F.S DISPOSITION OF UNCLAIMED PROPERTY Ch. 717

Transcription

1 F.S DISPOSITION OF UNCLAIMED PROPERTY Ch Undistributed dividends, distribution of business associations, stock or certificate of owner ship.- (1) Any dividend, profit, distribution, interest, payment on principal, or other sum held or owing by a business association for or to a shareholder, certificateholder, member, bondholder, or other security holder, or a participating patron of a cooperative, who has not claimed it, or corresponded in writing with the business association concerning it, within 7 years after the date prescribed for payment or delivery, is presumed abandoned if: (a) The records of the business association indicate that the last known address of the apparent owner is in this state. (b) No address of the apparent owner appears on the records of the business association and: 1. The last known address of the apparent owner is in this state; or 2. The business association is domiciled in this state and has not previously paid the property to the state of the last known address of the apparent owner. (c) The last known address of the apparent owner, as shown on the records of the holder, is in a state designated by regulation adopted by the department as a state that does not provide by law for the escheat or other disposition of such property to the state, and the business association is domiciled in this state. (d) The last known address of the apparent owner, as shown on the records of the business association, is in a foreign nation and the business association is domiciled in this state. (2) When any dividend, profit, distribution, interest, payment on principal, or other sum under subsection (1) is presumed abandoned, the intangible interest in the business association, as evidenced by the stock records or membership records of the association, pursuant to which the sum in subsection (1) became owing to the owner, shall be presumed abandoned at the same time the sum is presumed abandoned. With respect to such interest, the business association shall be deemed the holder. (3) Any dividend or stock split or exchange, or any distribution held and owing to a person at the time the stock or other security to which it attaches is presumed abandoned, shall also be presumed abandoned as of the same time. Hlstory.-s. 5, ch ; s. 4, ch Property of business associations and banking or financial organizations held in course of dissolution.-aii intangible personal property distributable in the course of a voluntary or involuntary dissolution of a corporation, business association, banking organization, credit union, or other financial organization organized under the laws of, or created in, this state that is unclaimed by the owner within 7 years after the date for final distribution, is presumed abandoned. History.-s. 6, ch ; s. 4, ch Property held by fiduciaries.-aii intangible personal property, and any income or increment thereon, held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner has, 1201 within 7 years after it becomes payable or distributable, increased or decreased the principal, accepted payment of principal or income, corresponded in writing concerning the property, or otherwise indicated an interest as evidenced by a memorandum on file with the fiduciary, if: (1) The property is held by a banking organization or a financial organization, or by a business association organized under the laws of, or created in, this state; (2) The property is held by a banking organization, financial organization, or business association not located in this state, and the records of such entity indicate that the last known address of the person entitled thereto is in this state; or (3) The property is held by any other person. Hlstory.-s. 7, ch ; s. 4, ch ; s. 3, ch cf.-s Disposition of unclaimed funds held by personal representatives Property held by state courts and public officers and agencies.-aii intangible personal property held for the owner by any court, public corporation, public authority, or public officer of this state, or a political subdivision thereof, that has remained unclaimed by the owner for more than 7 years is presumed abandoned. History.-s. 8, ch ; s. 4, ch Miscellaneous personal property held for another person.-aii intangible personal property, not otherwise covered by this act, including any income or increment thereon and deducting any lawful charges, that has remained unclaimed by the owner for more than 7 years after it became payable or distributable is presumed abandoned. Hlstory.-s. 9, ch ; s. 4, ch ; s. 4, ch Reciprocity for property presumed abandoned or escheated under the laws of another state.- (1) If specific property which is subject to the provisions of this act is held for or owed or distributable to an owner whose last known address is in another state by a holder who is subject to the jurisdiction of that state, the specific property is not presumed abandoned in this state and subject to this act if: (a) It may be claimed as abandoned or escheated under the laws of such other state; and (b) The laws of such other state make reciprocal provision that similar specific property is not presumed abandoned or escheatable by such other state when held for or owed or distributable to an owner whose last known address is within this state by a holder who is subject to the jurisdiction of this state. (2) The department may enter into a reciprocal agreement with another state or an official thereof to provide information needed to enable either state to determine what unclaimed property it may be entitled to escheat. History.-s. 10, ch ; s. 5, ch Report of abandoned property.- (1) Every person holding funds or other property, tangible or intangible, presumed abandoned under this act shall annually report to the Department of Banking and Finance with respect to the property, as hereinafter provided.

