WILLIAM C. FIELD, INC., A FLORIDA CORPORATION, D/B/A FIELD OF FLORIDA, APPELLANT,
v.
TRIZAK FINANCIAL PLAZA, LTD., DOUGLAS E. WENDEL, BARNETT BANK OF PALM BEACH COUNTY, ET AL., APPELLEES
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Field of Florida, a judgment creditor of Trizak Financial Plaza, garnished funds collected by a receiver during mortgage foreclosure. The court determined how to allocate the receiver's collected rents between the foreclosing lender (State Federal), the judgment creditor (Field), and the original property owner (Trizak).
Rents collected after the certificate of title issued to State Federal, less proportional receiver expenses, belong to State Federal. Rents collected before title issued, less proportional expenses, belong to the garnishor (Field) to the extent needed to satisfy its judgment. Any remaining funds belong to the original title holder (Trizak).
[1] Monies collected by a receiver in a mortgage foreclosure action after the issuance of a certificate of title to the foreclosing party belong to the foreclosing party, les…
[2] Monies collected by a receiver in a mortgage foreclosure action prior to the issuance of a certificate of title to the foreclosing party belong to a garnishing judgment c…
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Join FLexlaw to unlock all legal intelligence“monies collected by the receiver after the issuance of a certificate of title to State Federal as a consequence of the foreclosure sale, less a proportional part of the receivers' expenses, are the property of State Federal Savings and Loan Association of Lubbock, Texas”
Establishes that post-title rents belong to the foreclosing lender that acquired title through the foreclosure sale
Previewing 1 of 3 key quotes on this case — the court’s exact language, pinpointed for members.
Join FLexlaw to unlock all legal intelligenceBarnett Bank held a first mortgage on an office building owned by Trizak Financial Plaza, with a security interest in rents and provisions for court-a…
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WALDEN, Judge.
This appeal concerns the entitlement to monies collected by a receiver during the course of a mortgage foreclosure action. Barnett Bank held a first mortgage upon an office building owned by appellee, Trizak Financial Plaza. The mortgage contained language giving Barnett a security interest in, among other things, all rents accruing from the premises, plus, in case of foreclosure, it was provided that the court shall appoint a receiver to collect the income, rents, etc. Foreclosure occurred and a receiver was appointed. The receiver collected substantial rents and paid out sums for expenses.
Appellant, William C. Field, Inc., a Florida Corporation, d/b/a Field of Florida, was a judgment creditor of Trizak Financial Plaza, Inc., and Field caused the issuance of a writ of garnishment which was served upon the receiver. State Federal Savings and Loan Association of Lubbock, Texas, assumed Barnett’s position as Plaintiff. On April 7, 1986, State Federal, at the forced sale of the property, bid in the whole amount of the mortgage debt and thereby purchased the property.
Without further delineating the shuffling of the parties and nonessential details, we hold that monies collected by the receiver after the issuance of a certificate of title to State Federal as a consequence of the foreclosure sale, less a proportional part of the receivers’ expenses, are the property of State Federal Savings and Loan Association of Lubbock, Texas. Monies collected by the receiver prior to the issuance of such certificate of title to State Federal, less a proportionate part of the receiver’s expenses shall be the property of the gar-nishor, Field of Florida, to the extent same may be necessary to satisfy Field’s claim. In the event there may be a sum remaining in the receiver’s hands following the apportionment herein prescribed, such sums shall be the property of the original title holder, Trizak Financial Plaza. See Tymber Skan Properties, Ltd. v. Lutheran Mutual Life Insurance Company, 358 So. 2d 1370 (Fla. 2d DCA 1978).
We reverse and remand for further proceedings consistent herewith.
DOWNEY and WALDEN, JJ., and WINIFRED J. SHARP, Associate Judge, concur.
Cases With Similar Vibessemantic neighbors from the corpus
Citator
Cited By
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Howell v. Gaines, 608 So. 2d 64 (Fla. 3d DCA 1992)…to the mortgagee, belong to the the mortgagor, after the receiver has collected his fee and the mortgagee is satisfied. See R.K. Cooper Construction Company v. Fulton, 216 So. 2d 11 (Fla.1968); William C. Field, Inc. v. Trizak Financial Plaza, Ltd., 528 So. 2d 1380 (Fla. 4th DCA 1988). To award the accrued rents to Gaines would create a windfall, defeating equitable principles. See, e.g., Federal Deposit Insurance Corporation v. Hy Kom Development Company, 603 So. 2d 59 (Fla. 2d DCA 1992). Further, we hold th…
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Rainerman v. Halberstein, 546 So. 2d 1080 (Fla. 3d DCA 1989)…PER CURIAM. Affirmed. William C. Field, Inc. v. Trizale Financial Plaza, Ltd., 528 So. 2d 1380 (Fla. 4th DCA 1988).…
Authorities Cited
- Tymber Skan Props. Ltd. v. Lutheran Mut. Life Ins. Co. OF Waverly, 358 So. 2d 1370 (Fla. 2d DCA 1978)