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Florida Statute 631.261 - Full Text and Legal Analysis
Florida Statute 631.261 | Lawyer Caselaw & Research
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The 2025 Florida Statutes

Title XXXVII
INSURANCE
Chapter 631
INSURER INSOLVENCY; GUARANTY OF PAYMENT
View Entire Chapter
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.

F.S. 631.261 on Google Scholar

F.S. 631.261 on CourtListener

Amendments to 631.261


Annotations, Discussions, Cases:

Cases Citing Statute 631.261

Total Results: 2

STATE DEPT. OF INS. v. Blackburn

633 So. 2d 521, 1994 WL 72088

District Court of Appeal of Florida | Filed: Mar 9, 1994 | Docket: 2510705

Cited 9 times | Published

cause of action under section 631.261(1) were pled in Counts X and XI. Section 631.261(1) operates to void

Mall Bank v. STATE EX REL. DEPT.

462 So. 2d 519, 10 Fla. L. Weekly 94

District Court of Appeal of Florida | Filed: Jan 3, 1985 | Docket: 449549

Cited 5 times | Published

delinquency proceedings. Subsection (3) of Section 631.261, Florida Statutes, "Voidable transfers," provides: