Principal & Income Act Updated

Over the years, the Florida Principal and Income Act (the “Act”) has undergone significant changes. The initial adoption of the Act occurred in 1974 with the passage of the then 12 year old 1962 Uniform Principal and Income Act (the “1974 Act”). In 2002, Florida adopted its version of the National Conference of Commissioners on Uniform State Laws (“NCCUSL”) 2000 Uniform Principal and Income Act, which was codified in Chapter § 738 of the Florida Statutes, effective January 1, 2003 (the “2002 Act”). Since the adoption of the 2002 Act, there have been three separate “Glitch Bills” to fix various problems with the Act.

During the 2012 Legislative Session, Florida adopted its fourth “Glitch Bill” as part of Chapter 2012-49, Laws of Florida, effective January 1, 2013 (the “2012 Revisions”). This article focuses on some of the more important 2012 Revisions.