Future Advances

43 Florida cases classified under this topic · sorted by citation count · see the citation graph · browse and sort

• United States v. Am. Nat'l Bank OF Jacksonville & Title & Tr. Co. of Fla.
  255 F.2d 504· 5th Cir.· 1958-05-26 ·cited 29×
  A mortgage's dragnet clause, even with a jointly and severally liable provision, does not secure obligations of a partnership or an individual acting as endorser or guarantor, unless explicitly stated.
• Flynn-Harris-Bullard Co. v. Johnson
  90 Fla. 654· Fla.· 1925-12-01 ·cited 28×
  The Florida Supreme Court reversed a lower court decree that impressed a laborer's lien on turpentine and rosin products in favor of J. F. Johnson and his assignors, holding that a prior mortgage executed in 1919 by the employers took priority over labor liens accruing in 1920-19
• McEwen v. Growers Loan & Guar. Co.
  104 Fla. 176· Fla.· 1932-02-08 ·cited 17×
  McEwen executed a mortgage with future advance provisions to Growers Loan & Guaranty Company for citrus lands, securing up to $25,000 in principal loans and interest. The mortgagee sought to enforce the mortgage lien, establish a receiver, and foreclose, alleging default on a $10
• Gibbs v. Am. Nat'l Bank OF Jacksonville
  155 So. 2d 651· Fla. 1st DCA· 1963-05-28 ·cited 16×
  A guaranty agreement covering both existing and future indebtedness is supported by valid consideration, and a defendant's vague deposition testimony is insufficient to create a genuine issue of material fact precluding summary judgment.
• Cont'l Supply Co. v. Marshall
  152 F.2d 300· 10th Cir.· 1945-11-29 ·cited 16×
  Advances made by a senior mortgagee after actual notice of a junior mortgage are junior in lien to the intervening mortgage, unless the advances are required to protect the security.
• Midflorida Schs. Fed. Credit Union v. Fansler
  404 So. 2d 1178· Fla. 2d DCA· 1981-10-23 ·cited 14×
  The court held that the attached credit agreement was sufficient to state a cause of action, and the trial court erred in dismissing the complaint.
• Int'l Harvester Credit Corp. & Fla. Truck & Tractor Co. v. Am. Nat'l Bank OF Jacksonville
  296 So. 2d 32· Fla.· 1974-02-13 ·cited 14×
  The Florida Supreme Court addressed two UCC questions certified by the First District Court of Appeal regarding farm equipment financing and security interest priorities. The Court held that the farm equipment exemption from filing requirements applies to individual items under $
• Wally Gray & Md. Cas. Co. v. Travelers Indem. Co.
  280 F.2d 549· 9th Cir.· 1960-07-11 ·cited 14×
  The court held that the indemnity agreement's assignment clause, effective upon bond execution and conditioned on default, grants the surety priority over subsequent assignees for losses on bonds executed prior to the subsequent assignments.
• Safe Deposit Bank & Tr. Co. v. Berman
  393 F.2d 401· 1st Cir.· 1968-04-22 ·cited 13×
  A security agreement's terms, which were limited to securing a specific note and its renewals/extensions, could not be retroactively expanded to cover future liabilities by recitations in subsequent notes.
• In re Smith v. Am. Fin. Sys., Inc.
  737 F.2d 1549· 11th Cir.· 1984-08-06 ·cited 12×
  A debtor cannot maintain a time-barred claim for monetary damages under TILA via recoupment if the claim is for affirmative relief or if the main action is stale. Furthermore, a failure to disclose a future advance clause on a TILA disclosure statement is not material if the clau
• In re E. A. Fretz Co., Inc. v. Fitzgerald
  565 F.2d 366· 5th Cir.· 1978-01-04 ·cited 10×
  The court held that the Uniform Commercial Code does not permit 'floating secured parties' who can obtain perfected security interests through post-bankruptcy assignments to a senior lienor.
• Snead Constr. Corp. v. First Fed. Sav. & Loan Ass'n OF Orlando & Daytona Beach Fed. Sav. & Loan Ass'n
  342 So. 2d 517· Fla. 1st DCA· 1976-12-16 ·cited 10×
  Snead Construction, a prime contractor on three motel projects, appealed a summary judgment dismissing its claim against construction lenders who held mortgages on the projects. Snead sought to subordinate the lenders' mortgages to Snead's mechanic's liens or to have undisbursed
• Mid-Eastern Elecs., Inc. v. First Nat'l Bank OF S. Md.
  455 F.2d 141· 4th Cir.· 1970-07-28 ·cited 10×
  The court held that the renewal of notes did not constitute future advances, and the assignment of contract proceeds served as a valid security agreement, giving the bank priority.
