CopyCited 54 times | Published | United States Bankruptcy Court, M.D. Florida | 14 Fla. L. Weekly Fed. B 23, 43 U.C.C. Rep. Serv. 2d (West) 23, 2000 Bankr. LEXIS 1352, 2000 WL 1716185
...ible payments of dividends there. 4. Breach of fiduciary duties. a. Introduction. The unsecured creditors committee seeks to recover money damages from all individual defendants on the theory that they breached their fiduciary duties as set forth in Section 607.0830, Florida Statutes. Section 607.0830 sets general standards for directors of corporations....
...irectors by these standards. b. Woodward, Hunsaker II, Hunsaker III, and Ranney. Woodward, Hunsaker II, Hunsaker III, and Ranney were neither officers nor directors of Toy King. They are not accountable, therefore, as fiduciaries of the debtor under Section 607.0830, Florida Statutes....
...I and through the filing of Toy King II. He was also, therefore, a fiduciary of the debtor at all relevant times. ii. The duties of care and loyalty. Morrow, Angle, and King each owed fiduciary duties to the debtor and are subject to the mandates of Section 607.0830, Florida Statutes....
...It is plain, therefore, that Morrow and Angle were benefited by the debtor's payments to TKA and M & D that those entities paid over to them, the debtor's fiduciaries. Morrow and Angle clearly breached their fiduciary duties of loyalty within the meaning of Florida Statute, 607.0830 when they paid themselves, through TKA and M & D, guaranty fees on the C & S line of credit and interest and "profit" on the First Union claims....
CopyCited 34 times | Published | District Court, S.D. Florida | 1993 U.S. Dist. LEXIS 5004, 1993 WL 401875
...ts a claim for simple negligence. The Florida legislature revised its law governing liability of corporate officers and directors, effective July 1, 1987. See Fla.Stat. §§ 607.1645, 607.165 (West Supp.1988), repealed and re-enacted as Fla. Stat. §§
607.0830,
607.0831 (West Supp.1992)....
...The 1987 revisions require a corporate director, inter alia, to discharge his duties ... (a) In good faith; (b) With the care an ordinarily prudent person a like position would exercise under similar circumstances; and (c) In a manner he reasonably believes to be in the best interests of the corporation. Fla.Stat. § 607.0830 (West 1993)....
...e trust). Accordingly, Count VII for restitution against Childs must be dismissed. [8] V. The Business Judgment Rule Defendants allege that the business judgment rule insulates their corporate decisions from being assailed by the FDIC. See Fla.Stat. § 607.0830 (West 1993); see generally Cottle v....
CopyCited 17 times | Published | Florida 3rd District Court of Appeal | 2017 WL 36264, 2017 Fla. App. LEXIS 28
...leaded that Maricela Fonseca
owed a fiduciary duty to Mario Taverna and “deliberately, willfully, intentionally
and maliciously, without justification, privilege or authority, improperly and
wrongfully” breached her fiduciary duty. See § 607.0830, Fla....
CopyCited 16 times | Published | United States Bankruptcy Court, M.D. Florida | 10 Fla. L. Weekly Fed. B 343, 1997 Bankr. LEXIS 694, 1997 WL 274785
...est Virginia corporation. Indeed, Judge Proctor's decision in Allen is substantially the same as Judge Mark's decision in Kapila v. Talmo (In re Talmo),
175 B.R. 775, 778 (Bankr.S.D.Fla.1994), that involved Florida law. In Talmo, the court held that Section
607.0830, Florida Statutes, which codifies the duties owed by officers and directors to a corporation and its creditors, "does not, by its terms, create [an] ....
CopyCited 15 times | Published | United States Bankruptcy Court, S.D. Florida. | 20 Fla. L. Weekly Fed. B 267, 2007 Bankr. LEXIS 296
...duties (1) in good faith; (2) with such care as an ordinary prudent person in a like position would exercise under similar circumstances; and (3) in a manner the director reasonably believes to be in the best interests of the corporation. Fla. Stat. § 607.0830(1)....
...Harper Group, Inc.,
659 So.2d 1208, 1210 (Fla. 3rd Dist.Ct.App. 1995). As director (and president) of Aqua Clear, Barbara Jacobson owed the Debtor a fiduciary duty to act in good faith and in the best interest of the corporation. See, e.g., Fla. Stat. §
607.0830; Rehabilitation Advisors, Inc....
...Thus, Barbara Jacobson owed a fiduciary duty to the Debtor's creditors. She was, therefore, required to exercise due care in the supervision and management of the company and the performance of her duties for the benefit of its creditors. Fla. Stat. § 607.0830(1)....
