MERCANTIL INTERCON., INC. v. GENERALBANK

No. 90-1971.

601 So.2d 293 (1992)

MERCANTIL INTERCONTINENTAL, INC., and Kristina Estates Land Corporation, Appellants, v. GENERALBANK, f/k/a General Federal Savings & Loan Association of Miami, Appellee.

District Court of Appeal of Florida, Third District.

June 16, 1992.


Attorney(s) appearing for the Case

Vega, Brown, Stanley & Martin and John F. Hooley, Naples, Jorge I. Martin, Tampa, and David M. Krause, Coral Gables, for appellants.

Semet, Lickstein, Morgenstern & Berger and Lewis J. Levey and Miguel M. Gonzalez, Coral Gables, for appellee.

Before SCHWARTZ, C.J., and JORGENSON and COPE, JJ.


COPE, Judge.

Mercantil Intercontinental, Inc., and Kristina Estates Land Corporation appeal a final judgment of foreclosure insofar as it determined that a mortgage held by Generalbank was entitled to priority over Mercantil's and Kristina's mortgages on three lots in a subdivision. We reverse.

Mercantil held a purchase money first mortgage on various undeveloped lots in a new subdivision. The owner-mortgagor was...

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