1. Such a trust would be classified as a foreign trust for U.S. federal tax purposes. BCM specializes in the administration of assets such as cash, certificates of deposit, letters of credit, and marketable Financial Performance Representation AKA Item 19. In the state of Florida, when the grantor of a revocable living trust dies, the living trust becomes an irrevocable trust and the provisions made in the trust may not be altered by any of the trust beneficiaries. Investors Should Prioritize Listed Real Estate Market Over Private: LaSalle, Nareits REITwise: 2023 Law, Accounting and Finance Conference, SVC | Newton, Massachusetts | Lodging/Resorts REITs, GLPI | Wyomissing, Pennsylvania | Specialty REITs, VICI | New York, New York | Specialty REITs, SKT | Greensboro, North Carolina | Retail REITs, CTRE | San Clemente, California | Health Care REITs, ADC | Bloomfield Hills, Michigan | Retail REITs, GNL | New York, New York | Diversified REITs, REIT and Publicly Traded Real Estate Company Directory. WebTrust Companies in Estero on YP.com. ranking, total public deposits, net public deposits, and any associated comments. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 12. The directory can For as long as the grantor of the trust is living they are also considered to be the trustee and are allowed to exercise complete control over the trust. SunTrust purchased Crestar Financial Corporation of Richmond, Virginia in 1998, expanding the company's footprint into Virginia, Maryland, and the District of Columbia. Top 25 Institutions by Trust Assets | American Bankers Association Home News & Research Research & Analysis Top 25 Institutions by Trust Assets Data Top 25 Institutions by Trust Assets Published September 10, 2019 Updated June 1, 2022 Source: FDIC, Data as of 1Q 2022 The largest 25 institutions by fiduciary assets for the most Corporate trust companies in particular should be mindful of the requirement of direct communication. The 11 Best Travel Insurance Companies . Delaware is one of the trust jurisdictions of choice for wealthy individuals and families throughout the countryand around the world. *As of May 2022. BCM also acts to safekeep certain physical items on behalf of government agencies such as stock certificates and computer software discs. It was reorganized on Valentine's Day 1934 as the First National Bank at Orlando. In 1985, Trust Company of Georgia and SunBanks merged to form SunTrust Banks, Inc. Matt Weidner and the lawyers of Weidner Law practice exclusively in the state and federal courts located within Florida. WebBank of Florida Trust Company (Bank of Florida Trust) is a Bank located in Naples, FL United States, North America, and was founded in 2000. Any unit of Florida government, from the state and its agencies to cities, counties, universities, school districts, special districts, and any other governmental unit must comply with, Evaluates securities or other assets (e.g. We highly recommend speaking to an attorney if you have any legal concerns. Paul J. With strong operational performance and balance sheets, REITs are well-positioned to navigate economic and market uncertainty in 2023. These real estate companies have to meet a number of requirements to qualify as REITs. Explore the list for more on the Florida companies, industries, and cities that are thriving most. A QPD is a bank or savings association that has been approved by the Florida Treasury's Bureau of Collateral Management ("BCM") to accept public funds for deposit. A person designated as trustee declines the trusteeship; A person designated as trustee cannot be identified or does not exist; A trustee is adjudicated to be incapacitated. 662.121. This chapter may be cited as the Florida Family Trust Company Act.. Copyright 2023 EPGD ATTORNEYS AT LAW, P.A. Trust Companies (239) 431-8386. [8] The founders were John M. Green, Joel Hurt, H. L. Atwater, W. A. Hansell, T. J. Hightower, J. G. Oglesby, J. D. Turner, John B. Daniel, Joseph Hirsch, Leon Lieberman, Louis Wellhouse, A. J. McBride, D. O. Dougherty, W. A. Gregg, W. W. Draper, A. C. Hook, W. T. Ashford, George W. Brooke, C. I. Branan, and C. D. There are a variety of institutions that are required to deposit or pledge collateral to Florida's Chief Financial Officer ("CFO"). 