2 Ch. 717 DISPOSITION OF UNCLAIMED PROPERTY F.S (2) The report shall be verified and shall include: (a) The name, if known, and last known address, if any, of each person appearing from the records of the holder to be the owner of any property of the value of $25 or more presumed abandoned under this act; (b) In case of unclaimed funds of a life insurance corporation, the full name of the insured or annuitant and his last known address according to the life insurance corporation's records; (c) The nature and identifying number, if any, or description of the property and the amount appearing from the records to be due, except that items of value under $25 each may be reported in aggregate; (d) The date when the property became payable, demandable, or returnable, and the date of the last transaction with the owner with respect to the property; and (e) Other information which the department prescribes by rule as necessary for the administration of this act. (3) If the person holding property presumed abandoned is a successor to other persons who previously held the property for the owner, or if the holder has changed his name while holding the property, he shall file with his report all prior known names and addresses of each holder of the property. (4) The report shall be filed before November 1 of each year as of June 30 next preceding, but the report of an insurance corporation shall be filed before May 1 of each year as of December 31 next preceding. The department may postpone the reporting date upon written request by any person required to file a report. If such report is not filed on or before the applicable filing date, the holder shall pay to the department a penalty of $10 per day for each day the report is delinquent, but such penalty shall not exceed $500. (5) If the holder of property presumed abandoned under this act knows the whereabouts of the owner and if the owner's claim has not been barred by the statute of limitations, the holder shall, before filing the annual report, communicate with the owner and take necessary steps to prevent abandonment from being presumed. The holder shall exercise due diligence to ascertain the whereabouts of the owner. (6) Verification, if made by a partnership, shall be executed by a partner; if made by an unincorporated association or private corporation, by an officer; and if made by a public corporation, by its chief fiscal officer. Hlatory.-s. 11, ch ; ss. 12, 35, ch ; s. 222, ch ; s. 6, ch Notice and publication of lists of abandoned property.- (1) Within 120 days from the filing date as set forth in s , the department shall cause notice to be published at least once each week for 2 successive weeks in a newspaper of general circulation in the county in this state in which is located the last known address of any person to be named in the notice. If no address is listed, or if the address is outside this state, the notice shall be published in the county in which the holder of the abandoned property has his principal place of business within this state. (2) The published notice shall be entitled "Notice of names of persons appearing to be owners of abandoned property," and shall contain: (a) The names in alphabetical order and last known addresses, if any, of persons listed in the report and entitled to notice within.the county as hereinbefore specified (b) A statement that information concerning the amount or description of the property and the name and address of the holder may be obtained by any persons possessing an interest in the property by addressing an inquiry to the department. (c) A statement that if proof of claim is not presented by the owner to the holder and if the owner's right to receive the property is not established to the holder's satisfaction within 65 days from the date of the second published notice, the abandoned property will be placed not later than 85 days after such publication date in the custody of the department to which all further claims must thereafter be directed. (3) The department is not required to publish in such notice any item of less than $25 unless it deems such publication to be in the public interest. (4) Within 120 days from the final filing date of the report required by s , the department shall mail a notice to each person having an address listed therein who appears to be entitled to property of the value of $25 or more presumed abandoned under this act. (5) The mail notice shall contain: (a) A statement that, according to a report filed with the department property is being held to which the addressee appears entitled. {b) The name and address of the person holding the property and any necessary information regarding changes of name and address of the holder. (c) A statement that, if satisfactory proof of claim is not presented by the owner to the holder by the date specified in the published notice, the property will be placed in the custody of the department to which all further claims must be directed. Hlatory.-s. 12, ch ; ss. 12, 35, ch ; s. 5, ch Petition for administrative declaration of abandoned property.-the holder of any item of personal property, tangible or intangible, may file with the department a petition requesting the department to accept custody of the property, alleging that special circumstances exist, showing compliance with s (1), (2), (3), (5) and (6), and attaching proof that a diligent search and inquiry has been made to locate the owner. If the department finds that the proof of diligent search is satisfactory and that acceptance will preserve and protect the interests of the owner and the state, it shall give notice as provided in s and may accept custody of the property prior to the expiration of the statutory waiting period. Upon acceptance by the department, such property is presumed abandoned. Hiatory.-s. 1, ch ; ss. 12, 35, ch ; s. 6, ch Payments or delivery of abandoned property.-every person who has filed a report as provided by s shall, within 20 days after the time specified in s for claiming the property from the holder, pay or deliver to the department all abandoned property

