Argent Mortgage Co., LLC v. Wachovia Bank, NA
Florida District Court of Appeal
52 So.3d 796 (2010)
On August 31, 2004, Gene M. Burkes and Ann Burkes entered a mortgage agreement with Olympus Mortgage Company (Olympus), to borrow $90,000 to purchase property in Florida. On December 10, 2004, the Burkes signed a second mortgage agreement with Argent Mortgage Company, LLC (Argent) (defendant) to borrow $65,000 against the same property. The Olympus mortgage was recorded on January 5, 2005, and was assigned to Wachovia Bank National Association (Wachovia) (plaintiff). The Argent mortgage was recorded on January 31, 2005. The Burkes defaulted on both mortgages, and Wachovia and Argent each brought actions to foreclose on their respective mortgages. In connection with the foreclosures, Argent and Wachovia individually moved the trial court for summary judgment. Both Argent and Wachovia claimed that their respective mortgages should be given priority. The trial court granted summary judgment to Wachovia. The court held that the Wachovia mortgage had priority over the Argent mortgage under Florida’s race-notice scheme. In other words, because Wachovia recorded its mortgage before Argent (meaning Wachovia won the race), the Wachovia mortgage took priority over Argent’s later-recorded mortgage. It was irrelevant that Argent entered the mortgage agreement with the Burkes without notice of the Wachovia mortgage, which had not yet been recorded. Argent appealed, contending that Florida did not use a race-notice system, but rather used a notice system that would give priority to the Argent mortgage.
Rule of Law
Holding and Reasoning (Griffin, J.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.
Here's why 178,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 14,000 briefs, keyed to 188 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.