CopyCited 8 times | Published | United States Bankruptcy Court, S.D. Florida. | 8 Fla. L. Weekly Fed. B 255, 1994 Bankr. LEXIS 1865, 26 Bankr. Ct. Dec. (CRR) 408
...Quaif,
4 F.3d at 954; Bennett,
989 F.2d at 785; Touchstone,
149 B.R. at 727. The Trustee argues that corporate officers and directors owe a fiduciary duty to the corporation and its creditors under Florida statutory and common law. Specifically, the Trustee points to Fla.Stat. §
607.0830, which provides: (1) A director shall discharge his duties as a director, including his duties as a member of a committee: *778 (a) In good faith; (b) With the care an ordinarily prudent person in a like position would exercise under simi...
...igations of good faith and fair dealing that can be described as "fiduciary duties," this does not mean that an officer or director acts in an express or technical "fiduciary capacity" as a trustee of corporate assets. In this sense, Fla.Stat. § 607.0830 is fundamentally different from the former § 607.301 (repealed in 1989) relied upon to establish a trust relationship in In re Menendez, 107 B.R....
...The former § 607.301 expressly provided, as to dissolved corporations, that "directors of the corporation at the time of its dissolution shall thereafter be and constitute a board of trustees for any property owned or acquired by the dissolved corporation." In contrast, § 607.0830 does not, by its terms, create a comparable express trust relationship....
CopyCited 7 times | Published | United States Bankruptcy Court, S.D. Florida. | 20 Fla. L. Weekly Fed. B 281, 2007 Bankr. LEXIS 932
...duties (1) in good faith; (2) with such care as an ordinary prudent person in a like position would exercise under similar circumstances; and (3) in a manner the director reasonably believes to be in the best interests of the corporation. Fla. Stat. § 607.0830(1)....
CopyCited 6 times | Published | District Court, S.D. Florida | 2009 U.S. Dist. LEXIS 28866, 2009 WL 2948461
...ided, and urges me to rely on a Florida case, namely In re Talmo,
175 B.R. 775, 777 (Bkrtcy.S.D.Fla.1994), to determine whether Appellant had a fiduciary duty to Mr. Stein under § 523(a)(4). In In re Talmo, the bankruptcy court held that Fla. Stat. §
607.0830, which imposes certain fiduciary obligations upon officers and directors of a corporation, does not create an express trust relationship sufficient to satisfy § 523(a)(4). [9] While this arguably *597 may be true for Fla. Stat. §
607.0830, and even more generally for corporate fiduciary obligations created by Florida law, the question here is not whether Florida law creates a trust relationship sufficient to satisfy § 523(a)(4)....
...4, 9 (Bkrtcy.M.D.Fla.1997) ("As a matter of federal law, the fiduciary duties owed to a Florida corporation by its officer and director under state law are insufficient by themselves to constitute the `fiduciary capacity' required under Section 523(a)(4) of the Bankruptcy Code.") [9] Specifically, Fla.Stat. § 607.0830, provides: (1) A director shall discharge his duties as a director, including his duties as a member of a committee: (a) In good faith; (b) With the care an ordinarily prudent person in a like position would exercise under similar circums...
CopyCited 4 times | Published | Florida 4th District Court of Appeal
...Broward County, Florida,
individually and in his derivative capacity on behalf of Miljoco, accusing
Howard of overly compensating himself and his wife. An amended
complaint alleged four counts: (1) breach of statutory fiduciary duty in
violation of Section 607.0830(1), Florida Statutes; (2) breach of common
law fiduciary duty; (3) corporate waste; and (4) unlawful suppression of
dividends....
CopyCited 3 times | Published | Florida 5th District Court of Appeal | 1992 Fla. App. LEXIS 7295, 1992 WL 150872
...Under the Florida Statutes, a director is under an obligation to discharge her duties in good faith, with the care an ordinarily prudent person in a like position would exercise, and in a manner she reasonably believes to be in the best interest of the corporation. § 607.0830(1), Fla....
CopyCited 3 times | Published | District Court, M.D. Florida | 2003 U.S. Dist. LEXIS 2760, 2003 WL 681579
...This Court will not substitute its judgment where the Board's decisions can be attributed to rational business purposes. Unocal Corp. v. Mesa Petroleum Co., 493 A.2d 946, 954 (Del. 1985). Directors may, under Florida law, consider how a business decision will affect employees. Fla. Stat. § 607.0830(3)....
