702.11 Adequate protections for lost, destroyed, or stolen notes in mortgage foreclosure.

335 words·~2 min read·/fl/title-xl/chapter-702/702-11

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)In connection with a mortgage foreclosure, the following constitute reasonable means of providing adequate protection under s. 673.3091 , if so found by the court:

(a)A written indemnification agreement by a person reasonably believed sufficiently solvent to honor such an obligation;

(b)A surety bond;

(c)A letter of credit issued by a financial institution;

(d)A deposit of cash collateral with the clerk of the court; or

(e)Such other security as the court may deem appropriate under the circumstances.

Any security given shall be on terms and in amounts set by the court, for a time period through the running of the statute of limitations for enforcement of the underlying note, and conditioned to indemnify and hold harmless the maker of the note against any loss or damage, including principal, interest, and attorney fees and costs, that might occur by reason of a claim by another person to enforce the note.

(2)Any person who wrongly claims to be the holder of or pursuant to s. 673.3011 to be entitled to enforce a lost, stolen, or destroyed note and causes the mortgage secured thereby to be foreclosed is liable to the actual holder of the note, without limitation to any adequate protections given, for actual damages suffered together with attorney fees and costs of the actual holder of the note in enforcing rights under this subsection. In addition, the actual holder of the note may pursue recovery directly against any adequate protections given.

(a)The actual holder of the note is not required to pursue recovery against the maker of the note or any guarantor thereof as a condition precedent to pursuing remedies under this section.

(b)This section does not limit or restrict the ability of the actual holder of the note to pursue any other claims or remedies it may have against the maker, the person who wrongly claimed to be the holder, or any person who facilitated or participated in the claim to the note or enforcement thereof.