• Edward R. Kenneally in Bankr. of Gen. Magnetics, Inc. v. Standard Elecs. Corp. & First Nat'l Bank of Minneapolis
  364 F.2d 642· 8th Cir.· 1966-08-17 ·cited 10×
  The court held that chattel mortgage property descriptions were sufficient under Minnesota law, that attached property qualified as trade fixtures and remained personalty, and that a 'dragnet' clause secured future advances even without actual notice of a subsequent mortgage, pro
• Conner AIR Lines, Inc. v. Aviation Credit Corp.
  280 F.2d 895· 5th Cir.· 1960-06-30 ·cited 10×
  The court held that the bonus was not paid, taken, or reserved by Aviation Credit, thus the penalty of double the bonus was improperly applied, and the attorney's fee should be reconsidered without reduction for usury.
• Mason v. Edward S. Avdoyan in Bankr. of Fla. Pipe & Mfg. Co., Inc.
  299 So. 2d 603· Fla. 4th DCA· 1974-08-23 ·cited 9×
  A trustee in bankruptcy challenged a security agreement executed by a bankrupt corporation to one of its officers for failing to specify a maximum unpaid balance for future advances and for failing to create a lien on non-equipment collateral. The court held that the Uniform Comm
• Mullins v. Sunshine State Serv. Corp.
  540 So. 2d 222· Fla. 5th DCA· 1989-03-23 ·cited 8×
  The court held that the guarantor's liability was limited to the original principal amount of the note, not future advances, as the guaranty language was not broad enough to encompass them.
• Richmond v. Stockton
  430 So. 2d 571· Fla. 3d DCA· 1983-05-03 ·cited 8×
  The court held that the trial court erred in dismissing the counterclaim because the priority of mortgages can depend on actual notice, not just recording dates.
• Lackawanna Pants MFG. Co. v. Wiseman
  133 F.2d 482· 6th Cir.· 1943-02-09 ·cited 8×
  The court held that the chattel mortgage was not invalid on the grounds alleged and that the reclamation petition should have been allowed.
• Glenn Wright Homes (Delray) LLC v. Lowy
  18 So. 3d 693· Fla. 4th DCA· 2009-09-30 ·cited 7×
  A Florida appellate court held that promissory notes unconnected with mortgages or security agreements may be enforced in court even without documentary tax stamps attached, and thus a lender is entitled to recover attorney's fees in enforcement actions. The court overruled prior
• Eugenio Rafael Garrote v. Ocean Bank
  713 So. 2d 1095· Fla. 3d DCA· 1998-07-22 ·cited 6×
  A dragnet clause in a residential mortgage does not secure later personal guarantees of business loans if the guarantees are not of the same kind or class as the original mortgage obligation and do not specifically reference the mortgage.
• United States v. S. Atl. Prod. Credit Ass'n
  606 So. 2d 691· Fla. 1st DCA· 1992-09-30 ·cited 6×
  The SBA appealed a foreclosure judgment finding that PCA's mortgage was superior to the SBA's mortgage on a farm. The court held that while the Spencers subordinated the SBA mortgage to PCA's future advances mortgage, the subordination was limited to $85,000 in total amount, and
• First Nat'l Bank & Tr. Co. OF Vinita v. Atlas Credit Corp.
  417 F.2d 1081· 10th Cir.· 1969-11-18 ·cited 6×
  The court held that the "first-to-file" rule of UCC § 9-312(5)(a) dictates priority between conflicting security interests, requiring recognition of the Bank's earlier filing despite the absence of a security agreement at that exact time.
• Art Lewis v. Kelly
  75 So. 2d 761· Fla.· 1954-09-24 ·cited 6×
  Art Lewis seeks to quash an injunctive order issued without bond by a circuit court judge who had not previously participated in the underlying equity case. The Florida Supreme Court holds that while the judge had authority to issue the injunction, he erred in failing to require
• Akbar Nikooie v. Jpmorgan Chase Bank, N.A.
  183 So. 3d 424· Fla. 3d DCA· 2014-12-10 ·cited 4×
  This appeal involves competing mortgage liens on Miami Beach real estate where multiple lenders made loans with recording and tax compliance issues. The court affirmed most of the trial court's priority determinations but reversed and remanded regarding Nikooie's lien priority an
• Silver Waters Corp. v. Murphy
  177 So. 2d 897· Fla. 2d DCA· 1965-08-17 ·cited 4×
  Silver Waters Corporation and other defendants appealed from a decree adjudging two mortgages held by the Murphys to be superior to the defendants' mortgages, including one held by First Federal Savings and Loan. The court held that under Florida's mortgage statute for future adv
• United States v. Peoples Bank
  197 F.2d 898· 5th Cir.· 1952-07-18 ·cited 4×
  The court held that the bank's second loan, evidenced by a new note and bill of sale, was a separate transaction and not a future advance under the original loan, thus the federal tax liens filed before the second loan had priority over the second loan.