6451 North Federal Highway, Suite 101. BCM must be informed on all new or additional collateral deposits, releases, or substitutions of collateral. View details on the value ofcollateral assets by type. SunTrust had a long-standing relationship with The Coca-Cola Company. [37] It was eventually moved to a purpose built vault in the World of Coca-Cola, also in Atlanta. A "substantial decision" for purposes of the control test means a decision that a person is authorized or required to make under the terms of the trust instrument and applicable law and that is not ministerial in nature.3Some examples of substantial decisions include decisions concerning the following: The foregoing merely describes some of the more common decisions that might come to mind when thinking of decisions that would be substantial decisions relating to a trust.4Practitioners might be surprised to learn that less obvious decisions can also constitute substantial decisions, such as the decision of whether to compromise, arbitrate, or abandon claims of the trust. REITs invest in the majority of real estate property types, including offices, apartment buildings, warehouses, retail centers, medical facilities, data centers, cell towers, infrastructure and hotels. Another example is if the trustee is a U.S. person but lives outside of the United States, resulting in the administration of the trust happening outside of the United States such that the trust could fail the Court Test and be a foreign trust. Nancy Batchelor Team. Fort Lauderdale, FL 33308. MailBureau of Collateral Management200 E Gaines StTallahassee, FL 32399-0345, Overnight mailBureau of Collateral ManagementHermitage Centre1801 Hermitage Blvd, Suite 470Tallahassee, FL 32308. and BCM also administers Florida's public deposits program under Chapter 280, F.S. In addition, the original copy of the formula for Coca-Cola was stored in a safe deposit box of an eventual SunTrust location in Atlanta (originally a Trust Company Bank location) from 1925 to 2011. In the state of Florida, a trust may be created to care for an animal that was living during the lifetime of the settlor. 1-800-3-NAREIT %PDF-1.6 % Additionally, the business plan must also identify existing competitors and distinguish itself by describing the proposed trust companys competitive advantages, e.g., new services, better prices, etc. securities that are deposited with or pledged to BCM for safekeeping. The Space Coast Daily Weather Report is brought to you by Gorilla Roofing, Inc., a Florida roofing company you can trust. All quotes delayed a minimum of 15 minutes. January 30, 2023 Space Coast Daily News Brevard Countys Best Newspaper, College Cant Wait! WebSunTrust Banks, Inc. was an American bank holding company with SunTrust Bank as its largest subsidiary and assets of US$199 billion as of March 31, 2018. If you are in need of an attorney to help navigate your way through Florida trusts, Weidner Law can help! Prior results do not guarantee a similar outcome. It incorporated 81-year-old Hillsboro Bank, based in Plant City, an institution with $150 million in assets and then the third-oldest state-chartered bank. In certain cases, foreign trust status may be preferable (e.g., during the lifetime of a foreign grantor). 6451 North Federal Highway, Suite 101. WebNon-Deposit Trust Companies Non-Deposit Trust Company: a corporation which is engaged as a trustee, fiduciary, or agent for individuals or businesses in the administration of trust Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. endstream endobj 496 0 obj <. Reaches $968 Million Mortgage Settlement With SunTrust", "BB&T and Suntrust to combine in an all-stock merger of $66 billion", "BB&T-SunTrust merger creating Truist Financial set to close at midnight", "Institution History for TENTH & MAIN BRANCH (47920)", Federal Financial Institutions Examination Council, "SunTrust to buy National Commerce Financial", "Comvest Invests in BEL USA, Adds On Branders.com", "The Morning Leverage: What's Waiting in Private Equity's Stocking? 11. Combined revenue for all South Florida companies on the list totaled $3.7 billion, compared to $4.9 billion last year. Check out this list of the best Florida Keys resorts, including Little Palm Island, Cheeca Lodge and more top FL resorts. Best Trust Companies in Florida Bank of America Private Bank The company has several locations in Florida. Sufficient information to identify the type and amount of collateral being pledged or released. WebBCM is Florida's collateral management service provider under Section 17.59, Florida Statutes ("F.S.") Then, the trend became for families with $100 Million or more to create so called Family Offices .. little or small private trust companies that may or may not have been incorporated or operated under a business entity like a Florida Limited Liability Company. The statutory authority that relates to the collateral being pledged or released. Bank of Florida Trust Company. [6][25][26] It was subsequently announced that Atlanta will be Truist's headquarters for wholesale banking, while Winston-Salem will be the headquarters for community banking. 