2, 1991, in accordance with section 631.154, Florida Statutes, the receiver made a demand on…report to the court, in accordance with section 631.154(1), Florida Statutes, the value of any property

Nova Ins. Group v. Dept. of Ins.

Court: Fla. Dist. Ct. App. | Date Filed: 1992-09-11T00:53:00-07:00

Citation: 606 So. 2d 429

Snippet: It was pursuant to these statutes and section 631.154 that the department sought to obtain possession…escrow fund held by Intercontinental Bank. Section 631.154 provides in pertinent part: (1) Any person who …consistent with a common sense reading of section 631.154 as a whole. The very first sentence of the statute…some claim to the property of his own. Section 631.154(1)'s reference to the offset provisions of …construing section 631.281. Subsection (2) of section 631.154 describes what the court must do if the receiver