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EGYB, INC. v. FIRST UNION NAT. BANK

No. 93-289.

630 So.2d 1216 (1994)

EGYB, INC., et al., Appellants, v. FIRST UNION NATIONAL BANK OF FLORIDA, Successor to Florida National Bank, Appellee.

District Court of Appeal of Florida, Fifth District.

January 21, 1994.

Attorney(s) appearing for the Case

Thomas W. Deans, Melbourne, for appellants.

James S. Grodin and Edward P. Jordan II of Foley & Lardner, Orlando, for appellee.

GOSHORN, Judge.

EGYB, Inc. (EGYB) appeals the non-final order appointing a receiver to operate and maintain the Eau Galle Yacht Basin (marina). We reverse.

The appellee, First Union National Bank (First Union) loaned EGYB $1,700,000. To secure the loan, EGYB executed a balloon mortgage granting First Union a first mortgage lien on the marina. The mortgage provided for the appointment of a receiver in the event of a default. Subsequently, First Union loaned...

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