513 0 obj <>/Filter/FlateDecode/ID[<29C48C69AF54BE41998F76D93893A901><3536570A0708F34FB8142C835EC838BC>]/Index[495 26]/Info 494 0 R/Length 94/Prev 115753/Root 496 0 R/Size 521/Type/XRef/W[1 3 1]>>stream Please include all relevant information in the body of the letter regarding the transaction your company wishes to execute. agencies can learn about BCM's services and determine if our office can administer collateral or safekeeping programs for their agency. WebFirst-Citizens Bank & Trust Company, East Boca. Another trap relates to the fact that a trust could be treated as a foreign trust for U.S. federal tax purposes even though established using the governing law of a U.S. state, but could still be treated as a U.S. based trust for other purposes. The settlor indicates an intent to create the trust. We will take an all-tools approach to combat this threat.". 6. Trust & Will, a leader in online estate planning and settlement, joins the ranks of OpenAI, Disney, and more for 2023s list of most innovative companies. If a trust is governed by U.S. law (i.e., the laws of a state of the U.S.) and is, in fact, administered exclusively in the U.S., it will generally satisfy the Court Test.2 The Control Test, however, is more nuanced and is where planning can be done and where, perhaps more importantly, mistakes can be made. The consent order required that SunTrust follow the servicing standards set up by the 2012 National Mortgage Settlement (NMS) with the five largest banks. We are Simply a Better Way. Thirty years of experience in residential and commercial Space Coast roofing services sets Gorilla Roofing apart from the rest. For example, if the duties of the trustee far exceed the compensation amount noted in the trust, the court may opt to increase this amount and award the trustee with the original amount provided for as well as the additional compensation decided upon the on by court. History.s. The bank's most direct corporate parent was established in 1891 in Atlanta, where it was headquartered.. In 1919, Ernest Woodruff, president of the Trust Company from 1904 to 1922, and W. C. Bradley bought The Coca-Cola Company for $25 million and restructured. The bank operated as National Bank of Commerce in South Carolina, Tennessee, Mississippi, Arkansas, Alabama, Georgia, Virginia, and West Virginia and as Central Carolina Bank and Trust in North Carolina. creating SunTrust Robinson-Humphrey. View Entire Chapter. REITs, or real estate investment trusts, are companies that own or finance income-producing real estate across a range of property sectors. WebInvestors' Security Trust Co Trust Companies Stock & Bond Brokers Website (239) 267-6655 12800 University Dr Fort Myers, FL 33907 10. WebLiving Trusts. In the case of a trust company with total assets of less than $150 million, at least one, and in the case of a trust company with total assets of $150 million or more, two of the directors who are not also officers of the trust company must have had at least 1 year of direct experience as an executive officer, regulator, or director of a financial institution within the last 5 years. [5], In February 2019, SunTrust Banks announced its pending purchase by BB&T for $28 billion in an all-stock deal, creating the sixth largest U.S. lender, being the biggest bank deal since the 2007-2008 financial crisis. First-Citizens Bank & Trust Company Florida, First-Citizens Bank & Trust Company, BAYSHORE BRANCH, First-Citizens Bank & Trust Company, BELLEAIR BRANCH, First-Citizens Bank & Trust Company, BONITA SPRINGS BRANCH, First-Citizens Bank & Trust Company, CORAL GABLES MAIN OFFICE, First-Citizens Bank & Trust Company, CORAL SPRINGS BRANCH, First-Citizens Bank & Trust Company, COUNTRYSIDE BRANCH, First-Citizens Bank & Trust Company, DORAL BRANCH, First-Citizens Bank & Trust Company, East Boca, First-Citizens Bank & Trust Company, FORT LAUDERDALE BRANCH, First-Citizens Bank & Trust Company, HEALTH PARK BRANCH. 9. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. For example, consider an irrevocable trust established in Florida with a professional Florida trust company acting as trustee. For example, the determination of whether a trust is foreign or domestic can change during the year if a person having a substantial decision was initially a U.S. person and later changed residency status. Robert Slack LLC. The Space Coast Daily Weather Report is brought to you by Gorilla Roofing, Inc., a Florida roofing company you can trust. Depending on Web(a) The escrow account must be established in a Florida bank, Florida savings and loan association, Florida trust company, or a national bank that is chartered and supervised by the Office of the Comptroller of the Currency within the United States Department of the Treasury and that has a branch in this state, which is acceptable to the office, or such In 2013, it was ordered to pay $1.5 billion "to resolve claims of shoddy mortgage lending, servicing and