Florida Statute 631.261 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXVII
INSURANCE

Chapter 631
INSURER INSOLVENCY; GUARANTY OF PAYMENT

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F.S. 631.261

631.261 Voidable transfers.—

(1)(a) Any transfer of, or lien upon, the property of an insurer or affiliate which is made or created within 4 months prior to the commencement of any delinquency proceeding under this chapter which gives any creditor of the insurer a preference or enables the creditor to obtain a greater percentage of her or his debt than any other creditor of the same class shall be voidable.

(b) Any transfer of, or lien upon, the property of an insurer or affiliate which is made or created between 4 months and 1 year prior to the commencement of any delinquency proceeding under this chapter is void if such transfer or lien inured to the benefit of a director, officer, employee, stockholder, member, subscriber, affiliate, managing general agent, or insider or any relative of any director, officer, employee, stockholder, member, subscriber, affiliate, managing general agent, or insider.

(2) Every director, officer, employee, stockholder, member, subscriber, and any other person acting on behalf of such insurer who shall be concerned in any such act or deed and every person receiving thereby any property of such insurer or affiliate or the benefit thereof shall be personally liable therefor and shall be bound to account to the department.

(3) The department as receiver in any proceeding under this chapter may avoid any transfer of, or lien upon, the property of an insurer which any creditor, stockholder, subscriber, or member of such insurer or affiliate might have avoided and may recover the property so transferred unless such person was a bona fide holder for value prior to the date of commencement of a delinquency proceeding under this chapter. Such property or its value may be recovered from anyone who has received it except a bona fide holder for value as herein specified.

(4) For purposes of this section, a transfer is not made or created until the insurer or affiliate has acquired rights in the property transferred.

History.—s. 742, ch. 59-205; ss. 13, 35, ch. 69-106; s. 809(1st), ch. 82-243; s. 11, ch. 89-360; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 403, ch. 97-102; s. 34, ch. 2004-374.

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Amendments to 631.261

Arrestable Offenses / Crimes under Fla. Stat. 631.261

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

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 631.261.

Annotations, Discussions, Cases:

Cases Citing Statute 631.261

Total Results: 5

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

Snippet: property pursuant to s. 631.155, s. 631.191, s. 631.261, s. 631.262, s. 631.263, or s. 631.281, a pleading

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

Snippet: transfers may be held void or voidable. See §§ 631.261-631.263. Relevant to the instant proceeding is

STATE DEPT. OF INS. v. Blackburn

Court: Fla. Dist. Ct. App. | Date Filed: 1994-03-08T23:53:00-08:00

Citation: 633 So. 2d 521

Snippet: of action under section 631.261(1) were pled in Counts X and XI. Section 631.261(1) operates to void transfers…through XIV and XVI assert claims under sections 631.261(1) and 631.399, Florida Statutes (1991). Counts…also authorized to assert claims under sections 631.261(1), 631.262(2) and 631.399 that belong exclusively

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: the funds pursuant to s. 631.155, s. 631.191, s. 631.261, s. 631.262, s. 631.263, or s. 631.281, a pleading

Mall Bank v. STATE EX REL. DEPT.

Court: Fla. Dist. Ct. App. | Date Filed: 1985-01-02T23:53:00-08:00

Citation: 462 So. 2d 519

Snippet: delinquency proceedings. Subsection (3) of Section 631.261, Florida Statutes, "Voidable transfers,"… as herein specified. Pursuant to said Section 631.261(3), the Department then filed a petition in Leon…Receiver is seeking to void pursuant to section 631.261. Section 631.181, Florida Statutes, requires that