...and committees, and ultimately conceived of and implemented strategies and plans to reduce risks and increase profits. (See, e.g., Doc. 97 at 76, 86, 117-19; Doc. 89 at 53-54, 69; Doc. 96 at 63-64, 88; Doc. 90 at 64). Consistent with Florida Statute § 607.0830(2)(a) and (b), the Board regularly requested materials from management to help guide its decisions and to arrive at a consensus of best next steps....
...Rather, the courts are merely expressing the substantive rule of director liability." Bal Harbour Club, 316F.3d at 1192. [20] The case lawsuch as Stahl remains unclear as regards the complete relationship between the business judgment rule and Florida Statute § 607.0830....
CopyCited 2 times | Published | United States Bankruptcy Court, S.D. Florida.
...§ 548, § 547, § 550 and Florida Statutes § 726, et seq., totaling $218,825.00. Plaintiff Chapter 7 Trustee Soneet Kapila also seeks damages against Barbara Wortley for breach of common law fiduciary duty and for breach of fiduciary duty pursuant to Florida Statutes §
607.0830 and §
607.0831 in the amount of $2,305,275.86 as she caused the Debtor's insolvency resulting in this bankruptcy filing and damages to the Debtor and creditors in excess of that amount....
...The Plaintiff's Claims Against Barbara Wortley for Breach of Fiduciary Duty (Adversary Proceeding 08-01793-JKO: Counts VI & VII) The Plaintiff seeks entry of a judgment against Mrs. Wortley for breach of fiduciary *290 duty pursuant to Fla. Stat. §§
607.0830(1),
607.0831(1)(a) and common law....
...The Plaintiff may avoid the transfers under 11 U.S.C. § 544(b) and recover the value of the transfers from Barbara Wortley under § 550(a). I further conclude that Barbara Wortley breached her fiduciary duties to the Debtor and its creditors pursuant to Fla. Stat. § §
607.0830(1),
607.0831(1)(a) and common law and, as a consequence, she caused and increased the Debtor's insolvency resulting in this bankruptcy filing and damages to the Debtor and creditors in excess of $2,305,275.86....
...N.D.Tex. 1990); Tidwell v. Chrysler Credit Corp. (Matter of Blackburn),
90 B.R. 569, 573 (Bankr.M.D.Ga.1987). [140] See Restatement (Second) of Torts, § 874, cmt. a (1979); Restatement (Second) of Trusts, § 2, cmt. b (1959). [141] Id. [142] Fla. Stat. §
607.0830(1)....
...1983); Beemer v. Crandon Enter., Inc.,
53 B.R. 412 (Bankr.M.D.Fla.1985). [146] Aqua Clear,
361 B.R. at 575 (quoting Intercarga Internacional de Carga, S.A. v. Harper Group, Inc.,
659 So.2d 1208, 1210 (Fla. 3rd D.C.A.1995)). [147] Id. [148] Fla. Stat. §
607.0830(1); see also Aqua Clear, 361 B.R....
CopyCited 2 times | Published | Florida 4th District Court of Appeal | 2013 WL 3335064, 2013 Fla. App. LEXIS 10662
...be the subject of a testamentary direction binding upon the officers and directors of the various companies in the conglomerate. To so find would conflict with the fiduciary duties of officers and directors to the corporation and its creditors. See § 607.0830(1), Fla....
...The court pointed to North Carolina statutes imposing a duty on behalf of directors to act in good faith in the best interests of the corporation. See N.C. Gen.Stat. § 55-8-30 (General Standards for Directors). Florida has the same standards. See § 607.0830(1), Fla....
CopyCited 2 times | Published | District Court, M.D. Florida | 1998 U.S. Dist. LEXIS 21686, 1998 WL 480845
...Fla.Stat. §§
607.0302,
607.0303. She must disclose all information relating to shares held by nominees. Fla.Stat. §
607.0723. She must disclose all information necessary to exercise her duties in good faith and with ordinary prudence. Fla.Stat. §§
607.0830,
607.0832,
607.0833,
607.0834....
...All corporate powers are exercised by or under the authority of the board of directors, which also manages all corporate business and affairs. Fla.Stat. §
607.0801. The directors must be able to rely on officers, employees, counsel, and accountants in exercising their duties. Fla. Stat. §
607.0830 ....
CopyPublished | District Court, S.D. Florida | 1994 U.S. Dist. LEXIS 7998, 1994 WL 261988
...12, 1987, at 1A. Nevertheless, whether the conduct of these bank officers caused the demise of Broward Federal or contributed to the national savings and loan crisis was not the issue in this case. [5] 12 U.S.C. § 1821(k) (1989). [6] See Fla.Stat. § 607.0830 (West 1993) (directors not liable for breach of duties unless breach constitutes criminal violation, self-dealing, recklessness, conscious disregard)....
