IND. MORTG. & REALTY INV. v. PEACOCK CONST.

No. 76-1735.

348 So.2d 59 (1977)

INDIANA MORTGAGE & REALTY INVESTORS, a Maryland Business Trust, Appellant, v. PEACOCK CONSTRUCTION COMPANY, Appellee.

District Court of Appeal of Florida, Second District.

As Corrected July 19, 1977.

Rehearing Denied August 11, 1977.


Attorney(s) appearing for the Case

William C. Martin, III of Akerman, Senterfitt & Eidson, Orlando, for appellant.

Julian Clarkson, Fort Myers, for appellee.


GRIMES, Judge.

This is an appeal from a final judgment awarding a contractor an equitable lien on foreclosed land prior in dignity to the lien of the mortgage.

Landco, Inc. owned property in Punta Gorda on which it determined to build a condominium project. Landco obtained a construction loan commitment from appellant (Indiana) for $1,800,000. Pursuant to the loan agreement, Landco executed a note to Indiana in this amount which was secured by a mortgage recorded...

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