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Florida Statute 673.3071 - Full Text and Legal Analysis
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The 2025 Florida Statutes

Title XXXIX
COMMERCIAL RELATIONS
Chapter 673
UNIFORM COMMERCIAL CODE: NEGOTIABLE INSTRUMENTS
View Entire Chapter
F.S. 673.3071
673.3071 Notice of breach of fiduciary duty.
(1) In this section, the term:
(a) “Fiduciary” means an agent, trustee, partner, corporate officer or director, or other representative owing a fiduciary duty with respect to an instrument.
(b) “Represented person” means the principal, beneficiary, partnership, corporation, or other person to whom the duty stated in paragraph (a) is owed.
(2) If an instrument is taken from a fiduciary for payment or collection or for value, the taker has knowledge of the fiduciary status of the fiduciary, and the represented person makes a claim to the instrument or its proceeds on the basis that the transaction of the fiduciary is a breach of fiduciary duty, the following rules apply:
(a) Notice of breach of fiduciary duty by the fiduciary is notice of the claim of the represented person.
(b) In the case of an instrument payable to the represented person or the fiduciary as such, the taker has notice of the breach of fiduciary duty if the instrument is:
1. Taken in payment of or as security for a debt known by the taker to be the personal debt of the fiduciary;
2. Taken in a transaction known by the taker to be for the personal benefit of the fiduciary; or
3. Deposited to an account other than an account of the fiduciary, as such, or an account of the represented person.
(c) If an instrument is issued by the represented person or the fiduciary, as such, and made payable to the fiduciary personally, the taker does not have notice of the breach of fiduciary duty unless the taker knows of the breach of fiduciary duty.
(d) If an instrument is issued by the represented person or the fiduciary, as such, to the taker as payee, the taker has notice of the breach of fiduciary duty if the instrument is:
1. Taken in payment of or as security for a debt known by the taker to be the personal debt of the fiduciary;
2. Taken in a transaction known by the taker to be for the personal benefit of the fiduciary; or
3. Deposited to an account other than an account of the fiduciary, as such, or an account of the represented person.
History.s. 2, ch. 92-82.

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Amendments to 673.3071


Annotations, Discussions, Cases:

Cases Citing Statute 673.3071

Total Results: 1

Securities Investor Protection Corp. v. Capital City Bank (In Re Meridian Asset Management, Inc.)

296 B.R. 243, 16 Fla. L. Weekly Fed. B 191, 2003 Bankr. LEXIS 835, 2003 WL 21729750

United States Bankruptcy Court, N.D. Florida | Filed: Jun 25, 2003 | Docket: 1861031

Cited 4 times | Published

breach of fiduciary duty pursuant to Fla. Stat. § 673.3071; (5) failed to sufficiently allege the Plaintiffs