3 F.S DISPOSITION OF UNCLAIMED PROPERTY Ch. 717 specified in the report, except that, if the owner establishes his right to receive the abandoned property to the satisfaction of the holder within the time specified in s , or if it appears that for some other reason the presumption of abandonment is erroneous, the holder need not pay or deliver the property, which will no longer be presumed abandoned, to the department, but in lieu thereof shall file a verified written explanation of the proof of claim or of the error in the presumption of abandonment. Hlstory.-s. 13, ch ; ss. 12, 35, ch ; s. 7, ch Relief from liability by payment or delivery. (1) Upon the payment or delivery of abandoned property to the department, the state shall assume custody and shall be responsible for the safekeeping thereof. The retention of related pertinent records shall remain the responsibility of the original holder. Any person who pays or delivers abandoned property to the department under this act is relieved of all liability to the extent of the value of the property so paid or delivered for any claim which then exists or which thereafter may arise or be made in respect to the property. Any holder who has paid moneys to the department pursuant to this act may make payment to any person appearing to such holder to be entitled thereto, and upon proof of such payment and proof that the payee was entitled thereto, the department shall forthwith reimburse the holder for the payment. (2) The holder of any interest under s (2) or (3) or s shall deliver a duplicate certificate to the department within the time specified in s Upon delivery to the department, the holder and any transfer agent, registrar, or other person acting for or on behalf of the holder in executing or delivering such duplicate cert1f1cate shall be relieved from all liability to any person, Including, but not limited to, any person acquiring the cert1f1cate presumed abandoned or the certificate issued to the department, for any losses or damages resulting to such person by the issuance and delivery to the department of such duplicate certificate. (3) The department may issue an indemnification agreement to any holder of unclaimed property, and any expenses Incurred by the department for the issuance and defense of such an agreement are to be paid from the separate account specified ins Hlatory.-s. 14, ch ; ss. 12, 35, ch ; s. 7, ch ; s. 7, ch Income accruing after payment or delivery. -When cash property is paid or delivered to the department under this act, the owner is not entitled to receive income or other increments accruing thereafter. When income-producing property other than money is delivered to the department under this act, any dividends, interest, or other increments realized or accruing on such property at or prior to liquidation or conversion thereof into cash shall be credited to the owner's account by the department. Hlatory.-s. 15, ch ; ss. 12, 35, ch ; s. 7, ch _ Peri_ods of limitation not a bar.-the expiration of any penod of time specified by statute or court order, during which an action or proceeding may be commenced or enforced to obtain payment of a claim for 1203 money or recovery of property, shall not prevent the money or property from being presumed abandoned property, nor affect any duty to file a report required by this act or to pay or deliver abandoned property to the department. Hlatory.-s. 16, ch ; ss. 12, 35, ch Sale of abandoned property.- (1) All abandoned property, other than money, delivered to the department under this act may be sold by it. All stocks, certificates of ownership, and bonds of value received by the department shall be sold within 1 year from receipt. However, the department shall have the discretion to withhold from sale any abandoned property that the department deems to be of benefit to the people of this state. Any sale of property other than stocks and bonds shall be to the highest bidder at public sale in whatever place in the state affords in its judgment the most favorable market for the property involved. The department may decline the highest bid and reoffer the property for sale if it considers the price bid insufficient. It need not offer any property for sale if, in its opinion, the probable cost of sale exceeds the value of the property. (2) Any sale held under this section shall be preceded by a single publication of notice thereof, at least 3 weeks in advance of sale in a newspaper of general circulation in the county where the property is to be sold. (3) The department may make, execute, and deliver to the purchaser a good and sufficient bill of sale, assignment, or transfer of title of the property sold. If a bond, certificate of shares of stock, or certificate of membership in a corporation or association is sold and assigned, the assignment thereof shall have the same force and effect as though made by the original owner and shall entitle the purchaser to all rights of ownership in and to such certificate. The department shall execute such assignment and transfer as the duly constituted agent and trustee of such original owner. (4) If the department determines that any property delivered to it pursuant to this act has no apparent value, it may at any time thereafter destroy or dispose of same with the written approval of the Department of State. In that event, no action or proceeding shall be brought or maintained against the state, any state employee, or against the holder on account of any action taken by the department pursuant to this subsection with respect to said property. Hlltory.-s. 17, ch ; ss. 12, 35, ch ; s. 1, ch ; s. 8, ch Deposit of funds.-aii funds received under this act, including the proceeds from the sale of abandoned property under s , shall forthwith be deposited by the department in the State School Fund, except that the department shall retain in a separate account an amount not exceeding $150,000 from which it shall make prompt payment of claims duly allowed by it as hereinafter provided and for all expenses incurred in administering this act. Before making the deposit, it shall record the name and last known address of each person appearing from the holders' reports to be entitled to the abandoned property; the name and last known address of each insured person or annuitant; and with respect to each policy or contract listed in the re-

4 Ch. 717 DISPOSITION OF UNCLAIMED PROPERTY F.S port of an insurance corporation, its number, the name of the corporation, and the amount due. The record shall be available for public inspection at all reasonable business hours. History.-s. 18. ch ; ss. 12, 35, ch ; s. 9, ch ; s. 476, ch Administration of abandoned property. Abandoned property under this chapter shall be administered by the Division of Finance of the Department of Banking and Finance and shall be funded from funds available in the regulatory trust fund under the division. An amount equal to the actual costs incurred in the administration of this chapter shall be transferred from the separate account specified ins to the regulatory trust fund annually. History.-s. 1, ch ; s. 9, cit ; s. 261, ch Claim for abandoned property paid or delivered.-any person claiming at any time an interest in any property delivered to the state under this act may file a claim thereto or to the proceeds from the sale thereof on the form prescribed by the department. History.-s. 19, ch ; ss. 12, 35, ch Determination of claims.