Florida Senate - 2021 SB 688 By Senator Berman 31-00573C-21 2021688__ Page 1 of 2 CODING: Words stricken are deletions; words underlined are additions. A bill to be entitled 1

An act relating to waivers of exemptions of applicable 2 assets; creating s. 222.105, F.S.; providing that 3 certain exemptions of certain assets may not be waived 4 unless certain conditions are met; specifying 5 references that are insufficient to pledge a security 6 interest in certain assets or to waive certain 7 protections; defining the term “applicable assets”; 8 amending s. 679.1081, F.S.; providing that a 9 description of certain accounts and entitlements by 10 certain type of collateral is insufficient; providing 11 applicability; providing an effective date. 12 13 Be It Enacted by the Legislature of the State of Florida: 14 15

Section

Section 222.105, Florida Statutes, is created to 16 read: 17 222.105 Waiver of exemptions; requirements.— 18

(1) The exemptions set forth in this

chapter with respect 19 to applicable assets may not be waived unless the person who is 20 entitled to such exemption has specifically pledged a security 21 interest in the applicable asset in a security agreement, as 22 defined in s. 679.1021, that identifies the asset by specific 23 reference to the applicable asset. 24

(2) The following references in a security agreement 25 purporting to pledge a security interest are insufficient to 26 pledge applicable assets or to waive the protections afforded to 27 applicable assets by this chapter: 28 (

a) All of a person’s “assets and rights, wherever located, 29 Florida Senate - 2021 SB 688 31-00573C-21 2021688__ Page 2 of 2 CODING: Words stricken are deletions; words underlined are additions. whether now owned or after acquired, and all proceeds thereof,” 30 or other words of similar import, including, but not limited to, 31 those described in s. 679.1081(3); or 32 (

b) References only to the type of collateral, as described 33 in s. 679.1081(5). 34

(3) For purposes of this section, “applicable assets” means 35 those assets described in ss. 222.13-222.16, s. 222.18, and ss. 36 222.201-222.22. 37

Section 2. Subsection (5) of

section 679.1081, Florida 38 Statutes, is amended to read: 39 679.1081 Sufficiency of description.— 40

(5) A description only by type of collateral defined in 41 this

chapter is an insufficient description of: 42 (

a) A commercial tort claim; 43 (

b) In a consumer transaction, consumer goods, a security 44 entitlement, a securities account, or a commodity account; or 45 (

c) An account consisting of a right to payment of a 46 monetary obligation for the sale of real property that is the 47 debtor’s homestead under the laws of this state; or. 48 (

d) Accounts and other entitlements set forth in ss. 49 222.13-222.16, s. 222.18, and ss. 222.201-222.22. 50

Section 3. This act applies to security interests created 51 after the effective date of this act. 52

Section 4. This act shall take effect October 1, 2021. 53