foreclosure practices,"[4] and it reached a preliminary $968 Million settlement with the US government in 2014. A Living Trust could also be called an inter vivos trust or a revocable trust. The Centre of Tallahassee 2415 N. Monroe Street, Suite 810 Tallahassee, FL 32303 > Trust Companies and Banks that work with financial advisors can Just pick up the phone and give us a call today at727-954-8752 or contact us through our online contact form to find out how we can help you with yourFlorida trust questions. This list includes notable companies with primary headquarters located in the state. The newly merged company made its first major deal a year later, when it purchased Third National Corporation of Nashville. WebSunTrust Banks, Inc. was an American bank holding company with SunTrust Bank as its largest subsidiary and assets of US$199 billion as of March 31, 2018. It blossomed into the leading investment banking firm in the South under Chairman Justus Martin Jr., who helped broaden its ties to Atlanta corporations, European clients and the firm's wealthy families who were brokerage clients. Florida Department of State. In February 2019, SunTrust Banks announced its pending purchase by BB&T for $28 billion Naples, FL 34110. The Commerce Department, which oversees export controls, added BGI Research and BGI Tech Solutions (Hongkong), over allegations that the units pose a "significant risk" to contributing to Chinese government surveillance. Chapter 662. Boca Raton, FL 33431. See here for a complete list of exchanges and delays. More information on the assets administered by BCM can be viewed by following the links below which provide details on collateral assets by program and by asset type. [42], However, in September 2012, SunTrust sold all of its Coke shares at the behest of its primary regulator, the Federal Reserve. First, the applicant must submit a detailed business plan which shall include a Reasonable Promise of Successful Operation based on local conditions. the type of collateral your institution elects to use, additional documentation will need to be filed with our office. Aside from these requirements, there are also organizational requirements that must be met by the proposed trust company. 5 Such conversion could be viewed as a taxable sale of the underlying trust assets. Click Nareits REITwise: 2023 Law, Accounting and Finance Conference offers a comprehensive educational program for legal, financial, tax and accounting operations within REITs and publicly traded real estate companies. We see public real estate as unequivocally more attractive than private real estate today, LaSalle's Lisa Kaufman told Nareits REIT Report podcast. WebThe Depository Trust Company (DTC) DTCC's subsidiary, The Depository Trust Company (DTC), established in 1973, was created to reduce costs and provide clearing and settlement efficiencies by immobilizing securities and making "book-entry" changes to ownership of the securities. OIR establishes collateral requirements for many insurance companies under several statutes that govern Florida's insurance industry. These Family Offices might be adminstered by the family trust document Reporting by Alexandra Alper and David Shepardson; additional reporting by Andrea Shalal, Costas Pitas and Kirsty Needham; Editing by Leslie Adler, Deepa Babington and Lincoln Feast. on the topics below for more information. The settlor has the capacity to create a trust. The trust was created by a U.S. person for U.S. beneficiaries and owns only assets located in the U.S., but has a foreign protector who has the power to remove and replace the trustee. 0 We would like to create a Trust Company. WebA company-maintained list of completed closures shows 276 stores have been closed since 2020, Florida: 6900 US Highway 19 North, Pinellas Park (Neighborhood Market concept) 415 South Olive Avenue West Palm Beach, FL. Boca Raton, FL 33431. When we identify entities that pose a national security or foreign policy concern for the United States, we add them to the Entity List to ensure we can scrutinize their transactions, Assistant Commerce Secretary Thea Kendler said in a statement. This list includes notable companies with primary headquarters located in the state. REUTERS/Eric Thayer. [citation needed] It is constructed of reinforced concrete and granite with marble finishes and features 17 elevators. Florida trusts must also be possible to achieve. You can find them in Orlando, Palm Beach and WebFamily Network and Disabilities and FND Trust serve hundreds of thousands of persons with disabilities every year. Nareit serves as the worldwide representative voice for REITs and real estate companies with an interest in U.S. real estate. WebOn average, a basic living trust in Florida starts at about $2,000 to $3,000. The bank's most direct corporate parent was established in 1891 in Atlanta, where it was headquartered.. 