LARRY AND LOTTE PICK, APPELLANTS,
v.
ARNOLD GILBERT, APPELLEE/CROSS APPELLANT AND ERIC HYMAN & ASSOCIATES, INC., APPELLEE/CROSS APPELLEE
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In an interpleader action distributing insurance proceeds for damaged real estate, the court affirmed the trial court's judgment that properly computed the public adjuster's fees, credited mortgagees with the assessed property value rather than their foreclosure bid price, and found no procedural error affecting substantial rights.
When a mortgagee purchases property at a foreclosure sale, the outstanding mortgage debt must be reduced by the greater of the mortgagee's purchase price or the actual market value of the property.
[1] When a mortgagee purchases property at a foreclosure sale, the outstanding mortgage debt must be reduced by the greater of the mortgagee's purchase price or the actual ma…
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Join FLexlaw to unlock all legal intelligence“Where a mortgagee purchases the property at a foreclosure sale, the outstanding mortgage debt must be reduced by the greater of the mortgagee's purchase price or the actual market value of the property.”
Establishing the rule for crediting mortgagees in interpleader distribution of insurance proceeds when mortgagees bid at foreclosure sale.
Real estate was damaged during a mortgage foreclosure, and insurance proceeds from a policy covering the property were distributed through an interple…
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SCHWARTZ, Chief Judge.
There is no merit in any of the contentions raised on appeal and cross appeal from a judgment in interpleader distributing the proceeds of an insurance policy covering real estate which was damaged during the course of a mortgage foreclosure. Specifically (a) no substantial rights were adversely affected by the manner in which the action was conducted below, see Lumbermens Mut. Casualty Co. v. Martin, 399 So. 2d 536, 537 (Fla. 3d DCA 1981), rev. denied, 408 So. 2d 1094 (Fla.1981); (b) the sums due the public adjuster responsible for securing the funds from the carrier were properly computed and awarded, see Government Employees Ins. Co. v. Graff, 327 So. 2d 88 (Fla. 1st DCA 1976); and (c) the mortgagees were properly credited with $4,899.00, which was the assessed value of the premises, rather than only the $100.00 for which they bid in the property at the foreclosure sale. Travelers Ins. Co. v. Providence Washington Ins. Group, 142 A.D.2d 968, 968-69, 149 A.D.2d 985, 985, 530 N.Y.S.2d 390, 390 (1988) (“Where a mortgagee purchases the property at a foreclosure sale, the outstanding mortgage debt must be reduced by the greater of the mortgagee’s purchase price or the actual market value of the property.”), appeal denied, 73 N.Y.2d 704, 537 N.Y.S.2d 492, 534 N.E. 2d 330 (1989); see South Carolina Ins. Co. v. Pensacola Home & Savings Ass’n, 393 So. 2d 1124 (Fla. 1st DCA 1980) (mortgagee bound by successful bid when higher than alleged value of property).
Affirmed.
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Lazslo Lenart v. Ocwen Fin. Corp., 869 So. 2d 588 (Fla. 3d DCA 2004)…a result, a deficiency was due and owing to OCWEN in the amount of $11,062.98. The insurer subsequently setr tied the insurance claim for $90,000.00, and issued a check to the insured, Lenart, and to the mortgage holder, OCWEN. See Pick v. Gilbert, 605 So. 2d 182 (Fla. 3rd DCA 1992)(quoting Travelers Ins. Co. v. Providence Washington Ins. Group, 142 A.D.2d 968, 968-69, 530 N.Y.S.2d 390, 390 (1988)(“Where a mortgagee purchases the property at a foreclosure sale, the outstanding mortgage debt must be reduced b…
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Secured Realty Inv. Fund, Ltd., III v. Highlands Ins. Co., 678 So. 2d 852 (Fla. 3d DCA 1996)…on to the effect foreclosure had on Secured Realty’s right to collect insurance proceeds for a loss occurring after foreclosure. In support of their position, the appellee cites to the well-established law, approved by this court in Pick v. Gilbert, 605 So. 2d 182 (Fla. 3d DCA 1992), that “[w]here a ... loss occurs and a loss-payee is thus vested with rights under the insurance policy, subsequent partial or full extinguishment of the debt giving rise to the insurable interest will reduce the loss-payee’s inte…
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Woodruff v. Cape Coral Med. Ctr., Inc., 905 So. 2d 267 (Fla. 2d DCA 2005)…cause of action based upon these allegations, it will be one for malicious prosecution. See Blue v. Weinstein, 381 So. 2d 308, 311 (Fla. 3d DCA 1980); see also Delgado v. Airlines Reporting Corp., 745 So. 2d 1115 (Fla. 3d DCA 1999); Dorta v. Gaines, 605 So. 2d 182 (Fla. 3d DCA 1992); Cazares v. Church of Scientology, 444 So. 2d 442 (Fla. 5th DCA 1983). That cause of action will not accrue unless and until the interpleader action is resolved in his favor. See Blue, 381 So. 2d at 311. Although the trial court d…
Authorities Cited
- Gov't Emps. Ins. Co. v. Graff, 327 So. 2d 88 (Fla. 1st DCA 1976)
- Lumbermens Mut. Cas. Co. v. Martin, 399 So. 2d 536 (Fla. 3d DCA 1981)
- S.C. Ins. Co. v. Pensacola Home & Sav. Ass'n, 393 So. 2d 1124 (Fla. 1st DCA 1980)