Edward L. Kelly

Edward L. Kelly

Rogers Towers

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Garnishing Non-Cash Proceeds from Sale of a Homestead

Cash proceeds obtained from the sale of a homestead property receive protection from creditors’ claims, provided the funds are not commingled with other assets and are intended in good faith to be reinvested in a new...more

4/21/2015 - Creditors Homestead Exemption Levy Real Estate Transfers Securities

Correcting a Legal Description after Final Judgment of Foreclosure and Sale

Including an accurate legal description (known as the “legal”) in a mortgage is of utmost importance to lenders; in the event of foreclosure, a purchaser (often the lender) cannot obtain clear title to the property unless it...more

3/10/2015 - Bank of America Final Judgment Foreclosure Legal Description Mortgage Lenders Mortgages

Equitable Subrogation: Protecting Lien Position in a Foreclosure Action

The doctrine of subrogation enables a party discharging another’s debt to step into the shoes of the creditor who held the discharged debt. Subrogation plays a significant role in the mortgage context, as the concept acts as...more

2/17/2015 - Equitable Subrogation Foreclosure Lien Priority Mortgage Lenders Mortgages

Documentary Stamp Taxes: Enforcing a Promissory Note and Mortgage Prior to Payment

While failure to pay Florida’s documentary stamp taxes on a promissory note or mortgage can subject the offender to criminal and financial sanctions, the state’s courts of appeal are split when it comes to determining whether...more

1/13/2015 - Appeals Enforcement Actions Mortgages Promissory Notes Stamp Taxes

Garnishment in Florida: Serving Writs of Garnishment on Third Party Bank Accounts

In a previous article, we provided an overview of the basic procedures judgment creditors must follow when serving writs of garnishment on banks and the obligations of financial institutions that are served with writs. We...more

12/3/2014 - Bank Accounts Banks Financial Institutions Joint Accounts Judgment Creditors Wage Garnishment

Writs of Garnishment in Florida: An Overview

Writs of garnishment provide judgment creditors (i.e., the party in whose favor the judgment was entered) access to money that belongs to debtors but is possessed or controlled by third parties, typically financial...more

11/11/2014 - Creditors Judgment Creditors Wage Garnishment

Who Do You Trust?— New Ruling Highlights the Need for Care in Deciding How to Open Your Joint Bank Account

Florida law recognizes, and most banks offer, multiple forms of account designation to meet the desires and needs of individual customers. Keep in mind, however, that the standard demand deposit account agreement (whether...more

11/5/2014 - Bank Accounts Banks Beneficiaries Checking Accounts Joint Accounts

Creditors Beware: Married Couples Claiming Homestead Protection on Two Residences May Avoid a Forced Sale

Florida’s homestead exemption protects a married couple’s primary residence from forced sale to satisfy a judgment lien, but what happens when spouses retain two properties as their individual primary residences, claiming...more

10/1/2014 - Homestead Exemption Judgment Liens Primary Residence Separation Spouses

New Ruling Permits Lenders to Require Flood Insurance Coverage in Excess of Loan Amount

Recent events have been highlighted in the press, regarding the redrawing of federal flood hazard maps and proposed increases in premium rates for flood insurance for property owners within special flood hazard zones, which...more

3/14/2014 - Excess Policies Flood Insurance Lenders

Rogers Towers: Amendment to UCC Filing Requirements

Florida’s Uniform Commercial Code was subject to some recent changes and revisions which became effective on July 1, 2013. One change in particular was to Florida Statute § 679.5 16 which governs the UCC filing requirements...more

7/23/2013 - Financial Restatements New Legislation Proposed Amendments UCC

Roger Towers: A Lender’s Right to Set Off Against an Account

Under Florida common law, a bank may set off the balance of an obligation owed to it by its depositor (e.g., a loan) against a general deposit made by the depositor (e.g., the balance of a checking or savings account) which...more

11/27/2012 - Set Off

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