- (1) The department shall determine any claim filed under this act. (2) If the claim is allowed, the department shall make payment forthwith. The claim shall be paid without deduction for costs of notices or sale or for service charges. History.-s. 20, ch ; ss. 12, 35, ch ; s. 7, ch Judicial action upon determination.-any person aggrieved by a decision of the department, or as to whose claim the department has failed to act within 90 days after the filing of the claim, may petition for review as provided in chapter 120 to establish his claim. The proceeding shall be brought within 90 days after the decision of the department or within 180 days from the filing of the claim if the department fails to act. History.-s. 21, ch ; ss. 12, 35, ch ; s. 9, ch Election to take payment or delivery.-the department, after receiving reports of property deemed abandoned pursuant to this act, may decline to receive any property reported which it deems to have a value less than the cost of giving notice and holding sale or it may, if it d~ems it desirable because of the small sum involved, postpone taking possession until a sufficient sum accumulates. History.-s. 22, ch ; ss. 12, 35, ch Examination of records.-the department may at reasonable times and upon reasonable notice examine the records of any person if it has reason to believe that such person has failed to report property that should have been reported pursuant to this act. If any person refuses to permit the examination of his records, the department may issue subpoena to compel such person to testify and produce his records; said subpoena to be served by the sheriff of the county where the person resides or may be found. Such person shall be entitled to the same per diem and mileage as witnesses appearing in the circuit court of the state which shall be paid by the state. If any person shall refuse to obey any subpoena so issued or shall refuse to testify or produce his records, the department may present its petition to the circuit court of the county where any such person is served with the subpoena or where he resides, whereupon said court shall issue its rule nisi to such person requiring him to obey forthwith the subpoena issued by the department or show cause why he fails to obey the same, and unless the said person shows sufficient cause for failing to.obey the said subpoena, the court shall forthwith direct such person to obey the same, and upon his refusal to comply, he shall be adjudged in contempt of court and shall be punished as the court may direct. Hletory.-s. 23, ch ; ss. 12, 35, ch ; s. 223, ch Proceeding to compel delivery of abandoned property.-lf any person refuses to deliver property to the department as require.d under this act, it shall bring an action in a court of appropriate jurisdiction to enforce such delivery. '' Hletory.-s. 24, ch ; ss. 12, 35, ch Penalties.- (1) Any person who willfully fails to render any report or perform other duties required under this act is guilty of a misdemeanor of the second degree, punishable as provided in s or s (2) Any person who willfully refuses to pay or deliver abandoned property to the department as required under this act is guilty of a misdemeanor of the second degree, punishable as provided in s or s (3) Any person who willfully or fraudulently conceals, destroys, damages, or makes unlawful disposition of any property or of the books, records, or accounts pertaining to property which is subject to the provisions of this act is guilty of a misdemeanor of the second degree, punishable as provided in s or s (4) In addition to any damages, penalties, or fines for which a person may be liable under any other provision of law, any person who fails to report or pay or deliver unclaimed property within the time prescribed by this chapter shall pay to the department interest at the rate of 12 percent per annum on such property, or value thereof, from the date such property should have been paid or delivered. Hlatory.-s. 26, ch ; ss. 12, 35, ch ; s. 688, ch ; s. 10, ch ; s. 8, ch Rules and regulations.-the department is hereby authorized to make necessary rules and regulations to carry out the provisions of this act. Hletory.-s. 27, ch ; ss. 12, 35, ch Effect of laws of other states.-this act shall not apply to any property that has been presumed abandoned or escheated under the laws of another state prior to September 30, Hletory.-s. 28, ch Repeal.-This act shall not repeal, but shall be additional and supplemental to the existing provisions of ss , 43.19, , and and chapter 716. Hlatory.-s. 30, ch ; s. 175, ch

5 F.S CONDOMINIUMS Ch. 718 CHAPTER 718 CONDOMINIUMS PART I GENERAL PROVISIONS (ss ) PART II PART Ill RIGHTS AND OBLIGATIONS OF DEVELOPERS (ss ) RIGHTS AND OBLIGATIONS OF ASSOCIATION (ss ) PART IV SPECIAL TYPES OF CONDOMINIUMS (ss ) PART V REGULATION AND DISCLOSURE PRIOR TO SALE OF RESIDENTIAL CONDOMINIUMS (ss ) PART VI CONVERSIONS TO CONDOMINIUM (ss ) PART I GENERAL PROVISIONS Short title. Purposes. Definitions. Creation of condominiums; contents of declaration. Time-share estates; limitation on creation. Recording of declaration. Condominium parcels; appurtenances; possession and enjoyment. Restraint upon separation and partition of common elements. Common elements. Legal description of condominium parcels. Amendment.of declaration; correction of error. or omission" in declaration by circuit court. The association. Bylaws. Failure to fill vacancies on board of administration sufficient to constitute a quorum; appointment,of receiver upon petition of unit owner. Maintenance; limitation upon improvement. Association powers. Common expenses and common surplus. Assessments; liability; lien and priority; interest; collection. Termination. Equitable relief. Limitation of liability. Separate taxation of condominium parcels; survival of declaration after tax sale; assessment of time-share estates. Liens. Unconscionability of certain leases; rebuttable presumption. Federal Condominium and ~ooperative Abuse Relief Act of 1980; applicability Right of owners to peaceably assemble. Cable television service; resident's right to access without extra charge. Limitation on actions by association. Attorney's fees. Voluntary arbitration of disputes Short title.-this chapter shall be known and may be cited as the "Condominium Act." Hlatory.- s. 1, ch Purposes.-The purpose of this chapter is: (1) To give statutory recognition to the condominium form of ownership of real property. (2) To establish procedures for the creation, sale, and operation of condominiums. Every condominium created and existing in this state shall be subject to the provisions of this chapter. Hlatory.-s. 1, ch Definitions.-As used in this chapter, the term: (1) "Assessment" means a share of the funds which are required for the payment of common expenses, which from time to time is assessed against the unit owner. (2) "Association" means the corporate entity which is responsible for the operation of a condominium. (3) "Association property" includes that property, real and personal, in which title or ownership is vested in the association for the use and benefit of its members. (4) "Board of administration" means the board of directors or other representative body which is responsible for administration of the association. (5) "Bylaws" means the bylaws of the association as they exist from time to time. (6) "Common elements" means the portions of the condominium property which are not included in the units. (7) "Common expenses" means all expenses and assessments which are properly incurred by the association for the condominium.