4 A full list of examples can be found in the Treasury regulations at 301.7701-7(d). 2023 Bilzin Sumberg Baena Price & Axelrod LLP | All Rights Reserved. 2023 Maverick Multimedia, Inc. All Rights Reserved |, THINGS TO DO: Space Coast State Spring Fair Set March 31 to April 9 in Viera at Space Coast Daily Park, Eastern Florida State College to Host Performing and Visual Arts Showcase Saturday, PHOTO OF THE DAY: NASAs Hubble Space Telescope Peers at a Galactic Seascape, Former Satellite Scorpions Coach Ted Kimmey Joins Melbourne Central Catholic Football Staff, Palm Bay Fair to Bring Fun to Floridas Space Coast March 17-26 at Space Coast Harley-Davidson Fairgrounds, GORILLA ROOFING WEATHER REPORT: Forecast for Brevard Call for Rain Likely, High Near 89 on Saturday, Economic Development Commission of Floridas Space Coast, HOT OFF THE PRESS! 1 in the Business Journal's Fast 50 Awards, honoring the area's fastest-growing private companies . In administering these assets BCM confirms their eligibility as collateral, makes certain the assets are sufficiently liquid, regularly updates their market value, confirms that 3rd-party custodians are meeting their custody responsibilities, and provides In 2001, SunTrust purchased the institutional businesses of the Robinson-Humphrey Company, LLC. The exercise of a power of appointment in favor of a trustee. Thats why were committed to preventing bad actors from siphoning off our technology. How do we qualify to accept and hold deposits of Florida governmental units? It must also contain a detailed market analysis which identifies prospective customers and explains why local, regional and statewide conditions are favorable to the proposed trust company. REITs historically have delivered competitive total returns, based on high, steady dividend income and long-term capital appreciation. This happens because living trust property is not titled in the name of the grantor at the time of their death and so the property is not considered as part of a probate estate. Florida Statute 658.21 outlines the requirements that must be met for forming a trust company in the state of Florida. Serving individuals and families across the U.S., the FND National Pooled Trust can offer you the protection and support you need. Emergent Legal Issues in the Tech Industry, Property Tax Planning Essential for Foreign Investors, Check-the-Box Elections: Relevance in the International Context, Condo Redevelopment Ushers in New Wave of Investment in Florida. [16][17][18], In 2014, SunTrust announced it would launch a medical specialty group to work with independent medical practices.[19]. WebA company-maintained list of completed closures shows 276 stores have been closed since 2020, Florida: 6900 US Highway 19 North, Pinellas Park (Neighborhood Market concept) Tensions have been especially high since the Biden administration last month shot down a suspected Chinese spy balloon that had crossed a broad swath of the United States. BCM is able to provide specialized services for a variety of state agencies and regulatory authorities that would not be cost effective for any individual authority. [29], As of September 2016, SunTrust Bank operates 1,400 bank branches and 2,160 ATMs across including Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia, and Washington, D.C.[3] The bank announced in 2018 that it will close its last five West Virginia branches, all in Kroger stores. [30], On April 21, 2011, William H. Rogers Jr., began a transition into the CEO role previously held by Jim Wells, who retired December 31, 2011. Inc. 5000 Regionals: The company must be a corporation with at least five elected directors, a majority of which must be U.S. citizens and Florida residents for at least one year preceding their election as directors of the trust company. Thats why today, were taking a look at 15 facts that Florida trust lawyers want you to know about Florida trusts and the trust process. In order to help your institution satisfy its collateral and reporting requirements, please emailour 22 reviews. For a more thorough review of your question please contact our office for a consultation. When it comes to Florida trusts, whether you are the one making the trust or the one benefitting from it, it can be difficult to know how to navigate the legal waters. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Full Service Brick and Mortar Office. The same person is not the sole trustee and sole beneficiary. 