Dissolved Corporations in Florida Statute Section 607.1405

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What is the main advantage of creating a statutory land trust under Section 689.071 of the Florida Land Trust Act?

It allows the beneficial ownership to be kept confidential and limits the need for title examiners and others to know the terms of the trust. (correct)

It enables a business trust created in another state to hold title to real property in Florida.

It allows the trust to be terminated without a formal termination document being executed.

It gives the trustee full authority to protect, conserve, sell, lease, encumber or otherwise manage and dispose of the property.

Which of the following duties is NOT typically granted to the trustee of a statutory land trust?

The duty to convey, sell, lease, mortgage or deal with the trust property.

The duty to take other actions concerning the trust property as directed by the beneficiaries.

The duty to perform any and all actions necessary to fully control and administer the trust. (correct)

The duty to protect, conserve, sell, lease, encumber or otherwise manage and dispose of the property.

If a trust contains no express power of sale, what is the general rule regarding the trustee's authority to sell or convey the trust property?

The trustee has full discretion to sell or convey the property as they see fit.

The trustee may be deemed to have the authority to sell or convey if the trust imposes duties upon the trustee that could not be performed without such power. (correct)

The trustee has no authority to sell or convey the property.

The trustee must obtain approval from all beneficiaries before selling or conveying the property.

What is the general rule regarding the validity of a conveyance executed by a majority of trustees when there are three or more trustees?

A conveyance executed by a majority of trustees is valid, unless the trust instrument provides otherwise. Signup and view all the answers

After the termination of a trust, what is the recommended practice regarding the conveyance of the trust assets?

The trustees and the beneficiaries should both execute a conveyance to transfer the trust assets. Signup and view all the answers

How does the Florida Land Trust Act address the situation where one person has all or part of the beneficial and trustee interest in a trust?

The person must execute conveyances in both their capacity as trustee and beneficiary to eliminate any questions of merger. Signup and view all the answers

According to Florida Statute Section 607.1405, effective July 1, 1990, a dissolved corporation may convey property if:

The conveyance is appropriate for winding up the corporation's business. Signup and view all the answers

If a conveyance is made by a dissolved corporation without knowledge of administrative dissolution and without the intent to wind up, and the corporation is subsequently reinstated:

The conveyance is valid and relates back to the effective date of dissolution. Signup and view all the answers

For corporations dissolved prior to July 1, 1990, the requirements and authority regarding conveyances:

Should be carefully reviewed, as generally such dissolved corporations did not continue in existence. Signup and view all the answers

If a foreign corporation is dissolved, title must be conveyed by:

The person or persons authorized under the laws of the state or country of incorporation. Signup and view all the answers

Conveyances to corporate officers:

Are voidable if not properly authorized, and should be scrutinized for self-dealing. Signup and view all the answers

Conveyances to corporations prior to incorporation:

Are not valid if the deed or instrument of conveyance was delivered prior to the date of incorporation. Signup and view all the answers

According to Title Standard 10.2, when are differently spelled names presumed the same?

When they are similar in pronunciation Signup and view all the answers

What is the effect of the addition of a suffix like 'Jr.' according to Title Standard 10.5?

It weakens the presumption of identity Signup and view all the answers

Under what circumstances do omissions, additions, or misspellings not impair title according to Title Standard 10.6?

If the person or entity can still be identified Signup and view all the answers

In partnerships, who may acquire, mortgage, or convey partnership property according to F.S.§620.605?

Any partner as per the partnership agreement Signup and view all the answers

When is a conveyance to a grantee 'as trustee' considered to create a trust?

When there is no other evidence of an intent to create a trust Signup and view all the answers

How does failure of a foreign limited liability company to obtain a Certificate of Authority impact conveyances?

It has no impact on the validity of conveyances Signup and view all the answers

In what situations can differently spelled names be considered equivalent according to Title Standard 10.2?

When their sounds cannot be easily distinguished Signup and view all the answers

What is the basis for the validity of a deed when the execution date precedes the incorporation date?

The date of delivery, not execution, establishes the validity of the instrument. Signup and view all the answers

Prior to 1992, which type of corporation was prohibited from serving as personal representative, guardian, or trustee in Florida?

All corporations were prohibited. Signup and view all the answers

What was one exception to the prohibition on corporations serving as trustees prior to 1992?

Corporations could serve as trustees for charitable foundations or endowment employees' pension, retirement, or profit-sharing trusts. Signup and view all the answers

What was another exception to the prohibition on corporations serving as trustees prior to 1992?

Nonprofit corporations were authorized to serve as trustees where the beneficial interest in the trust estate was owned by another nonprofit corporation or other fraternal, charitable or religious society or association. Signup and view all the answers

What changed in 1992 regarding corporations serving as guardians, trustees, and trustees of real property in Florida?

The prohibition was lifted, and corporations could now serve in these roles. Signup and view all the answers

Do foreign corporations have to be qualified to do business in Florida in order to own or mortgage real property?

No, foreign corporations do not have to be qualified to do business in Florida in order to own or mortgage real property. Signup and view all the answers

When did the Florida Limited Liability Company Act first become effective?

April 21, 1982 Signup and view all the answers

When did the Florida Revised Limited Liability Company Act (Chapter 605) become effective?

January 1, 2015 Signup and view all the answers

What is the legal authority for a Florida limited liability company to hold or convey title to real property?

The legal authority is provided in the Florida Revised Limited Liability Company Act (Chapter 605). Signup and view all the answers