Florida Senate - 2005                      COMMITTEE AMENDMENT
    Bill No. SB 370
                        Barcode 591612
                            CHAMBER ACTION
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11  The Committee on Judiciary (Campbell) recommended the
12  following amendment:
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14         Senate Amendment (with title amendment) 
15         On page 27, line 31,
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17  insert:  
18         (5)  Notwithstanding subsection (4), a creditor or
19  subsequent purchaser of real property or any interest therein,
20  for valuable consideration and without notice, is entitled to
21  rely on a full or partial release, discharge, consent,
22  joinder, subordination, satisfaction, or assignment of a
23  mortgage upon such property made by the mortgagee of record,
24  without regard to the filing of any Uniform Commercial Code
25  financing statement that purports to perfect a security
26  interest in the mortgage or in a promissory note or other
27  right to payment or performance secured by the mortgage, and
28  the filing of any such financing statement does not constitute
29  notice for the purposes of this section. For the purposes of
30  this subsection, the term "mortgagee of record" means the
31  person named as the mortgagee in the recorded mortgage or, if
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    12:49 PM   01/10/05                            s0370c-ju32-c9i


    Florida Senate - 2005                      COMMITTEE AMENDMENT
    Bill No. SB 370
                        Barcode 591612
 1  an assignment of the mortgage has been recorded in accordance
 2  with this section, the term "mortgagee of record" means the
 3  assignee named in the recorded assignment.
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 6  ================ T I T L E   A M E N D M E N T ===============
 7  And the title is amended as follows:
 8         On page 2, line 30, after the semicolon,
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10  insert:
11         providing that a creditor or subsequent
12         purchaser of real property or of any interest
13         therein may rely on a full or partial release,
14         discharge, consent, joinder, subordination,
15         satisfaction, or assignment of a mortgage upon
16         the property which was made by the mortgagee of
17         record, without regard to the filing of certain
18         Uniform Commercial Code financing statements;
19         providing that the filing of such a financing
20         statement does not constitute notice for the
21         purposes of s. 701.02, F.S.; defining the term
22         "mortgagee of record";
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    12:49 PM   01/10/05                            s0370c-ju32-c9i