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WILLIAMS, SALOMON, ETC. v. AM. BANKERS

No. 78-2288.

379 So.2d 119 (1979)

WILLIAMS, SALOMON, KANNER & DAMIAN, As Trustee, Appellant, v. AMERICAN BANKERS LIFE ASSURANCE COMPANY OF FLORIDA, a Florida Corporation, Appellee.

District Court of Appeal of Florida, Third District.

Rehearing Denied February 6, 1980.

Attorney(s) appearing for the Case

Williams, Salomon, Kanner, Damian, Weissler & Brooks and Vincent E. Damian, Jr., Miami, for appellant.

Helliwell, Melrose & DeWolf and Robert J. Schaffer, Miami, for appellee.

Before BARKDULL and HUBBART, JJ., and CHAPPELL, BILL G., Associate Judge.

CHAPPELL, BILL G., Associate Judge.

Appellee, American Bankers Life Assurance Company of Florida, held a first mortgage in the original amount of $500,000, and Development International Corporation of Florida held a second mortgage in the original amount of $125,000 on real property owned by Maule Industries, Inc. Then, on August 6, 1974, Appellee obtained a third mortgage in the amount of $239,530.74 on the subject property relying upon a Subordination Agreement...

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