4th DCA FL Holds UCC Article 9 – Not Recording Statute
The Court ruled: Because section 702.01 does not apply as between HSBC and LaSalle Bank, HSBC’s earlier perfection of its security interest in a note arising from the Perez-FGMC transaction establishes its priority over LaSalle. We therefore reverse the final judgment and remand to the circuit court for the entry of a final judgment in favor of HSBC. Priority between two assignees of notes of the same mortgage is determined by by Article 9 of the Uniform Commercial Code and not the recording statute applicable to assignments of mortgage.
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