GOVERNORS BANK N/K/A REPUBLIC SECURITY BANK, APPELLANT,
v.
FLORIDA ENVIRONMENT FUNDING, INC., A FLORIDA CORPORATION, APPELLEE
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Governors Bank appealed a jury verdict finding it liable for failing to properly record UCC security documents. The court affirmed the finding of liability but reversed and remanded on the damages and prejudgment interest calculations, reducing the damages from $400,000 to the undisputed maximum of $339,713.72.
The court affirmed the finding of liability but reversed the damages award, reducing it from $400,000 to $339,713.72 (the undisputed maximum amount owed under the four packages), and remanded for recalculation of prejudgment interest to apply only to amounts actually paid by D.E.R. from the dates of payment.
[1] A party's damages for a bank's failure to properly record U.C.C. …
[2] Prejudgment interest on damages arising from a bank's failure to properly record security documents should be assessed only on the amount paid by the underlying obligor a…
Previewing 2 of 2 headnotes on this case. FLexlaw’s editorially structured points of law — every proposition, pinpointed — are reserved for members.
Join FLexlaw to unlock all legal intelligence“It is undisputed that the total payments due under those four 'packages' totaled $339,713.72. Thus, the evidence shows without dispute that the maximum damages suffered by appellee as a result of appellant's failure to properly record the security for those 'packages' was $339,713.72.”
Establishes that the jury's $400,000 award exceeded the maximum provable damages supported by undisputed evidence
Previewing 1 of 2 key quotes on this case — the court’s exact language, pinpointed for members.
Join FLexlaw to unlock all legal intelligenceGovernors Bank failed to properly record UCC documents that were intended to provide security to Florida Environment Funding for $400,000 in advances …
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CAMPBELL, Judge.
Appellant, Governors Bank, n/k/a Republic Security Bank, challenges a judgment awarding damages to appellee, Florida Environment Funding, Inc., following a jury trial. Appellant raises several issues pertaining to the finding of liability on the part of appellant and the assessment of damages and prejudgment interest. We find merit only in the issues regarding the amount of the damages assessed and the calculation of prejudgment interest, and reverse on those issues alone.
Simply stated, the $400,000.00 in damages assessed by the jury arose from the jury’s finding that appellant was liable for its failure to properly record various U.C.C. documents which were to have provided security to appellee for $400,000.00 in advances made by appellee through appellant to a contractor performing clean up work at remediation sites around the state of Florida. The security that was to have been evidenced by the U.C.C. documents, had they been properly recorded, consisted of four “packages” representing amounts owed by the Department of Environmental Regulation (D.E.R.) to the contractor for the clean up work. It is undisputed that the total payments due under those four “packages” totaled $339,713.72. Thus, the evidence shows without dispute that the maximum damages suffered by appellee as a result of appellant’s failure to properly record the security for those “packages” was $339,713.72. In addition, prejudgment interest should be assessed only on the amount paid by D.E.R. on those “packages” and only from the dates the various payments were made. We therefore reverse the judgment appealed only in regard to the damages and interest assessed therein. On remand, judgment shall be re-entered for damages and interest assessed as we have indicated herein.
Affirmed in part and reversed in part and remanded.
PARKER, C.J., and QUINCE, J., concur.