CopyCited 7 times | Published | Court of Appeals for the Eleventh Circuit | 71 U.C.C. Rep. Serv. 2d (West) 302, 2010 U.S. App. LEXIS 5452, 52 Bankr. Ct. Dec. (CRR) 258, 2010 WL 918058
...1
Despite Marathon’s contentions otherwise, Florida’s Section
679.332(2) does not alter the fact that CapitalSource had a security
interest in Debtor’s deposit account funds as proceeds of CapitalSource’s
properly secured collateral while they were in Debtor’s hands. See Fla.
Stat. §
679.3151(1)(b) and (3) (“A security interest attaches to any
identifiable proceeds of collateral” and that security interest in the
proceeds is deemed perfected “if the security interest in the original
collateral was perfected.”); 11 U.S.C....
...Florida
law provides “a security interest attaches to any identifiable proceeds of
collateral” and “a security interest in proceeds is a perfected security
interest if the security interest in the original collateral was perfected.”
Fla. Stat. § 679.3151(1)(b) and (3)....
CopyCited 5 times | Published | United States Bankruptcy Court, M.D. Florida | 57 Collier Bankr. Cas. 2d 1373, 62 U.C.C. Rep. Serv. 2d (West) 257, 2007 Bankr. LEXIS 998, 2007 WL 879987
...Pursuant to Florida Statutes §
679.3121(2)(a), a signed Bank Account Control Agreement is necessary in order to create a perfected interest in a bank *249 account. Florida Statute §
679.3121(2)(a), provides, in pertinent part: Except as otherwise provided in §
679.3151(3) and (4) for proceeds: (a) a security interest in a deposit account may be perfected only by control under s.
679.3141. The official comment to UCC Revised § 9-312, upon which Fla. Stat.
679.3151(2)(a) is similar, provides in pertinent part: 5....
...im Trustee should be estopped from relying on the lack of such an agreement. Additionally, CapitalSource argues that the pre-petition funds constitute "identifiable cash proceeds" of collateral in which it has a" security interest. Florida Statutes, Section 679.3151 addresses the secured party's rights on disposition of collateral and in proceeds....
CopyCited 2 times | Published | District Court, M.D. Florida | 2013 WL 132581, 2013 U.S. Dist. LEXIS 3996
...governed by Florida law and Article 9 of the Uniform Commercial Code. Under the U.C.C., a security interest in collateral attaches to any “identifiable proceeds” of collateral upon its sale or distribution. See U.C.C. § 9-315(a)(2); Fla. Stat. § 679.3151 (1)....
...5 Relying on this provision, Amegy argues that the Eleventh Circuit has recognized its right to bring a conversion claim when collateral has been disposed of or transferred to another party. Plaintiffs Response, pp. 15-16 (citing to Taylor Rental Corp. v. J.I. Case Co.,
749 F.2d 1526, 1529 (11th Cir.1985) (quoting Fla. Stat. §
679.3151 , cmt....
...Regardless, as explained below, the Court finds that Amegy has established, for the purposes of this motion, that the collateral proceeds were segregated and identifiable. . A perfected security interest in collateral proceeds continues for only twenty days after the disposition of the collateral. Fla. Stat. § 679.3151 (4). Fla. Stat. § 679.3151 (4) provides three different scenarios where a creditor may retain its interest in the collateral proceeds beyond the twenty days: (1)A filed financing statement covers the original collateral; the proceeds are collateral in which a secur...
CopyPublished | United States Bankruptcy Court, M.D. Florida | 15 Fla. L. Weekly Fed. B 191, 2002 Bankr. LEXIS 565, 39 Bankr. Ct. Dec. (CRR) 170, 2002 WL 1160717
...transfer of an interest in or an assignment of a claim under a policy of insurance, other than an assignment by or to a health-care provider of a health-care insurance receivable and any subsequent assignment of the right to payment, but Fla. Stat.
679.3151 and
679.322 apply with respect to proceeds and priorities in proceeds .......
CopyPublished | Court of Appeals for the Eleventh Circuit
...1
Despite Marathon’s contentions otherwise, Florida’s Section
679.332(2) does not alter the fact that CapitalSource had a security
interest in Debtor’s deposit account funds as proceeds of CapitalSource’s
properly secured collateral while they were in Debtor’s hands. See Fla.
Stat. §
679.3151(1)(b) and (3) (“A security interest attaches to any
identifiable proceeds of collateral” and that security interest in the
proceeds is deemed perfected “if the security interest in the original
collateral was perfected.”); 11 U.S.C....
...Florida
law provides “a security interest attaches to any identifiable proceeds of
collateral” and “a security interest in proceeds is a perfected security
interest if the security interest in the original collateral was perfected.”
Fla. Stat. § 679.3151(1)(b) and (3)....