• Irenee ROY v. Enter. Bldg. Corp.
  561 So. 2d 341· Fla. 2d DCA· 1990-04-20 ·cited 2×
  Roy, who recorded a first mortgage on property owned by a condominium developer, appealed from summary judgments favoring Enterprise, a general contractor with a mechanic's lien, in both Enterprise's lien foreclosure action and Roy's counterclaim for mortgage foreclosure. The cou
• In re Cooley v. First Nat'l Bank OF Louisville
  624 F.2d 55· 6th Cir.· 1980-07-07 ·cited 2×
  The court held that the security agreement was valid and sufficiently described the collateral, and that the November 7th note did not extinguish prior obligations but provided additional security.
• Elec. Equip. Co. v. Sec. Nat'l Bank
  606 F.2d 1357· D.C. Cir.· 1979-08-31 ·cited 2×
  A mechanic's lien does not take precedence over a construction lender's claim for interest that accrued on pre-filing advances after the mechanic's lien was filed.
• Stewart Arms Apts., Ltd. v. State of Fla. Dep't OF Revenue & Off. of Comptroller
  362 So. 2d 1003· Fla. 4th DCA· 1978-09-27 ·cited 2×
  The court held that the petitioners' claims for refund of intangible taxes were barred because they were filed more than three years after the taxes were paid.
• Diversified Mortg. Invs. v. Viking Gen. Corp. & Viking Mobile Homes, Inc.
  351 So. 2d 734· Fla. 2d DCA· 1977-10-28 ·cited 2×
  Diversified Mortgage Investors (DMI) appealed a judgment against it for breach of a third mortgage commitment to fund defaults on senior mortgages. The court reversed, holding that DMI's obligation to make future advances was limited to defaults in principal only, not interest, a
• Steinberg v. Wells Fargo Bank, N.A.
  178 So. 3d 473· Fla. 4th DCA· 2016-10-21
  The court held that deferred interest added to the principal of a mortgage note, where the amount was not a computable sum certain at execution, does not trigger the documentary stamp tax under section 201.08(2), Florida Statutes, and the note and mortgage remain enforceable.
• Doga Corp. v. Federico Sarria and Maria Del Carmen Sarria
  858 So. 2d 1132· Fla. 3d DCA· 2003-11-05
  The court held that the trial court did not abuse its discretion in vacating a default judgment against Doga Corporation and that disputed issues of material fact precluded summary judgment on claims concerning future advances.
• Dep't OF Revenue v. Accredited Sur. & Cas. Co., Inc.
  690 So. 2d 614· Fla. 5th DCA· 1997-02-14
  The Department of Revenue appeals a summary judgment striking its affirmative defenses of collateral estoppel and res judicata in a tax assessment dispute. The court reversed, holding that collateral estoppel bars Accredited from relitigating the tax treatment of bail bond mortga
• UNI Imports v. Aparacor
  978 F.2d 984· 7th Cir.· 1992-11-02
• Stevens v. Jefferson Nat'l Bank of Miami Beach
  354 So. 2d 150· Fla. 3d DCA· 1978-01-10
  Appellants challenged denial of their motion to dismiss Count III of a mortgage foreclosure complaint. The court held that Count III, which sought to foreclose a mortgage to secure a guarantee of a third-party promissory note, failed to allege sufficient facts to state a cause of
• In re Mfrs. Credit Corp.
  441 F.2d 1313· 3d Cir.· 1971-04-12
  A bank that finances a non-purchase money loan on a motor vehicle must comply with the New Jersey Motor Vehicle Certificate of Ownership Law's specific filing requirements to perfect its security interest, and a prior filing for a different loan does not suffice.
• In re Woodruff v. Nat'l City Bank of Evansville
  272 F.2d 696· 7th Cir.· 1959-12-14
  A mortgage provision securing future indebtedness is valid under Indiana law, even for optional advances, if clearly stated in the original agreement.
• In re Washburn & Daudelin v. Washburn & Daudelin
  268 F.2d 279· 2d Cir.· 1959-06-30
  The court held that the mortgage was a voidable preference because the debtor was insolvent and the creditor had reasonable cause to believe so.
• McGREGOR v. Gen. Mills, Inc.
  62 So. 2d 75· Fla.· 1952-12-22
  The Florida Supreme Court reversed a lower court's decree foreclosing a chattel mortgage, finding that the mortgage was intended to secure future advances of merchandise, not past debts owed by a third party. The court emphasized that the evidence showed credit was extended to a
• Chappell v. Realty Tr. Co.
  78 Fla. 115· Fla.· 1919-07-14
  The Florida Supreme Court affirmed a lower court's decision to overrule a demurrer in a foreclosure proceeding, finding the bill of complaint sufficiently stated grounds for foreclosure.