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Florida Statutes Title XL. Real and Personal Property § 717.1381. Void unclaimed property powers of attorney and purchase agreements

Current as of January 01, 2023 | Updated by FindLaw Staff

(1) Protecting the interests of owners of unclaimed property is declared to be the public policy of this state.  It is in the best interests of the owners of unclaimed property that they have the opportunity to receive the full amount of the unclaimed property returned to them without deduction of any fees.  Further, it is specifically recognized that the Legislature has mandated and the state has an obligation to make a meaningful and active effort to notify owners concerning their unclaimed property.  The state recognizes that this policy and obligation cannot be fulfilled without providing the state with the first opportunity to notify the owners of unclaimed property that they may file a claim for their property with the department.  In furtherance of this policy and obligation:

(a) Any oral or written agreement or power of attorney for compensation or gain or in the expectation of compensation or gain, that includes an unclaimed property account valued at more than $250 which was made on or before 45 days after the holder or examination report was processed and added to the unclaimed property database, subsequent to a determination that the report was accurate and that the reported property was the same as the remitted property, is void as contrary to public policy.

(b) Any oral or written purchase agreement that includes an unclaimed property account valued at more than $250, owned by another and made on or before 45 days after the holder or examination report was processed and added to the unclaimed property database, subsequent to a determination that the report was accurate and that the reported property was the same as the remitted property, is void as contrary to public policy.

(2) A person may not enter into a power of attorney or an agreement, or make a solicitation to enter into a power of attorney or an agreement, that is void under this section.

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Cite this article: FindLaw.com - Florida Statutes Title XL. Real and Personal Property § 717.1381. Void unclaimed property powers of attorney and purchase agreements - last updated January 01, 2023 | https://codes.findlaw.com/fl/title-xl-real-and-personal-property/fl-st-sect-717-1381/

Read this complete Florida Statutes Title XL. Real and Personal Property § 717.1381. Void unclaimed property powers of attorney and purchase agreements on Westlaw

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