6 Ch. 718 CONDOMINIUMS F.S (8) "Common surplus" means the excess of all receipts of the association collected on behalf of a condominium (including, but not limited to, assessments, rents, profits, and revenues on account of the common elements) over the common expenses. (9) "Condominium" means that form of ownership of real property which is created pursuant to the provisions of this chapter, which is comprised of units that may be owned by one or more persons, and in which there is, appurtenant to each unit, an undivided share in common elements. (1 0) "Condominium parcel" means a unit, together with the undivided share in the common elements which is appurtenant to the unit. (11) "Condominium property" means the lands, leaseholds, and personal property that are subjected to condominium ownership, whether or not contiguous, and all improvements thereon and all easements and rights appurtenant thereto intended for use in connection with the condominium. (12) "Conspicuous type" means type in capital letters no smaller than the largest type on the page on which it appears. (13) "Declaration" or "declaration of condominium" means the instrument or instruments by which a condominium is created, as they are from time to time amended. (14) "Developer" means a person who creates a condominium or offers condominium parcels for sale or lease in the ordinary course of business, but does not include an owner or lessee of a condominium or cooperative unit who has acquired his unit for his own occupancy, nor does it include a cooperative association which creates a condominium by conversion of an existing residential cooperative after control of the association has been transferred to the unit owners if, following the conversion, the unit owners will be the same persons who were unit owners of the cooperative and no units are offered for sale or lease to the public as part of the plan of conversion. (15) "Land" means, unless otherwise defined in the declaration as hereinafter provided, the surface of a legally described parcel of real property and includes, unless otherwise specified in the declaration and whether separate from or including such surface, air space lying above and subterranean space lying below such surface. However, if so defined in the declaration, the term "land" may mean all or any portion of the air space or subterranean space between two legally identifiable elevations and may exclude the surface of a parcel of real property and may mean any combination of the foregoing, whether or not contiguous. (16) "Limited common elements" means those common elements which are reserved for the use of a certain condominium unit or units to the exclusion of other units, as specified in the declaration of condominium. (17) "Operation" or "operation of the condominium" includes the administration and management of the condominium property. (18) "Rental agreement" means any written agreement, or oral agreement if for less duration than 1 year, providing for use and occupancy of premises (19) "Residential condominium" means a condominium consisting of condominium units, any of which are intended for use as a private temporary or permanent residence, except that a condominium is not a residential condominium if the use for which the units are intended is primarily commercial or industrial and not more than three units are intended to be used for private residence, and are intended to be used as housing for maintenance, managerial, janitorial, or other operational staff of the condominium. If a condominium is a residential condominium but contains units intended to be used for -commercial or industrial purposes, then, with respect to those units which are not intended for or used as private residences, the condominium is not a residential condominium. (20) "Special assessment" means any assessment levied against unit owners other than the assessment required by a budget adopted annually. (21) "Time-share estate" means any interest in a unit under which the exclusive right of use, possession, or occupancy of the unit circulates among the various owners of time-share estates in such unit in accordance with a fixed time schedule on a periodically recurring basis for a period of time established by such schedule. (22) "Time-share unit" means a unit in which timeshare estates have been created. (23) "Unit" means a part of the condominium property which is subject to exclusive ownership. A unit may be in improvements, land, or land and improvements together, as specified in the declaration. (24) "Unit owner" or "owner of a unit" means the owner of a condominium parcel. (25) "Voting certificate" means a document which designates one of the record title owners, or the corporate, partnership, or entity representative, who is authorized to vote on behalf of a condominium unit that is owned by more than one owner or by any entity. (26) "Voting interest" means the voting rights distributed to the association members pursuant to s (4)(i). Hlatory.-s. 1, ch ; s. 1, ch ; s. 2, ch. 80-3; s. 6, ch ; s. 1, ch ; s. 45, ch Creation of condominiums; contents of declaration.-every condominium created in this state shall be created pursuant to this chapter. (1) A condominium may be created on land owned in fee simple or held under a lease complying with the provisions of s (2) A condominium is created by recording a declaration in the public records of the county where the land is located, executed and acknowledged with the requirements for a deed. All persons who have record title to the interest in the land being submitted to condominium ownership, or their lawfully authorized agents, must join in the execution of the declaration. (3) All persons who have any record interest in any mortgage encumbering the interest in the land being submitted to condominium ownership must either join in the execution of the declaration or execute, with the requirements for deed, and record, a consent to the declaration or an agreement subordinating their mortgage interest to the declaration.

