This chapter applies to express, charitable or noncharitable, and testamentary or living trusts, and any trust created pursuant to a statute, judgment, or decree that requires the trust to be administered in the manner of an express trust. This chapter does not apply to any of the following:
(1) A constructive or resulting trust.(4) A custodial arrangement made pursuant to the Uniform Transfers to Minors Act under ss. 54.854 to 54.898 or the Uniform Custodial Trust Act under ss. 54.950 to 54.988.(5) A common trust or a collective investment fund.(6) A trust created by a depository agreement with a financial institution.(7) A trust made in connection with a business transaction, including a trust created under a bond indenture or collateral trust agreement or in connection with a structured finance transaction, a common law trust under s. 226.14, or a business trust.(9) A fund maintained pursuant to court order in conjunction with a bankruptcy proceeding, business liquidation, or class action lawsuit.(10) A trust that is part of an employee benefit arrangement or an individual retirement account.(11) A trust established under a qualified tuition savings program or education savings account.(12) A trust account maintained on behalf of a client or customer by a licensed service professional, including a trust account maintained by an attorney or by a real estate broker.(12m) An account that is part of a qualified ABLE program under section 529A (b) of the Internal Revenue Code.(13) Any other arrangement under which a person is a nominee or escrowee for another.Amended by Acts 2023 ch, 127,s 6, eff. 3/23/2024.Added by Acts 2013SP1 ch, 92,s 50, eff. 12/15/2013.