21. Silvergate suspends crypto payments network; shares fall after-hours, Wall St Week Ahead: Defensives may not be safe place to hide as stock market stumbles, Bank of Canada to hold rates steady at 4.50% through this year, Analysis: Sharp drop in equity premium may mark return of 60/40 portfolio, UN nuclear watchdog chief cites 'great expectation' in talks with Iran, Before fatal collapse, Turkish building had skirted code thanks to Erdogan policy, BBC raids show India's shrinking media freedom under Modi, some journalists say, Japan unions ask average 4.5% wage hike, biggest since 1990s, Japan pledges financial support to help ASEAN decarbonise, Exclusive news, data and analytics for financial market professionals, Chile's Empresas Copec flips to quarterly loss on forestry hit, forex. Each of these will be discussed in turn. The companies and the Chinese embassy in Washington did not immediately respond to requests for comment. For banks operating as trust companys the capital account must contain at least $8 million and for trust companies not operating as banks the capital account must contain at least $3 million. [7], On September 21, 1891, SunTrust's most direct corporate ancestor, the Trust Company of Georgia, was granted a charter by the Georgia General Assembly as the Commercial Travelers' Savings Bank of Atlanta. The 35 story, 650,000sqft (60,000m2) building was constructed in 1988 at a cost of approximately $100 million. Check out this list of the best Florida Keys resorts, including Little Palm Island, Cheeca Lodge and more top FL resorts. Contacting us through our website does not establish an attorney-client relationship.*. For example, it is possible that a trust with seemingly U.S. connections only can be still be considered a foreign trust for U.S. federal tax purposes. Lastly, interested individuals can learn more about how BCMs services benefit the citizens of Florida. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Insurance companies conducting business in Florida are subject to regulation and oversight by theFlorida Office of Insurance Regulation("OIR"). However, if the trust does provide for compensation, the trustee shall receive that compensation, but the court may alter this compensation amount based on the extent of the duties performed by the trustee. 4. The Open Database Of The Corporate World. The trust has a definite beneficiary or is a charitable trust, a trust for the care of an animal, or a trust for a noncharitable purpose. The OFR requires complete biographical information for proposed directors which includes a showing of sufficient business experience, ability, standing, and reputation to indicate reasonable promise of successful operation. Any collateral requirement established by OIR is administered by BCM. 1 real estate company in Florida. It also bought Florida State Bank of Tallahassee, with which it had tried to merge with in 1973, when the economy soured. Copyright Nareit 2023. In the state of Florida, Florida trusts may be created by: 3. office or call (850) 413-3167 for more information. On September 16, 2014, the Atlanta Braves announced the name of their new Cobb County stadium: SunTrust Park. In fact, the Florida Supreme Court holds that the preparation of a living trust by anyone other than a licensed attorney constitutes the unauthorized practice of law! WebA company-maintained list of completed closures shows 276 stores have been closed since 2020, Florida: 6900 US Highway 19 North, Pinellas Park (Neighborhood Market concept) The full range of eligible collateral 3, 5. Attorney Advertising. WebThe Naples Trust Company Michael R. Dreyer, CPA President The Tampa Bay Trust Company Jeffrey A. Muddell, CFP Office President, Wealth Services Advisor The Sanibel Captiva Trust Company Robyn Anderson Senior Vice President, Estate Administrator The Naples Trust Company Jason Chiklakis Vice President, Trust Officer The Sanibel Captiva A Living Trust is the most common type of Trust because it is a Trust created by the [10] As of December 31, 1973, it had three bank-related subsidiaries and total assets of $1.713 billion. Located at 200 South Orange Avenue, The SunTrust Center is the tallest building in downtown Orlando, Florida. In the state of Florida,Upon acceptance of a trusteeship, a trustee must administer the trust in good faith, in accordance with the terms and purposes of that trust and in the interests of the beneficiaries, and in accordance with the Florida trust code. Full Service Brick and Mortar Office. pursuant to Chapter 280, F.S. Can you help us with this matter ? In other words, converting from a foreign trust to a domestic trust (and vice versa) is very easy, whether or not such conversion was intentional. In the state of Florida,a vacancy in a trusteeship occurs if: If a vacancy in the trusteeship occurs a remaining co-trustee becomes the sole trustee or else the vacancy is filled by a successor trustee.
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