CopyCited 28 times | Published | Florida 3rd District Court of Appeal
...Under section
671.205(4), the express terms of the note and loan agreement override any inconsistent interpretation of the parties' agreement which might be inferred from their dealings. The trial court's determination that the transaction is governed by the good faith provisions of sections
671.203 and
671.208, Florida Statutes (1977), is erroneous....
...846, 849, 269 S.E.2d 916, 918 (1980) (citing 1 Anderson, Uniform Commercial Code 165, § 1-203:3 (2d ed. 1970)). Because the demand note contains an express contractual provision governing the due date of the loan, the note is not affected by section
671.203. Section
671.208 is also inapplicable. It has no effect on demand instruments, such as the one here involved, which permit the calling of loan obligations at any time with or without reason. §
671.208, Fla....
...o that the borrower could obtain alternate financing. The sixth circuit rejected the lender's argument that the demand note gave it the power to call the loan at any time. We refrain from following K.M.C. because we find that the court's citation of section 671.208, which is inapplicable to demand notes, renders its holding somewhat suspect....
CopyCited 24 times | Published | Florida 1st District Court of Appeal | 31 U.C.C. Rep. Serv. (West) 1502
...§ 1-208. The only substantial issue before us is whether the bank had the right to accelerate the installment note, which contained the standard provision that the note could be accelerated "if the bank at any time feels insecure for any reason." Section 671.208, Florida Statutes (1975), explains that the word "insecure" means that the creditor "shall have power to [accelerate] only if he in good faith believes that the prospect of payment or performance is impaired." The burden of establishing the creditor's lack of good faith is placed by the statute upon the debtor....
CopyCited 1 times | Published | United States Bankruptcy Court, M.D. Florida | 13 Fla. L. Weekly Fed. B 219, 2000 Bankr. LEXIS 554, 2000 WL 690088
...Under such circumstances, the Debtors would face the uncertainty that at any given time, the secured creditor may deem itself insecure or otherwise declare a default and avail itself of its repossession rights. See, e.g., Quest v. Barnett Bank of Pensacola,
397 So.2d 1020, 1021 (Fla. 1st DCA 1981) (citing §
671.208, Fla.Stat., for the proposition that "insecurity" clauses allowed under U.C.C....
CopyPublished | United States Bankruptcy Court, M.D. Florida | 18 Fla. L. Weekly Fed. B 183, 2005 Bankr. LEXIS 235, 2005 WL 418058
...the loan was made. Under such circumstances, a secured creditor may deem itself insecure to declare a default and avail itself of its repossession rights. See, e.g., Quest v. Barnett Bank of Pensacola,
397 So.2d 1020, 1021 (Fla. 1st DCA 1981)(citing §
671.208, Fla....
