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INSURANCE, ETC. v. CABLE SERV. OF FLA., INC.

No. 77-1657.

359 So.2d 572 (1978)

INSURANCE MANAGEMENT CORPORATION, Appellant, v. CABLE SERVICES OF FLORIDA, INC., ITT Industrial Credit Co., and United States Fidelity & Guaranty Company, Appellees.

District Court of Appeal of Florida, Second District.

June 9, 1978.

Attorney(s) appearing for the Case

James H. Seals of Moorey, Seals & Garvin, Fort Myers, for appellant.

Howard S. Rhoads of Allen, Knudsen, Swartz, DeBoest, Rhoads & Edwards, P.A., Fort Myers, for appellee ITT Industrial Credit Co.

J. Jeffrey Rice of Goldberg, Rubinstein & Buckley, P.A., Fort Myers, for intervenor/appellee/cross-appellant Flagship Bank of Fort Myers.

GRIMES, Judge.

The primary question in this appeal is whether proceeds payable under an insurance policy for the loss due to theft of collateral which is the subject of a security agreement covering proceeds of the collateral are "proceeds" within the meaning of Section 679.306(1), Florida Statutes (1975).

Cable Services of Florida, Inc. (Cable) purchased a tractor with a backhoe attachment (tractor) and financed...

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