CopyPublished | United States Bankruptcy Court, M.D. Florida
...Plaintiffs nevertheless argue that they are entitled to avoid the subject equitable lien in the fire insurance proceeds because any automatic perfection in the insurance proceeds that stemmed from the destruction of the collateral would have lapsed after 21 days in accordance with Fla. Stat. § 679.3151 (4) since Defendant did not file a UCC-1 financing statement (Doc....
...es argued that, where the debtor took back title to the underlying real estate, the investors’ security interests should have automatically attached to the reacquired real estate as “proceeds” of the mortgage receivables pursuant to Fla. Stat. § 679.3151 (1). Id. at 163-64 . The court agreed; however, it also found that such automatic perfection lapsed after 21 days in accordance with Fla. Stat. § 679.3151 (4)....
CopyPublished | United States Bankruptcy Court, S.D. Florida. | 2016 Bankr. LEXIS 4546, 63 Bankr. Ct. Dec. (CRR) 155
...Accordingly, Armstrong Bank did not have a perfected security interest in the Debtor’s SunTrust Bank account. Likewise, Armstrong Bank did not have a perfected security interest in the cash transferred from the SunTrust Bank account to the Firm, which became the Pre-Petition Retainer. See Florida Statutes § 679.3151(3)....
CopyPublished | United States Bankruptcy Court, S.D. Florida. | 22 Fla. L. Weekly Fed. B 637, 2010 Bankr. LEXIS 4902, 54 Bankr. Ct. Dec. (CRR) 44
...ure Determining whether the Debtor had the authority to compromise, release or *165 sue on the Mortgage Receivables may be dispositive because such authority would extinguish the Investors' security interests in the Mortgage Receivables. Pursuant to section 679.3151 of the Florida Statutes, "[a] security interest ... continues in collateral notwithstanding sale, lease, license, exchange, or other disposition thereof unless the secured party authorized the disposition free of the security interest. " Fla. Stat. Ann. § 679.3151(1)(a) (West 2010) (emphasis added). Moreover, the "security interest attaches to any identifiable proceeds of collateral." Fla. Stat. Ann. § 679.3151(1)(b) (West 2010)....
..., as enacted in chapter 679 of the Florida Statutes, protects the lender by providing for a continuing security interest in the collateral and a substitute security interest in the proceeds obtained upon conversion of the collateral. Fla. Stat. Ann. § 679.3151(1) (West 2010)....
...Lot, whether by foreclosure or receipt of a deed in lieu of foreclosure, an Investor's security interest in the Mortgage Receivable automatically attached to the Reacquired Lot as an "identifiable proceed" of the Mortgage Receivable. Fla. Stat. Ann. § 679.3151(1) (West 2010)....
...The Reacquired Lot is an "identifiable proceed" because the Mortgage described the Lot with particularity. An Investor's automatic security interest in the Reacquired Lot initially is a perfected security interest because the Investor's security interest in the Mortgage Receivable was perfected. Fla. Stat. Ann. § 679.3151(3) (West 2010). However, section 679.3151(4) of the Florida Statutes generally limits automatic perfection of a security interest in the identifiable proceeds of collateral to twenty days from the date of attachment. Section 679.3151(4) provides: A perfected security interest in proceeds becomes unperfected on the 21st day after the security interest attaches to the proceeds unless: (a) The following conditions are satisfied: 1....
...er subsection (3) when the security interest attaches to the proceeds or within 20 days thereafter. There are three exceptions to the general rule governing expiry of automatic perfection, none of which apply here. Under subsection (a) of Fla. Stat. § 679.3151(4), an Investor's perfected security interest in a Reacquired Lot would be excepted from expiry if the Investor filed a UCC-1 financing statement covering the Mortgage Receivable in an office where the filing of a UCC-1 financing statement covering the Lot perfects a security interest in the Lot....
...§
679.1091(4)(k) (West 2010) (attachment of a security interest in a mortgage on real property under Fla. Stat. §
679.2031 and perfection of that interest under Fla. Stat. §
679.3081 are within the scope of Chapter 679). Subsection (b) of Fla. Stat. §
679.3151(4) requires that the proceeds be "identifiable cash proceeds" and is inapplicable because real estate is not cash. The Investors' security interests in the Reacquired Lots are not perfected under the last subsection of Fla. Stat. §
679.3151(4), subsection (c), because the only way to perfect an interest in Florida real estate is compliance with Florida's recording laws, and the Investors did not record their interests in the Reacquired Lots as required by chapter 695 of the Florida Statutes....
...ice, unless the same be recorded according to law[.]"). Subsection (c) provides that perfection is continuous if achieved (i) other than by automatic attachment of a perfected security interest in collateral to identifiable proceeds under Fla. Stat. § 679.3151 or (ii) within twenty days of automatic attachment under Fla. Stat. § 679.3151....
