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RUCKER v. STATE EXCHANGE BANK

No. CC-195.

355 So.2d 171 (1978)

Nell RUCKER and the Federal Land Bank of Columbia, Appellants (Defendants), v. STATE EXCHANGE BANK, a Florida Banking Corporation, Appellee (Plaintiff).

District Court of Appeal of Florida, First District.

Rehearing Denied March 14, 1978.

Attorney(s) appearing for the Case

Frank M. Gafford, Lake City, for appellants.

Edwin B. Browning, Jr., of Davis, Browning & Hardee, Madison, W. Roderick Bowdoin of Jopling, Darby, Peele, Page & Bowdoin, Lake City, Randell H. Rowe, Jr., Madison, Ray L. Lilley, for appellee.

MILLS, Acting Chief Judge.

The issue raised by this appeal is whether a real estate mortgage securing a promissory note becomes a secured transaction under Article 9 of the Uniform Commercial Code when it is assigned, along with the note, as collateral for a bank loan. Rucker and Land Bank contend that under Section 679.102(3), Florida Statutes (1975), it is a secured transaction. Exchange Bank contends that under Section 679.104(10), Florida Statutes (1975), it is...

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