CopyCited 15 times | Published | Florida 3rd District Court of Appeal | 2002 WL 2008195
...(1993). Therefore, Mendelson individually became Menendez's creditor as to the 1988 notes. When Menendez renewed [2] the debt in 1995, the note properly was made payable to Mendelson. No additional consideration was required to support the 1995 note. Section 673.3031, Florida Statutes (1993) provides: *129 (1) An instrument is transferred for value if: ......
CopyCited 15 times | Published | Court of Appeals for the Eleventh Circuit | 105 A.F.T.R.2d (RIA) 777, 2010 U.S. App. LEXIS 2018, 2010 WL 323569
...al law,
past consideration is sufficient to support an agreement giving rise to a security
interest.” Id. Under Florida law, the local law in this case, past consideration is
sufficient to support the creation of a security interest. Fla. Stat. § 673.3031(1)(c)
(providing that an instrument is issued for value if “issued or transferred as payment
of, or as security for, an antecedent claim against any person, whether or not the claim
is due”); see also Lea v....
...debts because many of the loans were made directly to him, the notes and mortgages would still be
supported by valid consideration under Florida law if Karin agreed that the purpose of the mortgage
and mortgage modification were to secure Randolph’s antecedent debts. See Fla. Stat. § 673.3031
cmt....
...ment of or as
security for the debt of a third person . . . .”).
14
even if, at the time the debt arose, the parties did not contemplate future issuance of
a note or security agreement. Fla. Stat. § 673.3031 cmt....
CopyPublished | Florida 4th District Court of Appeal | 2012 WL 1934415, 2012 Fla. App. LEXIS 8736
...as void due to a lack of mutual assent. Neither party disputes this conclusion. Because the Operational Agreement is invalid and because that agreement was the sole consideration for the Note, the Note is unenforceable for lack of consideration. See § 673.3031(2), Fla....
CopyPublished | Florida 3rd District Court of Appeal | 91 U.C.C. Rep. Serv. 2d (West) 859, 2017 WL 361944, 2017 Fla. App. LEXIS 718
...$85,000, mistakenly paid by BBVA at its office in the Dominican Republic by
draft on an account of a customer there and credited to Easy Luck’s account at
SunTrust Bank in Miami-Dade County. Applying sections 3-303 and 3-418 of the
Uniform Commercial Code, §§
673.3031 and
673.4181, Fla....
... the “bookkeeping entry,” a kind of “no harm, no foul” type of argument. The
argument has some appeal. However, the Uniform Commercial Code, as adopted
in this state, allocates the loss between innocent parties in these circumstance
differently.
Section 673.3031, Fla....
...defense to the extent performance of the promise is due and the
promise has not been performed. If an instrument is issued for value
as stated in subsection (1), the instrument is also issued for
consideration.
(Emphasis added.) The purpose of section 673.3031(1)(c) is explained in
Comment 4 to the Uniform Commercial Code as follows:
7
Subsection [1][c] follows former Section 3-303(b) in providing that
the holder takes for value if t...
...person; there is no requirement that the claim arise out of contract.
In particular the provision is intended to apply to an instrument
given in payment of or as security for the debt of a third person,
even though no concession is made in return.
Section 673.3031 describes the very situation at issue here....
CopyPublished | District Court, S.D. Florida | 104 A.F.T.R.2d (RIA) 6530, 2009 U.S. Dist. LEXIS 89363, 2009 WL 3391576
...Florida law permits past consideration to support a valid agreement: "An instrument is issued or transferred for value if: . . . (c) The instrument is issued or transferred as payment of, or as security for, an antecedent claim against any person, whether or not the claim is due." Fla. Stat. § 673.3031; see also Deakter v....
...act to be in exchange for the past consideration, and to hold to the contrary would yield the absurd result of any instance of past consideration supporting a later agreement, no matter the intent of the parties. Further, the comments to Fla. Stat. § 673.3031, cited by Equity LP, support the holding that the antecedent debt need be related to the later agreement. See Fla. Stat. § 673.3031 (comment) ("Case #1....
