Fla. Admin. Code Ann. R. 69G-20.0028 - GENERAL PRINCIPLES FOR JOINT OWNERSHIP OF PROPERTY FOR ACCOUNTS THAT ARE NOT UNCLAIMED DEMAND, SAVINGS OR CHECKING ACCOUNTS FORMERLY HELD BY A FINANCIAL INSTITUTION

(1) Tenancy in common. Generally, each owner is entitled to receive a percentage share of the unclaimed property. If there are two owners, each owner will receive 50%; if there are 3 owners, each owner will receive 33.33%, etc. If an owner dies, the percentage share of the unclaimed property shall be remitted to that owner's estate or beneficiary, as defined in section 731.201, F.S., provided that entitlement is established in accordance with section 717.126, F.S. Unclaimed property reported with more than one owner designated with the word "and" is treated as a tenancy in common.

(2) Joint Tenancy with Rights of Survivorship. This type of property involves two or more people. Generally, each owner is entitled to receive a percentage share of the unclaimed property. If there are two owners, each owner will receive 50%; if there are 3 owners, each owner will receive 33.33%, etc. If one of the owners dies, the remaining owner or owners are entitled to receive the unclaimed property. If all owners are deceased, the unclaimed property shall be remitted to the estate or beneficiary of the last surviving owner provided that entitlement is established in accordance with section 717.126, F.S.

(3) Tenancy by the Entirety. This type of tenancy applies only to married persons. Both persons must file a claim for the unclaimed property. If one spouse dies, the surviving spouse is entitled to the unclaimed property. If both owners are deceased, the unclaimed property shall be remitted to the estate or beneficiary of the last surviving spouse provided that entitlement is established in accordance with section 717.126, F.S. If the spouses divorce, the tenancy by the entirety is converted to a tenancy in common.

Notes

Fla. Admin. Code Ann. R. 69G-20.0028

Rulemaking Authority 717.138 FS. Law Implemented 717.124, 717.12406, 717.126 FS.

New 4-27-09, Formerly 69I-20.0028.

New 4-27-09, Formerly 69I-20.0028.