Florida Statutes
Fla. Stat. § 631.261 (2025)
Voidable transfers.
✓ 2025 Florida Statutes — current through the 2025 Regular Session
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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.
Notes of Decisions
Cited in 3
cases, 1985–1994 · leading case: Mall Bank v. State Ex Rel. Dept., 462 So. 2d 519 (Fla. 1st DCA 1985).
Mall Bank v. State Ex Rel. Dept., 462 So. 2d 519 (Fla. 1st DCA 1985). “Subsection (3) of Section 631.261, Florida Statutes, "Voidable transfers," provides: *520 (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…”
State Dept. of Ins. v. Blackburn, 633 So. 2d 521 (Fla. 2d DCA 1994). “Appellants argue that all of the elements of a cause of action under section 631.261(1) were pled in Counts X and XI.”
Lidsky v. Florida Dep't of Ins., 643 So. 2d 631 (Fla. 1st DCA 1994). “See §§ 631.261-631.263. Relevant to the instant proceeding is section 631.”
— 631.261(1) — 1 case
State Dept. of Ins. v. Blackburn, 633 So. 2d 521 (Fla. 2d DCA 1994). “Appellants argue that all of the elements of a cause of action under section 631.261(1) were pled in Counts X and XI.”
— 631.261(3) — 1 case
Mall Bank v. State Ex Rel. Dept., 462 So. 2d 519 (Fla. 1st DCA 1985). “Subsection (3) of Section 631.261, Florida Statutes, "Voidable transfers," provides: *520 (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…”
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