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BLOSAM CONT., INC. v. REPUBLIC MORTG. INV.

No. 76-1690.

353 So.2d 1225 (1977)

BLOSAM CONTRACTORS, INC., a Florida Corporation, Appellant, v. REPUBLIC MORTGAGE INVESTORS, Appellee.

District Court of Appeal of Florida, Second District.

Rehearing Denied February 2, 1978.

Attorney(s) appearing for the Case

C. Ray Greene, Jr., of Greene & Greene, and Eugene G. Peek, III, of Smith, Davenport, Peek & Bloom, Jacksonville, for appellant.

R. Dewey Burnsed of McLin, Burnsed, Austin & Cyrus, Leesburg, for appellee.

SCHEB, Judge.

Appellant Blosam challenges a final judgment of foreclosure denying its claim to an equitable lien on undisbursed mortgage loan proceeds held by appellee Republic. We reverse.

In June 1973 Blosam contracted to build 104 condominium units on land owned by Continental Development Corporation of Florida. Continental, in turn, agreed to pay Blosam in excess of two million dollars. Shortly thereafter Continental arranged with Republic for construction...

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