7 F.S CONDOMINIUMS Ch. 718 (4) The declaration must contain or provide for the following matters: (a) A statement submitting the property to condominium ownership. (b) The name by which the condominium property is to be identified, which shall include the word "condominium" or be followed by the words "a condominium." (c) The legal description of the land and, if a leasehold estate is submitted to condominium, an identification of the lease. (d) An identification of each unit by letter, name, or number, or combination thereof, so that no unit bears the same designation as any other unit. (e) A survey of the land which shows all existing easements and a graphic description of the improvements in which units are located and a plot plan thereof that, together with the declaration, are in sufficient detail to identify the common elements and each unit and their relative locations and approximate dimensions. The survey, graphic description, and plot plan may be in the form of exhibits consisting of building plans, floor plans, maps, surveys, or sketches. If the construction of the condominium is not substantially completed, there shall be a statement to that effect, and, upon substantial completion of construction, the developer or the association shall amend the declaration to include the certificate described below. The amendment may be accomplished by referring to the recording data of a survey of the condominium that complies with the certificate. A certificate of a surveyor authorized to practice in this state shall be included in or attached to the declaration or the survey or graphic description as recorded under s that the construction of the improvements is substantially complete so that the material, together with the provisions of the declaration describing the condominium property, is an accurate representation of the location and dimensions of the improvements and so that the identification, location, and dimensions of the common elements and of each unit can be determined from these materials. Completed units within each substantially completed building in a condominium development may be conveyed to purchasers, notwithstanding that other buildings in the condominium are not substantially completed, provided that all planned improvements, including, but not limited to, landscaping, utility services and access to the unit, and common-element facilities serving such building, as set forth in the declaration, are first completed and the declaration of condominium is first recorded and provided that as to the units being conveyed there is a certificate of a surveyor as required above, including certification that all planned improvements, including, but not limited to, landscaping, utility services and access to the unit, and commonelement facilities serving the building in which the units to be conveyed are located have been substantially completed, and such certificate is recorded with the original declaration or as an amendment to such declaration. This section shall not, however, operate to require development of improvements and amenities declared to be included in future phases pursuant to s prior to conveying a unit as provided herein. For the purposes of this section, a "certificate of a surveyor" means certification by a surveyor in the form provided herein 1207 and may include, along with certification by a surveyor, when appropriate, certification by an architect or engineer authorized to practice in this state. Notwithstanding the requirements of substantial completion provided in this section, nothing contained herein shall prohibit or impair the validity of a mortgage encumbering units together with an undivided interest in the common elements as described in a declaration of condominium recorded prior to the recording of a certificate of a surveyor as provided herein. (f) The undivided share in the common elements appurtenant to each unit stated as percentages or fractions, which, in the aggregate, must equal the whole. (g) The proportions or percentages of and manner of sharing common expenses and owning common surplus, which, for a residential condominium, must be the same as the undivided shares in the common elements. (h) The name of the association, which must be a corporation for profit or a corporation not for profit. (i) Unit owners' membership and voting rights in the association. U) The document or documents creating the association, which may be attached as an exhibit. (k) A copy of the bylaws, which shall be attached as an exhibit. Defects or omissions in the bylaws shall not affect the validity of the condominium or title to the condominium parcels. (I) Other desired provisions not inconsistent with this chapter. (m) The creation of a nonexclusive easement for ingress and egress over streets, walks, and other rightsof-way serving the units of a condominium, as part of the common elements necessary to provide reasonable access to the public ways, or a dedication of the streets, walks, and other rights-of-way to the public. All easements for ingress and egress shall not be encumbered by any leasehold or lien other than those on the condominium parcels, unless: 1. Any such lien is subordinate to the rights of unit owners, or 2. The holder of any encumbrance or leasehold of any easement has executed and recorded an agreement that the use-rights of each unit owner will not be terminated as long as the unit owner has not been evicted because of a default under the encumbrance or lease, and the use-rights of any mortgagee of a unit who has acquired title to a unit may not be terminated. (n) If time-share estates will or may be created with respect to any unit in the condominium, a statement in conspicuous type declaring that time-share estates will or may be created with respect to units in the condominium. In addition, the degree, quantity, nature, and extent of the time-share estates that will or may be created shall be defined and described in detail in the declaration, with a specific statement as to the minimum duration of the recurring periods of rights of use, possession, or occupancy that may be created with respect to any unit. (5) The declaration may include covenants and restrictions concerning the use, occupancy, and transfer of the units permitted by law with reference to real property. However, the rule against perpetuities shall not defeat a right given any person or entity by the declaration

