Florida/Georgia Personal Injury & Workers Compensation

...s case. In the circuit court, the parties argued that the cash bond could be categorized as "money." Assuming that such a classification is correct, "[a] security interest in money may be perfected only by the secured party's taking possession under s. 679.3131." § 679.3121(2)(c), Fla....

...(2008). [4] While the money was in the possession of the clerk it was not in the possession of Charlotte Development. Attorney Klein's subsequent receipt of the money was not tantamount to Charlotte Development taking possession of the collateral under section 679.3131(3), Florida Statutes (2008)....

...[2] This is the same lathe which is subject to Orix's purchase money security interest described above. [3] Fifth Circuit Decisions entered before October 1, 1981, are binding precedent in the Eleventh Circuit. See Bonner v. City of Prichard, 661 F.2d 1206 (11th Cir.1981). [4] See Fla. Stat. § 679.3131 [5] Historically, a landlord's lien, "did not have to be recorded in order to have priority over a subsequently acquired security interest or lien." Mathias v....

...has rights in the collateral or the power to transfer rights in the collateral to a secured party, and (c) the assignor has either “authenticated a security agreement that provides a description of the collateral” or the assignee has taken possession of the note under section 679.3131, Florida Statutes, (2008)....

...W.W. Grainger, Inc., 840 N.E.2d 843, 848 (Ind. Ct. App. 2006). -4-  Perfection One method of perfecting a security interest in a promissory note is by taking possession of the original promissory note. See § 679.3131(1), Fla. Stat....

...n v. C.I.T. Corp., 726 F.2d 300, 302 (6th Cir. 1984). “The debtor’s lack of possession coupled with actual possession by the creditor, the creditor’s agent or the bailee serves to provide notice to prospective third party creditors that the 1Section 679.3131(1) provides: (1) Except as otherwise provided in subsection (2), a secured party may perfect a security interest in negotiable documents, goods, instruments, money, or tangible chattel paper by taking possession of the collateral. A secured party may perfect a security interest in certificated securities by taking delivery of the certificated securities under s. 678.3011. In addition, possession can be effectuated through a bailee. See § 679.3131(3), Fla....

...at 5. The staff analysis explained the bill sought to debunk this myth, stating: Article 9 of the [UCC], which is codified as ch. 679, F.S., was revised since Rucker to clearly indicate that the assignment of a mortgage securing a promissory note is a secured transaction. Under s. 679.3131, F.S., one perfects a security interest in a real estate mortgage by possession of the promissory note....

...ral to a secured party; and (c) One of the following conditions is met: 1. The debtor has authenticated a security agreement that provides a description of the collateral ... [or] 2. The collateral ... is in the possession of the secured party under s. 679.3131 pursuant to the debtor’s security agreement!.] Under Florida Statutes § 679.3131(1), a secured party may perfect its security interest in money by possession....

...s was not sufficient; and C. To perfect under the UCC, an Investor had to either file a UCC-1 financing statement under Fla. Stat. § 679.3121(1), or have possession of the original Mortgage Note which perfects the security interest under Fla. Stat. § 679.3131(1)....