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Manufacturers and Traders Trust Co. v. First National Bank

Florida District Court of Appeal
113 So. 2d 869 (Fla. D.C.A. 1959)


Facts

In 1956, Joseph Shinstock and his wife borrowed $25,000 from First National Bank (plaintiff) in return for a mortgage on their property. They defaulted, but on August 20, 1957, they remortgaged their property in return for a 90-day extension of the deadline to repay the $25,000. That same day, Manufacturers and Traders Trust Co. obtained a judgment against the Shinstocks in federal court. The second mortgage was recorded on August 23, and the judgment was recorded on August 28. First National Bank had neither actual nor constructive knowledge of the judgment lien against the Shinstocks. The bank filed suit in state court, seeking judgment that its mortgage had priority over the judgment lien. The court held that it did, and Manufacturers and Traders Trust Co. appealed.

Rule of Law

Issue

Holding and Reasoning (Allen, C.J.)

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