FL S0688

Creates s. 222.105, F.S., requiring that exemptions for certain protected assets under Florida law may only be waived if the person specifically pledges a security interest identifying the applicable asset by specific reference in a security agreement

Broad, generic language in security agreements—such as "all assets and rights, wherever located, whether now owned or after acquired"—is deemed insufficient to pledge exempt assets or waive their protections

Descriptions of collateral only by type (e.g., "accounts" or "security entitlements") are also insufficient to waive exemptions for applicable assets

"Applicable assets" are defined as those protected under ss. 222.13–222.16, s. 222.18, and ss. 222.201–222.22, F.S., which cover exemptions for wages, disability income, retirement accounts, and similar protected property

The act applies only to security interests created after the effective date of October 1, 2021