8 Ch. 718 CONDOMINIUMS F.S for the purpose of allowing unit owners to retain reasonable control over the use, occupancy, and transfer of units. (6) A person who joins in, or consents to the execution of, a declaration subjects his interest in the condominium property to the provisions of the declaration. (7) All provisions of the declaration are enforceable equitable servitudes, run with the land, and are effective until the condominium is terminated. Hlstory.-s. 1, ch ; s. 1, ch ; s. 2, ch ; s. 7, ch ; s. 1, ch ; s. 3, ch ; s. 2, ch cf.-ch. 721 Real estate time sharing plans Time-share estates; limitation on creation.-no time-share estates shall be created with respect to any condominium unit except pursuant to provisions in the declaration expressly permitting the creation of such estates. History.-s. 3, ch Recording of declaration.- (1) When executed as required by s , a declaration together with all exhibits and all amendments is entitled to recordation as an agreement relating to the conveyance of land. (2) Graphic descriptions of improvements constituting exhibits to a declaration, when accompanied by the certificate of a surveyor required by s , may be recorded as a part of a declaration without approval of any public body or officer. (3) The clerk of the circuit court recording the declaration may, for his convenience, file the exhibits of a declaration which contains graphic descriptions of improvements in a separate book, and shall indicate the place of filing upon the margin of the record of the declaration. (4) If the declaration or the survey or graphic description of the improvements required under s (4)(e) does not have the certificate required, the developer shall deliver to the clerk an estimate of the cost of a final survey or graphic description containing and complying with the certificate prescribed by s (4)(e) and shall deposit with the clerk the sum of money specified in the estimate. The clerk shall hold the money until an amendment to the declaration is recorded that complies with the certificate requirements of s (4)(e). At that time, the clerk shall pay to the developer or the association presenting the amendment to the declaration the sum of money deposited with him without making any charge for holding the sum, receiving it, or paying out, other than the fees required for recording the condominium documents. Hlstory.-s. 1, ch ; s. 1, ch ; s. 8, ch Condominium parcels; appurtenances; possession and enjoyment.- (1) A condominium parcel created by the declaration is a separate parcel of real property, even though the condominium is created on a leasehold. (2) There shall pass with a unit, as appurtenances thereto: (a) An undivided share in the common elements and common surplus. (b) The exclusive right to use such portion of the common elements as may be provided by the declaration (c) An exclusive easement for the use of the airspace occupied by the unit as it exists at any particular time and as the unit may lawfully be altered or reconstructed from time to time. An easement in airspace which is vacated shall be terminated automatically. (d) Membership in the association designated in the declaration, with the full voting rights appertaining thereto. (e) Other appurtenances as may be provided in the declaration. (3) A unit owner is entitled to the exclusive possession of his unit, subject to the provisions of s (5). He is entitled to use the common elements in accordance with the purposes for which they are intended, but no use may hinder or encroach upon the lawful rights of other unit owners. Hlstory.-s. 1, ch ; s. 3, ch Restraint upon separation and partition of common elements.- (1) The undivided share in the common elements which is appurtenant to a unit shall not be separated from it and shall pass with the title to the unit, whether or not separately described. (2) The share in the common elements appurtenant to a unit cannot be conveyed or encumbered except together with the unit. (3) The shares in the common elements appurtenant to units are undivided, and no action for partition of the common elements shall lie. Hlstory.-s. 1, ch Common elements.- (1) "Common elements" includes within its meaning the following: (a) The condominium property which is not included within the units. (b) Easements through units for conduits, ducts, plumbing, wiring, and other facilities for the furnishing of utility services to units and the common elements. (c) An easement of support in every portion of a unit which contributes to the support of a building. (d) The property and installations required for the furnishing of utilities and other services to more than one unit or to the common elements. (2) The declaration may designate other parts of the condominium property as common elements. Hlstory.-s. 1, ch Legal description of condominium parcels. -Following the recording of the declaration, a description of a condominium parcel by the number or other designation by which the unit is identified in the declaration, together with the recording data identifying the declaration, shall be a sufficient legal description for all purposes. The description includes all appurtenances to the unit concerned, whether or not separately described, including, but not limited to, the undivided share in the common elements appurtenant thereto. Hlstory.-s. 1, ch Amendment of declaration; correction of error or omission in declaration by circuit court.-

