CS/CS/HB 229 Summary

• Creates s. 689.073 establishing that ownership of real property vests in the trustee when a recorded instrument designates a person or entity as "trustee" and confers power to manage, sell, lease, or encumber the property.

• Amends s. 689.071 to clarify that the statute of uses and doctrine of merger do not execute land trusts or vest trust property in beneficiaries, and prohibits liens against one interest from automatically attaching to another interest.

• Establishes that a trustee's legal and equitable title is separate and distinct from beneficiaries' beneficial interests, with beneficiaries generally not liable for land trust debts unless stated otherwise in the trust agreement.

• Allows beneficial interests to be designated as either real or personal property based on trust documents, with different perfection requirements and recording rules depending on the classification.

• Clarifies that Florida Trust Code (chapter 736) does not apply to land trusts governed by s. 689.071, except for specific provisions on trustee liability and timeshare/vacation club trusts.