January 18, 2021
Print This PagePrint This Page

Bill #:
Chamber: View Search Tips
Search Term:
Year: View Search Tips
Search Term:
Select Year:
The Florida Statutes

The 2010 Florida Statutes(including Special Session A)

Title XLII
Chapter 738
View Entire Chapter
F.S. 738.503
738.503 Obligation to pay money.
(1) An amount received as interest, whether determined at a fixed, variable, or floating rate, on an obligation to pay money to the trustee, including an amount received as consideration for prepaying principal, shall be allocated to income without any provision for amortization of premium.
(2) Except as otherwise provided herein, a trustee shall allocate to principal an amount received from the sale, redemption, or other disposition of an obligation to pay money to the trustee.
(3) The increment in value of a bond or other obligation for the payment of money bearing no stated interest but payable at a future time in excess of the price at which it was issued or purchased, if purchased after issuance, is distributable as income. If the increment in value accrues and becomes payable pursuant to a fixed schedule of appreciation, it may be distributed to the beneficiary who was the income beneficiary at this time of increment from the first principal cash available or, if none is available, when the increment is realized by sale, redemption, or other disposition. When unrealized increment is distributed as income but out of principal, the principal shall be reimbursed for the increment when realized. If, in the reasonable judgment of the trustee, exercised in good faith, the ultimate payment of the bond principal is in doubt, the trustee may withhold the payment of incremental interest to the income beneficiary.
(4) This section does not apply to an obligation to which s. 738.602, s. 738.603, s. 738.604, s. 738.605, s. 738.607, or s. 738.608 applies.
History.s. 1, ch. 2002-42.
Site Map
Session:   Bills ·   Calendars ·   Bound Journals ·   Citator ·   Search ·   Appropriations ·   Redistricting ·   Bill Information Reports
Committee Publications
Historical Information
Statutes:   Introduction ·   View Statutes ·   Search Statutes
Disclaimer: The information on this system is unverified. The journals or printed bills of the respective chambers should be consulted for official purposes.    Copyright © 2000-2021 State of Florida.     Privacy Statement     Contact Us     Get Acrobat Reader