9 F.S CONDOMINIUMS Ch. 718 (1 )(a) If the declaration fails to provide a method of amendment, the declaration may be amended as to all matters except those described in subsection (4) or subsection (8) if the amendment is approved by the owners of not less than two-thirds of the units. (b) No provision of the declaration shall be revised or amended by reference to its title or number only. Proposals to amend existing provisions of the declaration shall contain the full text of the provision to be amended; new words shall be inserted in the text and underlined; and words to be deleted shall be lined through with hyphens. However, if the proposed change is so extensive that this procedure would hinder, rather than assist, the understanding of the proposed amendment, it is not necessary to use underlining and hyphens as indicators of words added or deleted, but, instead, a notation must be inserted immediately preceding the proposed amendment in substantially the following language: "Substantial rewording of declaration. See provision for present text." (c) Nonmaterial errors or omissions in the amendment process will not invalidate an otherwise properly promulgated amendment. (2) An amendment, other than amendments made by the developer pursuant to ss and and any rights the developer may have in the declaration to amend without consent of the unit owners, shall be evidenced by a certificate of the association which shall include the recording data identifying the declaration and shall be executed in the form required for the execution of a deed. An amendment by the developer must be evidenced in writing, but a certificate of the association is not required. (3) An amendment of a declaration is effective when properly recorded in the public records of the county where the declaration is recorded. (4) Unless otherwise provided in the declaration as originally recorded, no amendment may change the configuration or size of any condominium unit in any material fashion, materially alter or modify the appurtenances to the unit, or change the proportion or percentage by which the owner of the parcel shares the common expenses and owns the common surplus unless the record owner of the unit and all record owners of liens on it join in the execution of the amendment and unless all the record owners of all other units approve the amendment. (5) If it appears that through a scrivener's error a unit has not been designated as owning an appropriate undivided share of the common elements or does not bear an appropriate share of the common expenses or that all the common expenses or interest in the common surplus or all of the common elements in the condominium have not been distributed in the declaration, so that the sum total of the shares of common elements which have been distributed or the sum total of the shares of the common expenses or ownership of common surplus fails to equal100 percent, or if it appears that more than 100 percent of common elements or common expenses or ownership of the common surplus have been distributed, the error may be corrected by filing an amendment to the declaration approved by the board of administration or a majority of the unit owners (6) The common elements designated by the declaration may be enlarged by an amendment to the declaration. The amendment must describe the interest in the property and must submit the property to the terms of the declaration. The amendment must be approved and executed as provided in this section. The amendment divests the association of title to the land and vests title in the unit owners as part of the common elements, without naming them and without further conveyance, in the same proportion as the undivided shares in the common elements that are appurtenant to the unit owned by them. (7) The declarations, bylaws, and common elements of two or more independent condominiums of a single complex may be merged to form a single condominium, upon the approval of such voting interest of each condominium as is required by the declaration for modifying the appurtenances to the units or changing the proportion or percentages by which the owners of the parcel share the common expenses and own the common surplus; upon the approval of all record owners of liens; and upon the recording of new or amended articles of incorporation, declarations, and bylaws. (8) Unless otherwise provided in the declaration as originally recorded, no amendment to the declaration may permit time-share estates to be created in any unit of the condominium, unless the record owner of each unit of the condominium and the record owners of liens on each unit of the condominium join in the execution of the amendment. (9) If there is an omission or error in a declaration of condominium, or in any other document required by law to establish the condominium, the association may correct the error or omission by an amendment to the declaration or to the other document required to create a condominium in the manner provided in the declaration to amend the declaration or, if none is provided, by vote of a majority of the voting interests. The amendment is effective when passed and approved and a certificate of the amendment is executed and recorded as provided in s This procedure for amendment cannot be used if such an amendment would materially or adversely affect property rights of unit owners, unless the affected unit owners consent in writing. This subsection does not restrict the. powers of the association to otherwise amend the declaration, or other documentation, but authorizes a simple process of amendment requiring a lesser vote for the purpose of curing defects, errors, or omissions when the property rights of unit owners are not materially or adversely affected. (1 0) If there is an omission or error in a declaration of condominium, or any other document required toestablish the condominium, which omission or error would affect the valid existence of the condominium and which may not be corrected by the amendment procedures in the declaration or this chapter, the circuit court has jurisdiction to entertain a petition of one or more of the unit owners in the condominium, or of the association, to correct the error or omission, and the action may be a class action. The court may require that one or more methods of correcting the error or omission be submitted to the unit owners to determine the most acceptable correction. All unit owners, the association, and the mortga-