(1) A trust company or trust department may make a loan to a fiduciary account from the funds belonging to another fiduciary account if the making of such loans to a designated fiduciary account is authorized by the governing instrument of the fiduciary account from which such loans are made or is authorized by court order.
(2) A state bank or association having a trust department may make a loan from the funds used by the bank or association in its general business to a fiduciary account, including a fiduciary account held in its own trust department, and may take as security therefor assets of the fiduciary account, provided such transaction is fair to the fiduciary account.
History.—ss. 136, 152, ch. 80-260; ss. 2, 3, ch. 81-318; s. 1, ch. 91-307; s. 1, ch. 92-303.
Structure Florida Statutes
Title XXXVIII - Banks and Banking
660.26 - Trust Department Licensing.
660.27 - Deposit of Securities With Chief Financial Officer.
660.28 - Exemption From Bond and Other Security as Fiduciary.
660.29 - Use of Personnel and Facilities.
660.30 - Segregation of Books, Records, and Assets; Fiduciary Assets Not Liable.
660.31 - General Trust Business by Trust Companies and Departments.
660.33 - Trust Service Offices.
660.35 - Oaths, Affidavits, and Acknowledgments.
660.36 - Fiduciary Agency Contracts.
660.37 - Security for Deposit of Fiduciary Funds.
660.38 - Loans by and to Fiduciary Accounts.
660.39 - Sales Between Fiduciary Accounts.
660.41 - Corporations; Certain Fiduciary Functions Prohibited.
660.415 - Investment by Trust Companies, Trust Departments, Trustees, and Fiduciaries.
660.418 - Investment of Fiduciary Funds in Syndicate Securities.
660.42 - Establishment of Common Trust Funds.
660.43 - Common Trust Fund Investments.
660.431 - Prudent Investor Rule.
660.44 - Common Trust Fund to Be Audited Annually.
660.45 - Common Trust Fund Court Accountings.
660.46 - Substitution of Fiduciaries.